Layer3 raises fresh money for cloud expansion

The Nigerian technology infrastructure company Layer3 has raised N1.5 billion through a commercial paper issuance to support expansion in locally hosted cloud services and enterprise technology infrastructure.
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‎The funding comprises Series 1 and Series 2 issuances under the company’s N15 billion Commercial Paper Programme. It is the first drawdown under the programme and provides capital for Layer3’s next phase of growth. The programme also creates a framework for further issuances, subject to its terms and applicable requirements.
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‎Layer3 plans to invest in its enterprise cloud, connectivity and managed technology operations. The move comes as Nigerian businesses and financial institutions increasingly depend on reliable digital infrastructure for transactions, data storage, business applications and other critical services.
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‎Through Layer3Cloud, the company offers locally hosted cloud computing, storage, backup and disaster recovery services. These solutions give organisations greater choice over where their data is stored and managed, while supporting local access and control.
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‎The funding comes amid growing attention to data sovereignty, regulatory expectations around data residency and the need for resilient systems. For organisations handling sensitive information, local infrastructure can strengthen oversight of data location and provide an alternative to relying entirely on overseas hosting providers.
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‎Layer3 Chief Executive Officer Oyaje Idoko said investment in local infrastructure was necessary to turn data sovereignty from a policy ambition into a practical reality. He noted that Nigerian institutions were operating increasingly critical digital systems and required the capacity, resilience and expertise to support them within the country.
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‎The company has operated for more than two decades, expanding beyond connectivity into enterprise technology. Its activities now span cloud infrastructure, cybersecurity, managed services and network infrastructure, serving financial services, telecommunications, education, healthcare and the public sector.
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‎The programme trust deed was signed on October 9, 2026, at the Lagos offices of Emerging Africa. Emerging Africa Trustees Limited is the programme trustee, while Layer3 is the issuer.
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‎The N1.5 billion raise signals Layer3’s intention to deepen its role in Nigeria’s digital infrastructure market. Its impact will depend on how effectively the company converts the capital into additional capacity, dependable services and solutions that meet local enterprises’ evolving needs.
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