Layer3 Raises $1.13M via Commercial Paper

ABUJA & LAGOS — Enterprise IT and cloud infrastructure service provider Layer3 has successfully raised $1.13 million (₦1.5 billion) through the formal signing and completion of its Series 1 and Series 2 Commercial Paper (CP) issuance.

The raise represents the inaugural tranche under Layer3's newly established $11.3 million (₦15 billion) Commercial Paper Programme. The debt capital raised will finance short-term working capital requirements, scale enterprise cloud capacity, and strengthen local data sovereignty infrastructure across Nigeria.

Institutional Syndicate & Debt Capital Structuring

Founded by Chief Executive Officer Oyaje Idoko, Layer3 has spent over two decades providing fiber-optic connectivity, managed cloud hosting, cybersecurity solutions, and enterprise network infrastructure for corporate organizations and financial institutions in Nigeria:

• Transaction Syndicate: Emerging Africa Group served as Lead Issuing House, supported by co-arrangers Afrinvest (West Africa) Limited, Anchoria Capital Group, and Coronation Group, with The Metropolitan Law Firm acting as legal counsel.
• Capital Allocation: Proceeds raised will fund operational growth, expand enterprise infrastructure capacity, and support sovereign cloud hosting to meet growing data compliance demand.
• Institutional Track: The CP framework creates a structured capital markets vehicle for Layer3 to access short-term institutional debt financing as it expands its enterprise client footprint.

Executive Statements

"Meeting enterprise expectations requires more than technical expertise. It requires the financial strength, operational capacity, and long-term planning to continue delivering at scale. Our Commercial Paper Program forms part of that broader effort, creating a framework through which we can access short-term financing to support our business needs as we continue to grow," the company stated upon transaction closure.

"Layer3 has spent over two decades building the technology infrastructure that keeps Nigerian businesses connected, competitive, and growing. This transaction represents their commitment to ensuring the organization behind that technology is just as strong as the technology itself," added Emerging Africa Group in a statement.

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