Wave5 Wireless, a Lagos-based technology company pioneering a Wi-Fi-first model of internet delivery, has disclosed ongoing plans to secure strategic investment and ecosystem partnerships as it seeks to scale operations and help bridge the connectivity gap in Nigeria and across West Africa.
The announcement comes as Nigeria continues to face significant internet access challenges despite sustained government and private sector efforts. Internet penetration reached 48.15 per cent in April 2025, up slightly from 47.73 per cent in March, according to data from the Nigerian Communications Commission.
Several barriers have been identified as limiting the country’s progress, including an estimated 90,000-kilometre deficit in fibre optic infrastructure, high right-of-way fees imposed by sub-national governments, escalating energy costs, and complex regulatory processes that make network deployment slow and expensive.
Against this backdrop, Co-Founder and Co-Chief Executive Officer of Wave5 Wireless, Biola Akinyemi, said the company’s mission is rooted in breaking these infrastructural and economic barriers by deploying an agile, decentralised internet model.
“Our goal is to accelerate the hyper-connectivity of consumer clusters, communities, businesses, and public spaces that have been largely excluded from Nigeria’s digital transformation,” the telecom executive said in an interview with The PUNCH.
“By deploying Wi-Fi-first solutions, we can deliver high-speed internet more affordably and at scale. The traditional tower-based model does not lend itself well to the kind of flexibility and responsiveness that today’s users need, especially in densely populated urban centres and informal settlements.”
Wave5 currently operates across 15 hotspot locations in Lagos and serves over 20,000 users. According to the company, its proprietary infrastructure is built around the Atmosphere Multi-Protocol Provisioning System, which allows for the seamless provisioning of internet access, user authentication, data analytics, and monetisation.
“We’re not just building networks, we’re creating ecosystems. Every Wi-Fi node we deploy supports platform services, identity layers, and digital tools that turn connectivity into opportunity,” Akinyemi explained.
To finance its next phase of expansion, Wave5 is seeking a mix of long-term debt financing, equity investment, and infrastructure funding. The capital will be used to scale its Wi-Fi footprint, strengthen its backend platform, and expand into new markets.
“This is not just a fundraising effort,” said Akinyemi. “We are looking for strategic partners who share our vision for inclusive digital growth, partners who bring not only financial capacity but operational expertise, regional access, or policy insight.”
The company is also advancing conversations with Mobile Network Operators functioning across West Africa, with Ghana, Côte d’Ivoire and Senegal emerging as key entry markets. These countries have been identified based on growing smartphone penetration, youthful urban populations, and increasing demand for low-cost broadband access.
“We are building a scalable and adaptable model that can be replicated across Africa’s emerging digital economies,” Akinyemi noted. “Our approach allows us to work within regulatory frameworks while addressing last-mile connectivity in a commercially viable way.”
Wave5’s infrastructure is complemented by two flagship technologies: AMPPS and MyNaijaMarket, a proprietary commerce platform embedded within the company’s network. AMPPS functions as a platform-as-a-service engine that enables real-time user engagement, monetisation, identity management, and service delivery.
On the other hand, MyNaijaMarket is an AI-powered platform aimed at enhancing digital commerce in Nigeria’s informal sector. It allows merchants to manage inventory, automate logistics, process payments, and integrate with regulatory agencies like the Standards Organisation of Nigeria to ensure quality assurance and consumer protection.
“Our commerce platform formalises informal trade. It enables merchants to thrive in digital environments while building trust and efficiency into the supply chain,” said Akinyemi.
Wave5’s platform design is informed by its broader understanding of digital inclusion not just providing access, but enabling economic participation.
“Connectivity on its own is not enough. People need platforms that allow them to earn, learn, transact and grow. That’s the value proposition of our integrated ecosystem,” he added.
The company’s recently announced strategic partnership with Globacom, one of Nigeria’s largest mobile network operators, underscores its ability to collaborate rather than compete with legacy telcos. Through the deal, mobile traffic is offloaded from Globacom’s cellular network onto Wave5’s Wi-Fi infrastructure in high-demand areas, reducing congestion and enhancing service delivery.
“This partnership shows how legacy networks and emerging infrastructure can work together. Our model supports telcos by decongesting their spectrum while offering end-users a more stable and affordable experience,” an executive said.
The Federal Government had in August 2024 launched a $2bn Special Purpose Vehicle to expand the country’s fibre-optic network from 35,000 km to 125,000 km. The initiative, backed by a Public-Private Partnership framework, was part of the National Broadband Plan (2020–2025), which aims to reach 70 per cent broadband penetration by the end of 2025.
However, analysts suggest the timeline is increasingly unrealistic. As of mid-2025, physical rollout under the SPV was yet to commence, and implementation bottlenecks persist. The establishment of the National Broadband Alliance for Nigeria and pilot partnerships with solar-powered ISPs and global tech firms have shown promise, but experts argue that decentralised, private-led solutions like Wave5’s are crucial to accelerating access.
“Large-scale fibre rollouts are critical, but they take time and massive capital,” the CEO stated. “Our approach is nimble, low-cost, and scalable. It meets immediate needs without waiting for heavy infrastructure to arrive.”
As the company prepares for its next phase of expansion, Akinyemi stressed the importance of partnerships beyond telecom. Wave5 is actively seeking collaboration with government agencies, financial institutions, educational platforms, entertainment companies, and technology hubs to drive adoption and inclusion.
“We want to build a network that touches lives, not just with internet access, but with services that matter. That includes learning platforms, government interfaces, e-commerce, and digital ID solutions,” he said.
On the long-term vision, Akinyemi said Wave5 hopes to be remembered as a force for inclusion in Africa’s digital transformation.
“We want to leave a legacy of empowerment. A future where connectivity is not a privilege for the few, but a right accessible to all. Where every African, regardless of location or income, can plug into the digital economy and find opportunity,” he said.