On Thursday, April 24, 2025, Legend Internet became the first Nigerian broadband provider to list on the Nigerian Exchange (NGX), floating two billion ordinary shares at ₦5.64 each.
The Abuja-based company, known for its fibre-to-the-home and fintech services, also announced plans to raise ₦150 billion in debt and equity to fund its nationwide expansion.
With Nigeria’s broadband penetration still below 50%, Legend Internet’s public debut is crucial for Nigeria’s digital future. So, what exactly is Legend Internet, and what does its arrival on the stock market mean for Nigeria’s connectivity ambitions?
1. What is Legend Internet, and what services do they provide?
Legend Internet provides high-speed internet through its fibre to the home (FTTH) and public Wi-Fi networks, primarily under the brands Legend Fibre and Legend Wi-Fi.
These services currently operate in Abuja, where the company has laid over 250,000 metres of fibre and connected 10,000 homes. It also operates a fintech platform, Legend Pay.
According to its 2024 audited financials, it generated ₦1.13 billion in revenue, and retained earnings grew 27% to ₦561.8 million. While revenue dropped slightly from the previous year, the company maintained profitability and reinvested heavily in infrastructure (PPE increased by over ₦545 million year-on-year).
2. Why did Legend Internet choose to list on the Nigerian Exchange now?
Nigeria’s broadband penetration remains under 50%, leaving a huge addressable market. By going public, Legend gains access to long-term capital to accelerate its fibre rollout and operational footprint, especially in underserved and peri-urban areas.
Aisha Abdulaziz (CEO) has framed the listing as a step toward transparency, governance, and inclusive ownership. The listing also positions the company for improved visibility with institutional investors and potential international partners.
3. What are the company’s plans for the ₦150 billion it intends to raise post-listing?
Legend Internet plans to raise ₦150 billion through a mix of debt and equity to fund an ambitious network expansion strategy.
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As stated in its investor communications and confirmed by cash flow patterns in 2024, the company is reinvesting most of its operational cash into fibre infrastructure, expanding from Abuja to Lagos and up to 31 states across Nigeria.
The funds will primarily go into fibre rollout in underserved areas, technology upgrades for scalability, talent acquisition across engineering and customer support, and working capital to manage operational costs during scale-up
4. Who are the key leaders behind Legend Internet, and what experience do they bring?
Legend Internet is led by Aisha Abdulaziz (CEO), a position she assumed in 2023. Abdulaziz was previously the company’s chief operating officer, where she led teams across finance, customer experience, service delivery, and internal systems.
She is supported by the board, led by Dr Oladimeji Mobolaji Bada and Bruce Brai Ayonote (who owns 695 million shares), Suleiman Muhammad Arzika (656 million shares), and several non-executive directors, including Ifeyinwa Georgina Umunnakwe.
5. How big is Legend Internet’s current customer base?
As of July 2024, Legend had connected over 10,000 homes via its FTTH network and laid 250,000 metres of fibre cable. These numbers are concentrated in Abuja and Suleja, with a gradual extension toward Lagos and other Nigerian cities.
Financial data supports a growing user base. Despite a slight revenue dip from ₦1.2 billion to ₦1.13 billion, gross profit improved, and administrative expenses increased due to staff expansion and customer operations. The company’s expansion plan aims to connect over 100,000 homes by 2027.
6. What does listing on the NGX mean for Legend Internet?
Listing on the Nigerian Exchange is more than a capital-raising exercise. For Legend, it means operating under tighter disclosure standards, making its financials public, and subjecting its governance to market scrutiny.
It also means a shift in financing strategy. Instead of relying on private placements and loans (the 2024 financials show reduced short-term borrowing), Legend can tap into the equity market for scale. Additionally, it allows the public, including retail and institutional investors, to participate in Nigeria’s digital infrastructure growth.
Ultimately, the listing helps align Legend’s long-term broadband mission with Nigeria’s ambition to become a digital-first economy while also creating an investable path for future returns.
