Legend Internet to buy rival provider & microfinance bank

Legend Internet Plc, Nigeria’s first publicly listed internet service provider, is set to expand its footprint through the acquisition of a licensed rival ISP and a licensed microfinance bank, the company said Monday.

The approvals were secured at Legend’s second annual general meeting, where shareholders also authorized the firm to raise up to ₦150 billion through debt and equity to fund the acquisitions and future growth. An increase in share capital by up to 10 billion ordinary shares of 50 kobo each was also approved to rank pari-passu with existing shares.

The company declared a ₦120 million dividend (6 kobo per share), payable to shareholders on record as of October 29.

Legend listed by introduction on April 24, 2025, floating two billion ordinary shares at ₦5.64 each without issuing new shares. Since then, its stock has gained more than 58%, and analysts say the new moves could attract further investor interest as the company leverages its combined ISP and fintech capabilities.

Expansion Strategy

The undisclosed ISP acquisition will allow Legend to broaden its telecom operations, while the microfinance bank acquisition points to a strategy of integrating connectivity and financial services, complementing its LegendPay platform and other digital offerings.

With broadband penetration in Nigeria still below 50%, the company sees a large addressable market for fiber internet and digital financial services.

Founded in 2014, Legend has steadily built over 250,000 meters of fiber infrastructure in Abuja, connecting more than 10,000 homes. By 2024, it had become the fastest-growing last-mile fiber provider in the capital, reaching 250,000 homes, with a goal of expanding to one million homes nationwide within five years, according to TechCabal.

Led by CEO Aisha Abdulaziz, Legend delivers high-speed internet, TV, and voice services through a single fiber optic cable directly to homes. Each connection includes an Optical Network Terminal (ONT) serving as both modem and router for wired and wireless connectivity.

Customers manage subscriptions and payments digitally via the MyLegend platform, integrated with LegendPay for seamless renewals and support.