Legend Internet Plans N150 Billion Capital Raise, Approves Strategic Acquisitions

Shareholders of Legend Internet Plc have approved plans to raise up to ₦150 billion in additional capital to support the company’s nationwide expansion and strategic growth initiatives. The approval was granted at the company’s second Annual General Meeting (AGM) held in Abuja on November 7, 2025.

The capital raise will be executed through a combination of equity and debt financing, following the company’s listing on the Nigerian Exchange (NGX) in April 2025. Shareholders also approved a resolution to increase the company’s share capital by up to 10 billion ordinary shares, which will rank pari passu with existing shares. In addition, the AGM sanctioned the acquisition of a licensed Microfinance Bank and a licensed Telecommunications and Internet Service Provider, both operating in Nigeria. These acquisitions are expected to expand Legend Internet’s service offerings and strengthen its digital ecosystem.

• Dangote Questions the future of NNPC Refineries

• FIRS introduces 10% withholding tax on short-term investment income

For the financial year ended July 31, 2025, Legend Internet reported a profit after tax (PAT) of ₦172.6 million, representing a 44.5% increase from ₦119.4 million in 2024. Revenue grew slightly to ₦1.19 billion, compared with ₦1.13 billion in the prior year, led by the company’s fiber business, which contributed ₦1.12 billion. Other revenue streams included ₦37.6 million from wholesale bandwidth and ₦22.2 million from Legend Wi-Fi. Effective cost management saw sales expenses fall 6.8% to ₦429.6 million, lifting gross profit to ₦761.4 million, up from ₦677.4 million in 2024.

However, rising administrative expenses, up 52.3% to ₦560.1 million, reduced operating profit to ₦201.2 million, from ₦309.8 million the previous year. After accounting for ₦28.5 million in finance costs, profit before tax equaled the PAT of ₦172.6 million. Total assets rose 10.3% to ₦3.3 billion, while retained earnings increased to ₦734.5 million, reflecting steady growth in the company’s financial position.

Legend Internet Plc provides high-speed internet services through Legend Fibre (FTTH) and Legend Wi-Fi. Its shares trade on the NGX under the ticker LEGENDINT, debuting at ₦6.20 on April 24, 2025. In May 2025, the company launched FTTR by Legend, Nigeria’s first Fibre-to-the-Room service, designed to enhance connectivity for homes and businesses. In October, Agusto & Co. assigned the company a Bbb- (long-term) and A3 (short-term) rating, reflecting a stable outlook and growing market presence.