Legend Internet Plc has secured shareholder approval to raise up to N150 billion in additional capital as part of its ambitious expansion and acquisition drive. The approval was granted at the company’s 2nd Annual General Meeting (AGM) held on November 7, 2025, in Abuja.
The move represents a significant milestone for the broadband and technology infrastructure company, which has seen rapid growth since its listing on the Nigerian Exchange (NGX) earlier this year. The firm plans to deploy the new capital to fund network expansion, pursue new market opportunities, and strengthen its balance sheet amid Nigeria’s increasingly competitive digital services sector.
According to a post-meeting disclosure filed with the NGX on November 11, the company’s board confirmed that shareholders approved multiple resolutions, including a proposal to increase the company’s share capital by up to 10 billion ordinary shares. These new shares will rank pari passu with existing shares, allowing the company to raise equity capital efficiently when market conditions are favorable.
In addition, the shareholders endorsed plans for two major acquisitions — one in the financial services space and another in telecommunications. The company announced that it would proceed with the acquisition of a licensed Microfinance Bank and a licensed Telecommunications and Internet Service Provider (ISP) operating in Nigeria. These transactions, management said, are part of a broader strategy to diversify Legend Internet’s revenue base and build an integrated ecosystem combining digital finance and connectivity.
The AGM also featured the presentation of the company’s audited financial statements for the fiscal year ended July 31, 2025, alongside reports from the board of directors, external auditors, and the audit committee.
For the year under review, Legend Internet reported a profit after tax (PAT) of N172.6 million, marking a 44.5% increase from N119.4 million recorded in the previous year. The growth, the company said, was driven by stable revenues and disciplined cost management, despite a rise in administrative expenses.
Revenue for the year came in at N1.19 billion, a modest uptick from N1.13 billion in 2024. The firm’s fiber-to-the-home (FTTH) business, branded as Legend Fibre, accounted for the majority of the topline at N1.12 billion. Additional contributions came from Wholesale Bandwidth (N37.6 million) and Legend WiFi (N22.2 million), with other service streams making up the balance.
Operational efficiency helped to sustain profitability, with sales expenses falling by 6.8% to N429.6 million from N461 million in the prior year. This led to a gross profit increase to N761.4 million, up from N677.4 million in 2024.
However, the company faced higher administrative costs, which surged 52.3% to N560.1 million from N367.6 million, largely due to increased personnel expenses and depreciation linked to network expansion. Consequently, operating profit declined to N201.2 million from N309.8 million in the prior year.
After accounting for finance costs of N28.5 million, profit before tax stood at N172.6 million, compared to N285 million in 2024. Nonetheless, the absence of tax charges supported the year-on-year rise in net profit.
The company’s total assets expanded 10.3% to N3.3 billion, while retained earnings grew to N734.5 million from N561.9 million a year earlier, underscoring its improved capital position.
Legend Internet said the capital raise and acquisition strategy would accelerate its transition into a multi-sector digital services company. The firm emphasized that proceeds from the N150 billion capital program would be invested in network expansion, product development, and strategic acquisitions designed to deepen broadband penetration across Nigeria.
Founded as a broadband solutions provider, Legend Internet Plc delivers high-speed connectivity through its Legend Fibre (FTTH) and Legend WiFi public network offerings. The company became a publicly listed entity on April 24, 2025, trading under the ticker LEGENDINT, debuting at N6.20 per share.
In May 2025, shortly after listing, Legend introduced FTTR by Legend — Nigeria’s first Fibre-to-the-Room technology — which delivers enhanced in-home and enterprise connectivity. The innovation has positioned the company at the forefront of broadband modernization in the country.
In October 2025, credit rating agency Agusto & Co. assigned Legend Internet a Bbb- (long-term) and A3 (short-term) rating, reflecting moderate credit strength and stable operational outlook.
The company’s leadership said the combination of new capital, acquisitions, and strong operational momentum would help it achieve long-term sustainability, increase market share, and deliver value to shareholders in 2026 and beyond.
