Shareholders of Legend Internet Plc have approved plans to raise up to ₦150 billion in new capital to support the company’s national expansion and acquisition drive. The approval came at the firm’s 2nd Annual General Meeting (AGM) held in Abuja on November 7, 2025.
The capital raise, to be executed through a mix of debt and equity, follows the company’s April 2025 listing on the Nigerian Exchange (NGX). According to a disclosure filed on November 11, shareholders also endorsed a share capital increase of up to 10 billion ordinary shares, ranking pari passu with existing shares.
Expansion and Acquisition Strategy
At the meeting, shareholders gave the green light for the acquisition of a licensed Microfinance Bank and a Telecommunications and Internet Service Provider (ISP), both operating within Nigeria. The move aligns with Legend Internet’s strategic objective of deepening vertical integration across financial and connectivity services.
The company also presented its audited financial statements for the year ended July 31, 2025, along with reports from its directors, auditors, and audit committee.
Financial Performance
Legend Internet posted a profit after tax of ₦172.6 million, a 44.5 per cent increase from ₦119.4 million recorded in 2024. Revenue rose slightly to ₦1.19 billion, driven primarily by its fibre broadband business, which contributed ₦1.12 billion.
Other contributors included Wholesale Bandwidth (₦37.6 million) and Legend Wi-Fi (₦22.2 million).
Improved cost management helped gross profit climb to ₦761.4 million, up from ₦677.4 million in 2024, as sales expenses dropped 6.8 per cent to ₦429.6 million. However, rising administrative costs, which grew 52.3 per cent to ₦560.1 million, reduced operating profit to ₦201.2 million from ₦309.8 million a year earlier.
After accounting for ₦28.5 million in finance costs, profit before tax stood at ₦172.6 million, with no tax charges recorded for the period.
On the balance sheet, total assets rose 10.3 per cent to ₦3.3 billion, while retained earnings increased to ₦734.5 million from ₦561.9 million in 2024.
Company Overview
Legend Internet Plc, which trades on the NGX under the ticker LEGENDINT, provides high-speed internet through Legend Fibre (FTTH) and Legend Wi-Fi.
Since its ₦6.20 per share listing in April 2025, the company has launched FTTR by Legend, Nigeria’s first Fibre-to-the-Room service, to enhance broadband performance for homes and businesses.
In October 2025, Agusto & Co. assigned the company a Bbb- (long-term) and A3 (short-term) credit rating, citing steady growth and improved earnings stability.
