Legend Internet Plc, a Nigerian broadband operator listed on the Nigerian Exchange Limited (NGX) is in the advanced stages of a merger with Spectranet, one of Nigeria’s most established internet service providers.
The transaction is expected to be completed in the second quarter (Q2) of 2026.
According to a corporate disclosure statement signed by Legend’s Company Secretary, Erinma Onuoma, the proposed merger is subject to approval from relevant regulatory bodies, including the Federal Competition and Consumer Protection Commission and the Nigerian Communications Commission.
The combined company will have an estimated market capitalisation of N80 billion, making it Nigeria’s largest Internet Service Provider. Upon completion, the merger will create a stronger national platform with the scale and infrastructure required to meet the country’s growing demand for high-speed connectivity.
The merger is expected to generate substantial synergies, including optimized network infrastructure, operational efficiencies, and more strategic investment in technology. These synergies will enhance profitability and position the company for sustainable growth.
Customers will benefit from expanded service offerings, including fixed broadband, mobile connectivity, and integrated digital solutions for both individuals and businesses. By combining resources and expertise, the merged entity will deliver improved service quality, broader coverage, and innovative solutions.
Shareholders will benefit from the enlarged scale, stronger market presence, and increased ability to capture growth opportunities in Nigeria’s rapidly evolving broadband market. The transaction will strengthen Legend Internet’s positioning ahead of potential future initiatives, including a public offering later in 2026.
Ladi Bada, chairman, Legend Internet put in perspective, the expected impacts of the merger on the bottom line of the enlarged entity saying: “With a stronger capital base and improved infrastructure, we are now well positioned to invest in next-generation technologies, expand into new markets, and deliver a full range of digital services”.
“This moves us closer to our ambition of building a nationwide, future-ready digital infrastructure platform that will drive Nigeria’s economic and technological advancement,” Bada said.
Echoing his remarks, Aisha Abdulaziz, CEO of Legend Internet Plc, said: “This marks a pivotal moment for Nigeria’s broadband industry. Our merger with Spectranet positions us to build a future-ready digital platform that delivers world-class connectivity to Nigerians while creating sustained value for our shareholders.”
“The proposed merger aligns with Legend’s long-term strategy to expand broadband infrastructure and strengthen its position within Nigeria’s telecommunications sector. The transaction is expected to deliver
significant strategic and financial benefits, including enhanced network capacity through the integration of fibre and wireless infrastructure, improved operational efficiency, and expanded coverage across key urban markets.
“The Board believes the transaction will create sustainable long-term value for shareholders by strengthening the
Company’s competitive position, supporting revenue growth, and improving earnings capacity through operational synergies and increased scale. The Transaction is expected to be value accretive to shareholders over
the medium to long term,” according to the company in its corporate disclosure statement at the NGX.
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