Legend, Spectranet’s N80b merger to form largest internet provider
By Taofik Salako, Deputy Group Business Editor Legend Internet Plc yesterday announced that it has reached advanced stages in a business combination with Spectranet in a merger that is expected
By Taofik Salako, Deputy Group Business Editor
Legend Internet Plc yesterday announced that it has reached advanced stages in a business combination with Spectranet in a merger that is expected to create Nigeria’s largest internet service provider.
The business combination, estimated with market value of about N80 billion, is expected to be completed in second quarter 2026, subject to regulatory approvals, including from Federal Competition and Consumer Protection Commission and Nigerian Communications Commission.
In a corporate filing yesterday at the Nigerian Exchange (NGX), the parties said the combination would create synergies that would enhance profitability and position the company for sustainable growth.
Chairman, Legend Internet Plc, Dr Ladi Bada explained that the merger would lead to improvements for all stakeholders with customers benefitting from expanded service offerings, including fixed broadband, mobile connectivity, and integrated digital solutions for both individuals and businesses.
According to him, by combining resources and expertise, the merged entity will deliver improved service quality, broader coverage, and innovative solutions.
He added that shareholders would benefit from the enlarged scale, stronger market presence, and increased ability to capture growth opportunities in Nigeria’s rapidly evolving broadband market.
He noted that the transaction would strengthen Legend Internet’s positioning ahead of potential future initiatives, including a public offering later in 2026.
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He said: “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”.
Chief Executive Officer, Legend Internet Plc, Aisha Abdulaziz, said, upon completion, the merger would create a stronger national platform with the scale and infrastructure required to meet the country’s growing demand for high-speed connectivity.
She said the merger would generate substantial synergies, including optimised network infrastructure, operational efficiencies, and more strategic investment in technology.
“This marks a pivotal moment for Nigeria’s broadband industry. Our merger with Spectranetpositions us to build a future-ready digital platform that delivers world-class connectivity to Nigerians while creating sustained value for our shareholders,” Abdulaziz said.
Legend Internet, a broadband operator, was listed on the NGX in 2025. The company is focused on expanding high-speed internet access, building integrated digital infrastructure, and driving long-term growth for investors and stakeholders nationwide. Spectranet is an internet service provider with a track record of delivering reliable broadband solutions to residential and business customers. The company is recognized for its robust infrastructure, innovative offerings, and commitment to digital inclusion.
