Legend Internet PLC and Spectranet Announce Strategic Merger to Transform Nigeria’s Broadband Market

n n

Legend Internet PLC, a Nigerian broadband operator listed on the Nigerian Exchange Limited (NGX), today announced it 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 Q2 2026.

n

In 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.

n

The combined company will have an estimated market capitalization of ₦80 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.

n

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.

n

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.

n

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.

n

Dr Oladimeji Bada, , Chairman, Legend Internet put in perspective, the expected impacts of the merger on the bottom line of the enlarged entity:

n

“ 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.

n

Echoing his remarks, Aisha Abdulaziz, CEO of Legend Internet PLC, said: “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.”

n

About Legend Internet PLC:

n

Legend Internet PLC is a Nigerian broadband operator 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.

n

About Spectranet Limited

n

Spectranet is a leading Nigerian 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.

n n