Legend Internet Plc, a fresh face in Nigeria’s broadband market, is in merger discussions with Spectranet Limited, a leading provider of 4G LTE and fibre internet, to become the nation’s largest Internet Service Provider.
Founded in 2021 and based in Abuja, the firm has developed one of the city’s largest fibre-to-the-home and public Wi-Fi networks. It has taken a phased approach to its commercial rollout, focusing on fibre infrastructure with a build-first, scale-later strategy that prioritises network deployment.
The firm joined the Nigerian Exchange in April 2025, boosting its visibility and attracting more institutional capital, while showing confidence in its long-term infrastructure strategy.
Legend’s board approved the proposed merger on October 3, 2025, and shareholders approved it on November 7, 2025. The deal will combine Legend’s fibre-to-the-home network with Spectranet’s wireless and fibre services, aiming to boost efficiency, improve urban coverage, and create lasting shareholder value through growth and cost savings.
Once completed, the merged company is expected to have a market capitalisation of ₦80 billion, taking advantage of complementary infrastructure and services to boost broadband access across the country.
Legend’s audited results for the year ended July 31, 2025, underscore the company’s strong financial position ahead of the merger. The firm reported revenue of ₦1.191 billion, up 5 per cent from the previous year, and gross profit of ₦761 million, reflecting improved margins despite rising costs. Profit after tax increased 23 per cent to ₦142 million, while shareholders’ funds grew 5 per cent to ₦2.839 billion, with basic earnings per share rising to 7 kobo.
Spectranet, a privately held company, is known as one of Nigeria’s leading ISPs by subscriber base and earns substantial revenue from broadband services. The merger aims to blend Legend’s fibre-focused approach with Spectranet’s wireless strengths, creating a versatile operation ready to take on bigger telecom competitors.
The deal is still waiting for the green light from the Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Communications Commission (NCC), with plans to wrap it up by Q2 2026.
This merger is a major milestone in Nigeria’s broadband growth, setting up the combined ISP to speed up infrastructure development and boost its competitive standing in the telecom market.
Legend Internet, led by chairman Olufemi Akinsanya and managing director Olufemi Shobanjo, is strategically set up in high-density residential areas and multi-dwelling units across Abuja, making it easier to gain customers and recover costs efficiently. Expansion outside Abuja is happening at a steady pace, following a hub-and-spoke approach that focuses on profitable urban clusters before scaling more widely.
