Legend Internet debuts on NGX, seeks ₦150 billion for fibre rollout

Legend Internet Plc, a last-mile fibre-to-the-home provider, successfully listed on the Nigerian Exchange Group (NGX) Thursday, gaining nearly 10% on its first day of trading as it simultaneously announced plans to raise ₦150 billion ($92.72 million) in debt and equity.

The Abuja-based company listed 2 billion shares at ₦5.64 each. The stock closed its debut session at ₦6.20, a 9.93% increase, adding ₦11.28 billion ($6.97 million) to the NGX’s market capitalisation. The funds sought will directly finance a significant expansion of Legend’s fibre network to Nigerian consumers.

“We built the model, and now we are scaling it. With the public as the focus, we request ₦150 billion in debt and equity to scale Nigeria’s fibre network,” said Aisha Abdulaziz, chief executive officer (CEO) of Legend Internet at the facts behind the listing event held in Marina yesterday.

“Our growth thesis is simple: Nigeria’s broadband future sits in the last mile. It is critically underserved, but Legend has built a sustainable and well-positioned model to lead the change.”

Legend’s listing marks the first for an indigenous broadband provider on the Nigerian bourse, positioning it ahead of competitors like Y Combinator-backed Tizeti, which indicated futuristic IPO ambitions in December 2024. It is also the first company listing on the NGX in 2025.

The move underscores a growing trend of Nigerian companies looking towards the local capital markets for growth funding over traditional venture capital routes, particularly in the tech sector. VFD group, a multi-sectoral investment company with tech affiliations listed in October 2023, and NGX Chairman Umaru Kwairanga signalled a robust pipeline, stating, “We are bringing so many companies to the exchange, Dangote is on its way, the NNPC and so many other organisations.”  Over 322 companies have listed their securities on the nation’s bourse.

Legend Internet focuses specifically on the underserved last-mile segment, connecting homes directly to fibre networks, rather than competing with established first-mile or undersea cable operators like MainOne or SAT-3, and GLO-2. “Nigeria’s broadband future sits in the last mile. It is critically underserved,” Abdulaziz asserted, highlighting the company’s strategy to leverage infrastructure like Lagos State’s metro transmission assets to reduce deployment costs.

“The Lagos state government has an interest in fibre. They invested in metro transmission assets. They made ducts and access infrastructure, which reduces the cost of last mile. Legend is the last mile—customer homes,” she added.

Citing National Bureau of Statistics (NBS) data, Abdulaziz noted that household fibre penetration in Nigeria stands at roughly 1%, representing about 88,000 homes. Legend aims to tap into a potential market of 20 million households, offering services starting at ₦27,000 ($16.69) monthly, alongside value-added services like fintech and identity verification. The company also boasts of partnerships with original equipment manufacturers (OEMs) like Huawei, the country’s biggest telecoms vendor.

The company, operational since at least 2021, primarily in Abuja and Suleja, self-reports activating 10,000 homes, connected with meters of fibre optic cables in those regions and generating ₦1.13 billion ($699,725) in 2024 revenue. The capital raise is intended to fuel expansion into Lagos and eventually 31 states across Nigeria.