Legend Internet moves to acquire ISP and microfinance bank

Nigerian broadband infrastructure company Legend Internet is expanding into telecom and finance. At its second annual general meeting held on November 7 in Abuja, shareholders approved plans to acquire a licensed Internet Service Provider (ISP) and a licensed microfinance bank.

The company also received approval to raise up to ₦150 billion ($101,827,450)  in new capital and issue 10 billion ordinary shares of 50 kobo each. These resolutions, disclosed to the Exchange on November 18, set the stage for a broader play that links Internet access and financial inclusion under one platform. The move follows a prior report by Condia detailing the company’s futuristic plans. Beyond that, it presents the ultimate use case for listing on the Nigerian Stock Exchange (NGX)— the ability to expand and raise capital.

Legend Internet provides fibre-to-the-home and enterprise broadband services across several Nigerian cities. Acquiring a telecom operator could deepen its network reach, while owning a microfinance bank would bring financial services into its digital ecosystem. Together, the two deals position Legend closer to becoming a full-service digital-infrastructure provider rather than a single-sector Internet company.

The company’s board has been authorised to appoint advisers and seek all regulatory clearances required to finalise the acquisitions. Legend’s management has yet to disclose the names of the targets or the timelines for completion.

For now, the move reflects a growing trend among Nigerian tech and telecom firms diversifying into financial services—following the path of players like MTN and Airtel that now run both connectivity and payment platforms.