Legend Internet’s ₦10bn paper draws 119.7% subscription as Investors back broadband push

Legend Internet Plc, a last-mile fibre-to-the-home provider, has closed its ₦10 billion commercial paper at 119.7% subscription, a result that not only exceeded the offer size but also reinforced market confidence in the company’s plan to scale its broadband footprint across Nigeria. The two-month issuance, part of its ₦10 billion multi-layered financing programme, follows an eventful year in which the company listed on the Nigerian Exchange and unveiled plans to raise up to ₦150 billion.

The proceeds will fund fibre expansion, working capital, and acquisitions that tie into a broader strategy to evolve from an internet provider into a full-scale digital infrastructure platform. CEO Aisha Abdulaziz called the outcome “encouraging and validating,” saying it shows the market’s belief in the company’s “financial integrity, operational strength, and long-term vision for digital infrastructure growth.”

The subscription rate—nearly 20% above target—offers a clear signal of investor appetite for infrastructure-backed issuances at a time when capital for Nigerian tech has tightened. It also cements Legend’s growing reputation as one of the few broadband players capable of financing last-mile fibre expansion at a national scale. The company’s next phase targets millions of households through cost-efficient rollouts that bring fibre directly into homes and small businesses.

Legend’s CFO Chris Pitan described the issuance as an outcome of “disciplined financing” that lets the company “scale sustainably and innovate continuously.” His comment reflects the same cautious optimism the company struck after its April listing, when its stock rose nearly 10% on debut—a momentum it has managed to sustain through consistent investor engagement and clear growth milestones.

Behind the fundraising push sits a simple thesis: build the physical and financial rails of Nigeria’s digital economy in tandem. Earlier shareholder approvals cleared Legend to acquire both a licensed Internet Service Provider and a microfinance bank— moves designed to fuse connectivity with financial access under one brand. The company’s leadership sees this convergence as essential to reducing barriers to internet adoption and unlocking new revenue layers in fintech and enterprise connectivity.

The oversubscription therefore does more than validate Legend’s credit profile—it shows confidence in a hybrid model where telecoms and finance meet under a single infrastructure strategy. In a market where broadband penetration remains below 50% and capital is scarce, Legend’s ability to attract more funds than it sought is a quiet marker of how investors are beginning to price the future of Nigeria’s digital backbone.