Executive Summary
- Legend Internet became Nigeria's first publicly listed ISP, listing on the NGX on April 24, 2025, with 2 billion ordinary shares at ₦5.64 each.
- The company plans to raise ₦150 billion to expand its fiber network across Nigeria, focusing on affordability and operational efficiencies.
- Legend uses free public WiFi to introduce users to its digital services, aiming to convert them into paying subscribers and expand digital economy participation.
Event Overview
Legend Internet Plc, founded in 2014, made history by becoming Nigeria's first publicly listed Internet Service Provider (ISP). The listing, done by introduction on the Nigerian Exchange (NGX), adds ₦11.28 billion to the market capitalization. Now, Legend plans an ambitious expansion using new capital, aiming to extend its fiber network nationwide, focusing on affordability and innovative strategies like free public WiFi to increase internet adoption and participation in the digital economy.
Media Coverage Comparison
| Source | Key Angle / Focus | Unique Details Mentioned | Tone |
|---|---|---|---|
| TechCabal | Legend Internet's public listing, expansion plans, and strategies for increasing internet access. | Mentions Legend's free WiFi strategy, digital services ecosystem, and financial goals for expansion including the target of 1 million homes within five years. | Informative and analytical. |
Key Details & Data Points
- What: Legend Internet Plc listed on the Nigerian Exchange (NGX) and plans to raise ₦150 billion to fund its nationwide expansion.
- Who: Key players include Legend Internet Plc, led by CEO Aisha Abdulaziz, and the Nigerian Exchange (NGX).
- When: Legend Internet listed on April 24, 2025. The company aims to reach one million homes within five years.
- Where: Initially focused on Abuja, Legend plans to expand to Lagos and 31 states across Nigeria.
Key Statistics:
- Key statistic 1: ₦11.28 billion ($8.68 million) - Initial market capitalization added to NGX.
- Key statistic 2: 58% - Increase in Legend's share price since listing.
- Key statistic 3: ₦150 billion ($93 million) - Amount Legend aims to raise for expansion.
Analysis & Context
Legend Internet's move to go public and its ambitious expansion plans are noteworthy in the challenging Nigerian broadband market. The focus on affordability and leveraging free public WiFi to drive adoption of its digital services presents a unique approach to overcoming barriers to internet access. The success of Legend's integrated model could provide a blueprint for other ISPs in the region. Sourcing locally to reduce reliance on foreign exchange demonstrates the company's strategic approach to mitigating financial risks.
Notable Quotes
We’re an infrastructure-intensive business, and to expand, you need long-term capital. The only place to find that is the capital market.
Free WiFi is more than charity, it’s strategic. It’s marketing, it’s outreach, and it’s a bridge to the digital economy for underserved Nigerians.
Conclusion
Legend Internet's successful public listing marks a significant step in its journey to democratize internet access in Nigeria. With plans to raise substantial capital for nationwide expansion and a strategic focus on affordability and innovative service delivery, Legend is well-positioned to play a key role in the country's digital economy. The company's integrated model of free WiFi and digital services offers a promising approach to overcoming traditional barriers to internet adoption, although its long-term success will depend on effective execution and adaptation to the evolving market dynamics.
Disclaimer: This article was generated by an AI system that synthesizes information from multiple news sources. While efforts are made to ensure accuracy and objectivity, reporting nuances, potential biases, or errors from original sources may be reflected. The information presented here is for informational purposes and should be verified with primary sources, especially for critical decisions.
