Legend Internet Plc has announced that its shareholders have approved plans to raise up to N150 billion in additional capital at the company’s 2nd Annual General Meeting held in Abuja on 7th November 2025.
The company had earlier announced plans to raise capital through a mix of debt and equity to fund its nationwide expansion, following its April 2025 listing on the Nigerian Exchange (NGX)
In a recent disclosure filed on 11th November, following the meeting, the board stated that shareholders also approved a resolution to increase the company’s share capital by up to 10 billion ordinary shares, ranking pari passu with the existing shares.
At the meeting, shareholders also approved proposals for the acquisition of a licensed Microfinance Bank and a licensed Telecommunications and Internet Service Provider operating in Nigeria.
Legend Internet also presented its audited financial statements for the year ended July 31, 2025, along with the reports of the directors, auditors, and audit committee.
For the financial year, the company reported a profit after tax of N172.6 million, representing a 44.5% increase from N119.4 million in the previous year.
Drivers
Legend’s strong top-line performance drove its profitability for the financial year, with revenue holding steady at N1.19 billion, slightly up from N1.13 billion the previous year.
- The company’s fiber business accounted for most of the growth, contributing N1.12 billion.
- Wholesale Bandwidth added N37.6 million, Legend WiFi brought in N22.2 million, with other services making up the balance.
Cost management helped support profits, as sales expenses fell 6.8% to N429.6 million from N461 million, allowing gross profit to rise to N761.4 million, up from N677.4 million in 2024.
However, these gains were partly offset by rising administrative expenses, which jumped 52.3% to N560.1 million from N367.6 million, driven by higher staff costs and depreciation.
- This pushed operating profit down to N201.2 million from N309.8 million a year earlier.
After accounting for finance costs of N28.5 million, profit before tax stood at N172.6 million, below the N285 million posted in 2024.
With no tax charges for the year, net profit grew 44.5% to N172.6 million, compared to N119.4 million in the prior year.
On the balance sheet, total assets rose 10.3% to N3.3 billion, while retained earnings increased to N734.5 million from N561.9 million in 2024.
What you should know
Legend Internet provides high‑speed internet via Legend Fibre (FTTH) and Legend Wi‑Fi (public networks).
- The company listed on the NGX as LEGENDINT at N6.20 on April 24, 2025.
- In early May (after listing), the company launched FTTR by Legend — Nigeria’s first Fibre‑to‑the‑Room service to boost in‑home and business speeds.
- In October, Agusto & Co. assigned the company a Bbb‑ (long‑term) rating and A3 (short‑term) rating.
