Legend Internet Plc has announced that it has successfully completed its Series 1 Commercial Paper (CP) issuance, achieving a 199.7% subscription rate.
The Series 1 CP, issued in November 2025 as part of the company’s N10 billion multi-layered financing programme, exceeded its target, reflecting solid investor interest in the offering.
Legend Internet said the strong demand reflects market confidence in its performance, credit quality, and disciplined operating approach.
In a disclosure published on the Nigerian Exchange, the company said the funds will be used to expand broadband infrastructure and nationwide coverage, strengthen working capital, and support strategic acquisitions to enhance service delivery.
Executive comments
Speaking on the successful issuance, Aisha Abdulaziz, CEO of Legend Internet Plc, said:
“The strong investor participation in our Series 1 Commercial Paper issuance is both encouraging and validating. It shows the market’s belief in our financial integrity, operational strength, and long-term vision for digital infrastructure growth.”
She added that the milestone is more than just a financing event, as it supports the company’s expansion plans, working capital needs, and future acquisitions, while also expressing sincere appreciation to investors, advisers, and partners whose confidence continues to drive Legend Internet forward.
Chris Pitan, Chief Financial Officer, echoed her sentiment, noting that the achievement is powered by a disciplined financing framework that allows the company to scale sustainably, innovate continuously, and meet the evolving needs of its customers.
Backstory
In November 2025, Legend Internet Plc announced that its shareholders had 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.
The company had earlier outlined intentions to raise funds through a combination of debt and equity to support its nationwide expansion, following its April 2025 listing on the Nigerian Exchange (NGX).
In a disclosure filed on 11th November, the board confirmed that shareholders also approved a resolution to increase the company’s share capital by up to 10 billion ordinary shares, ranking pari passu with existing shares.
At the meeting, shareholders further approved proposals for the acquisition of a licensed Microfinance Bank and a licensed Telecommunications and Internet Service Provider operating in Nigeria.
Prior to that, Legend Internet had announced in mid-October that its appointed rating agency, Agusto & Co. Limited, assigned a Bbb long-term rating and an A3 short-term rating after completing its assessment. The company said the ratings reflect its financial position and operational performance.
They also indicate Legend’s ability to meet financial obligations as they fall due, which may have contributed to investor participation and the oversubscription of its Series 1 Commercial Paper.
