Legend Internet Plc and Spectranet Limited have concluded plans to merge their operations in a deal aimed at creating one of Nigeria’s largest internet service providers with an estimated market capitalization of N80 billion.
The development was disclosed by Legend Internet in a corporate filing submitted to the Nigerian Exchange (NGX) on Monday, March 23, 2026.
The transaction, which has already secured board and shareholder approvals from both companies, is expected to be finalised in the second quarter of 2026, subject to regulatory clearances.
What they are saying
Legend Internet Plc confirmed that the proposed merger has received the backing of its board and shareholders and is now progressing toward regulatory approval. The company noted that the deal will combine the operations of both firms under a unified corporate structure.
- “This is to inform Nigerian Exchange Limited and our esteemed shareholders and stakeholders of a proposed merger between Legend Internet Plc and Spectranet Limited,” Company Secretary Erinma Onuoma stated.
- “Pursuant to resolutions of the Board of Directors of the Company dated 3 October 2025 and the shareholders dated 7 November 2025, the Company has entered into an agreement with Spectranet in respect of a proposed merger under which the businesses and operations of both entities will be combined under a unified corporate structure,” Onuoma added.
- “The Transaction remains subject to the receipt of applicable regulatory approvals,” the company added.
The company also stated that the merger is expected to strengthen network capacity, reduce operational costs, and expand broadband coverage across Nigeria.
More insights
The merger is expected to unlock scale efficiencies by combining fibre and wireless infrastructure assets from both companies. This integration is projected to significantly expand network capacity and improve service delivery across key urban markets.
- The combined entity aims to achieve cost efficiencies through optimised network deployment and better allocation of capital resources.
- The companies expect improved margins driven by operational synergies and reduced duplication of infrastructure investments.
- Increased scale is expected to support greater investment in next-generation technologies, addressing long-standing funding challenges in Nigeria’s ISP sector.
- Customers are projected to benefit from broader service offerings, including fixed broadband, mobile connectivity, and integrated digital solutions.
Overall, the merger is positioned to improve service quality, expand coverage, and introduce more innovative products in a market still facing uneven internet access.
Executive commentary:
Executives from both firms said the merger is a transformative step toward building a nationwide digital infrastructure platform. Chairman Dr. Oladimeji Bada highlighted the enhanced capital base and infrastructure capacity as critical enablers for expansion into new markets and deployment of advanced technologies.
- “With a stronger capital base and improved infrastructure, we are now well positioned to invest in next-generation technologies, expand into new markets, and deliver a full range of digital services. This moves us closer to our ambition of building a nationwide, future-ready digital infrastructure platform that will drive Nigeria’s economic and technological advancement,” the chairman, Dr. Oladimeji Bada stated.
- Chief Executive Officer Aisha Abdulaziz described the deal as a “pivotal moment” for Nigeria’s broadband industry.
- “This marks a pivotal moment for Nigeria’s broadband industry. Our merger with Spectranet positions us to build a future-ready digital platform that delivers world-class connectivity to Nigerians while creating sustained value for our shareholders,” the Legend Internet CEO, said.
What you should know:
The completion of the merger remains contingent on approvals from key regulators, including the Federal Competition and Consumer Protection Commission and the Nigerian Communications Commission. These bodies are expected to assess the competitive implications of the deal in a sector where consolidation could reshape market dynamics.
- Nigeria’s broadband penetration has been growing steadily, driven by increased digital adoption, remote work, and demand for streaming and cloud services.
- Infrastructure gaps and limited access to capital have continued to constrain the sector, making consolidation a strategic pathway for growth.
- If completed in Q2 2026, the merged entity could be better positioned to capitalise on these trends and pursue future corporate actions, including a potential public offering.
- Legend Internet’s stock closed at N6.00 per share on March 23, 2026, reflecting a 13.4% year-to-date gain from its opening price of N5.29.
As of the same date, the company had a market capitalisation of N12 billion with two billion shares outstanding, highlighting the potential scale expansion the merger could deliver if successfully executed.
