Capital Market
Legend Internet, Spectranet Seal Merger to Create N80bn Broadband Giant
Legend Internet Plc and Spectranet Limited have advanced plans to merge their operations in a deal expected to create one of Nigeria’s largest internet service providers, with an estimated market value of N80 billion.
The proposed transaction, disclosed in a filing to the Nigerian Exchange Limited, has already secured approvals from the boards and shareholders of both companies and is now awaiting regulatory clearance. Completion is targeted for the second quarter of 2026.
According to the Company Secretary, Erinma Onuoma, the merger will unify the operations of both firms under a single 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,” Onuoma stated.
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“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,” she added.
“The Transaction remains subject to the receipt of applicable regulatory approvals.”
The merger is positioned as a scale-driven move to strengthen broadband infrastructure, combining fibre and wireless assets to expand coverage and improve service delivery across Nigeria.
The integrated entity is expected to unlock cost efficiencies through optimised network deployment, reduce duplication of infrastructure, and enhance capital allocation. It also aims to boost margins and support investment in next-generation technologies.
Customers are projected to benefit from expanded service offerings, including fixed broadband, mobile connectivity, and integrated digital solutions.
Chairman Oladimeji Bada described the deal as a major step toward building a nationwide digital platform.
“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,” he said.
Chief Executive Officer Aisha Abdulaziz highlighted the broader industry impact:
“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.”
