Legend Internet Spectranet merger advances as Nigerian ISP plans N80bn deal to become largest broadband provider by Q2 2026
Legend Internet Plc, a Nigerian broadband operator, has announced advanced plans to merge with internet service provider Spectranet in a major industry consolidation expected to be completed in the second quarter of 2026.
The proposed transaction, which is subject to regulatory approval from the Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Communications Commission (NCC), is set to reshape the country’s broadband landscape.
The Legend Internet Spectranet merger will create a combined entity with an estimated market capitalisation of ₦80 billion, positioning it as Nigeria’s largest internet service provider upon completion.
In a corporate disclosure signed by Company Secretary Erinma Onuoma, the company said the deal would unlock significant operational synergies, including improved network efficiency, stronger infrastructure deployment and increased investment in technology.
The statement added that the consolidation is expected to enhance profitability and provide shareholders with greater exposure to Nigeria’s rapidly expanding digital economy.
“The merger is expected to generate substantial synergies, including optimised network infrastructure, operational efficiencies, and more strategic investment in technology,” the company said.
It further noted that the enlarged scale of operations would strengthen its market position and support potential future capital market activity, including a possible public offering in 2026.
Chairman of Legend Internet, Dr Ladi Bada, described the development as a strategic step towards building a nationwide digital infrastructure platform capable of supporting Nigeria’s growing connectivity needs.
He said the combined company would be better positioned to invest in next-generation technologies, expand into new markets and drive long-term economic growth.
“This moves us closer to our ambition of building a nationwide, future-ready digital infrastructure platform,” Dr Bada said.
Chief Executive Officer, Aisha Abdulaziz, also described the merger as a defining moment for Nigeria’s broadband sector, adding that the deal would enhance service delivery and create sustained shareholder value.
The transaction highlights increasing consolidation within Nigeria’s telecommunications and internet services sector as operators seek scale, efficiency and improved competitiveness in a fast-evolving digital market.
Fresh concerns have emerged over compliance with a court order issued by the High Court of Kano State on April 8, 2026, restraining key parties—including the Honourable Minister of Education, the Kano State Ministry of Land and Physical Planning, the Kano State Urban Development Authority, and Pluck Global Company Limited—from further actions pending the determination of the matter before the court.
Findings indicate that while all parties—except the concessionaire, Pluck Global Company Limited—were duly served within two days of the order, significant challenges were encountered in effecting service on the company, raising troubling questions about its corporate traceability and regulatory vetting.
A review of the company’s records filed with the Corporate Affairs Commission (CAC) revealed addresses that could not be verified as functional business locations. Notably, documentation submitted to Federal Government College (FGC), Kano, dated June 20, 2024, listed two addresses: 8B, Lalupon Street, off Keffi Street, off Awolowo Road, Ikoyi, Lagos, as its head office, and 3 Bargery Road, Bompai, Kano, as its branch office.
However, a physical visit to the Ikoyi address revealed that the entire property is occupied by a company identified as Golden Alchemy, whose staff категорically denied any knowledge of, or shared occupancy with, Pluck Global Company Limited.
Efforts to trace the Kano address yielded even more unsettling findings. The location—a locked duplex—showed no visible signs of commercial activity. Neighbours, while reluctant to speak on record, alluded to irregular movements at odd hours, casting further doubt on the legitimacy of the premises as a corporate office.
In a twist, after multiple attempts to establish contact, an individual purportedly representing the company surfaced in Kano and agreed to receive and acknowledge the court order on April 11, 2026, at approximately 6:00 pm. Curiously, the Ikoyi address—already discredited—was again listed as the company’s official address in the acknowledgment.
These developments raise critical questions regarding due diligence and Know Your Customer (KYC) protocols on the part of the Federal Ministry of Education. They also cast a spotlight on the Infrastructure Concession Regulatory Commission (ICRC), should a concession agreement indeed have been executed with the company. Stakeholders say it would be instructive to review the addresses contained in all official correspondences and contractual documents linked to the transaction.
Meanwhile, a visit to the premises of Federal Government College, Kano, revealed ongoing construction activity, with workers observed excavating foundations. When approached, the workers declined to disclose the authority under which they were operating—despite the subsistence of a court order restraining further action.
Notably, a previously installed project billboard bearing the insignia of the school authorities and the Federal Ministry of Education had been removed. Sources within the institution suggest that the directive for its removal may have emanated from the Ministry following receipt of the court order.
The unfolding situation presents a complex mix of legal, regulatory, and accountability issues—raising the spectre of possible non-compliance with judicial directives, as well as deeper concerns about transparency in public-private concession arrangements.
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