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.

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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.

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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.