Legend Internet Plc and Spectranet Limited have finalized plans to merge their operations, a move poised to establish one of Nigeria’s largest internet service providers with an estimated market capitalization of N80 billion.

This significant development was formally announced by Legend Internet in a corporate filing submitted to the Nigerian Exchange (NGX) on Monday, March 23, 2026.

The transaction has already secured the necessary board and shareholder approvals from both Legend Internet and Spectranet. It is anticipated to be completed in the second quarter of 2026, contingent upon receiving the requisite 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,” stated Company Secretary Erinma Onuoma.
• “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 expressed that the merger represents 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.