Legend Internet Holds Landmark 2nd AGM, Receives Approval for Major Acquisitions and ₦150 Billion Capital Raise
Legend Internet Plc has successfully concluded its 2nd Annual General Meeting (AGM) — its first since listing on the Nigerian Exchange Group (NGX) — marking a major turning point in the company’s expansion strategy and governance journey. Held on November 7, 2025, at Fraser Suites, Abuja, the AGM delivered significant resolutions poised to strengthen Legend’s market position and accelerate its growth across Nigeria’s digital economy.
During the meeting, shareholders approved a ₦120 million dividend payout, reflecting the company’s strong performance and commitment to delivering long-term value.
A Defining AGM With Transformational Approvals
Shareholders granted approval for several strategic initiatives that will broaden Legend’s scope beyond broadband services and position the company as a leading digital-services powerhouse.
Key Resolutions Passed at the AGM:
Acquisition of a Licensed Internet Service Provider (ISP): A move that will deepen Legend’s national network footprint and enhance service capacity.
Acquisition of a Licensed Microfinance Bank: An entry point into the financial-services sector, enabling future integration of connectivity and fintech offerings.
Issuance of 10 Billion Ordinary Shares: Strengthening capital for expansion and strategic investments.
Approval to Raise Up to ₦150 Billion: Through a combination of debt and other capital-market instruments to fund infrastructural growth, innovation, and customer experience enhancement.
These resolutions position Legend to evolve into a unified digital-services ecosystem, connecting broadband, fintech, and digital inclusion in a way few Nigerian companies have attempted.
A Message From the Board Chair
Speaking at the AGM, Board Chair, Dr. Ladi Bada, expressed appreciation to shareholders and emphasized the significance of the approvals:
“This AGM represents more than a statutory gathering — it marks a bold new chapter for Legend Internet. The strong shareholder support we received, including approval for a ₦120 million dividend, affirms belief in our strategy and direction.”
“Our expansion into both connectivity and financial services is intentional. We are building an inclusive, technology-driven ecosystem that empowers families, entrepreneurs, and enterprises across Nigeria. The future we envision is one where access to broadband and access to finance work seamlessly together.”
Execution With Discipline and Full Regulatory Compliance
With shareholder approval secured, Legend Internet will now initiate the due diligence and regulatory processes required for both acquisitions. The company noted that the identities of the target ISP and microfinance bank will be disclosed at the appropriate time and in line with regulatory timelines.
Legend reaffirmed that all steps will follow strict compliance frameworks, given the sensitive nature of both telecommunications and banking operations.
Setting the Pace for the Future of Digital Services in Nigeria
Legend Internet continues to distinguish itself as a forward-thinking player in Nigeria’s digital economy. By combining connectivity infrastructure with financial technology, the company is positioning itself to deliver integrated solutions that serve homes, small businesses, and large enterprises alike.
As Legend strengthens its capital structure, deepens its infrastructure, and expands into financial services, one thing is clear:
The company is not just participating in Nigeria’s digital future — it is helping to define it.
