Nigerian broadband infrastructure provider Legend Internet is embarking on a major diversification strategy that will see it enter both the telecommunications and financial services sectors. At its recent second Annual General Meeting (AGM), shareholders approved a series of transformative resolutions aimed at positioning the company as a full-service digital infrastructure player.
Key decisions from the AGM include:
- Strategic Acquisitions: Approval to acquire a licensed Internet Service Provider (ISP) and a licensed microfinance bank, signaling a move to integrate connectivity with financial inclusion under one unified platform.
- Capital Raise: Authorization to raise up to ₦150 billion (approximately $101.8 million) in new capital. The company will also issue 10 billion ordinary shares at 50 kobo each, creating a strong foundation for funding its expansion plans.
These resolutions, disclosed to the Nigerian Exchange (NGX) on November 18, underscore Legend Internet’s ambition to leverage its broadband expertise while tapping into Nigeria’s growing demand for digital financial services. The strategy aligns with earlier reports by Condia, which highlighted the company’s futuristic vision for converging technology and finance.
Currently, Legend Internet delivers fiber-to-the-home (FTTH) and enterprise broadband services across multiple Nigerian cities. By acquiring a telecom operator, the company aims to deepen its network reach and enhance service delivery. Meanwhile, owning a microfinance bank will enable Legend to embed financial products—such as payments, lending, and savings—into its digital ecosystem, creating a seamless experience for customers.
The company’s board has been empowered to appoint advisers and secure all necessary regulatory approvals to complete these acquisitions. However, management has not yet disclosed the identities of the target companies or provided a timeline for closing the deals.
This move reflects a broader trend among Nigerian tech and telecom firms diversifying into financial services. Industry giants like MTN and Airtel have successfully integrated payment platforms with connectivity offerings, and Legend Internet appears poised to follow suit—potentially redefining its role from a pure broadband provider to a comprehensive digital infrastructure powerhouse.
