Legend Internet’s listing boosts NGX by N12.4bn, signals growth in Nigeria’s digital economy
BY MOTOLANI OSENI
Legend Internet Plc has made a significant leap in Nigeria’s digital economy by listing two billion shares on the Nigerian Exchange (NGX), resulting in a N12.4 billion increase in overall market capitalisation.
This landmark listing marks the company as the first indigenous player in the internet segment of the telecommunications sector to be listed, and it also sets the tone for the first listing of the year.
At the company’s “Facts Behind the Listing” ceremony, Legend Internet’s Chairman, Dr. Ladi Bada, celebrated the achievement, noting that the company’s listing is a testament to its readiness to adhere to the highest standards of performance and public trust.
“Being listed on the NGX is more than just a financial milestone; it signals that Legend Internet is prepared to be held accountable to the highest levels of corporate governance and transparency,” Bada remarked.
Bada further emphasised the strategic importance of broadband in driving Nigeria’s ambition to achieve a $1 trillion economy. He positioned Legend Internet as a key player ready to lead the transformation of the country’s broadband infrastructure with innovation and transparency.
CEO Aisha Abdulaziz shared her vision for Legend Internet, stressing that the company has always been more than just an internet service provider—it’s a movement aimed at driving digital change. With broadband penetration still below one per cent, Abdulaziz revealed that Legend is strategically positioned to address the growing demand for internet access in rural and peri-urban areas.
“This listing represents our commitment to sustainable growth, transparency, and creating long-term value for our stakeholders,” she affirmed.
Looking ahead, Abdulaziz highlighted that Legend’s immediate focus will be on enhancing digital value at the household level, where there has been a surge in demand for online education, remote work, and entertainment services.
Dr. Umaru Kwairanga, Chairman of NGX Group Plc, commended Legend Internet for its bold decision to list, highlighting that the listing not only elevates the company’s status but also provides ample opportunities to raise capital and take advantage of the Exchange’s diverse asset classes.
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Meanwhile, investor sentiment in the market shifted positively following the release of strong Q1 2025 earnings from several listed companies. This contributed to a 1.46 per cent increase in the NGX benchmark index, which closed at 105,752.61 points, while the market capitalisation rose by N966 billion to end the week at N66.465 trillion.
In terms of stock performance, 64 equities recorded gains, while 27 declined, and 57 remained unchanged. International Breweries led the gainers with a 40.00 per cent increase, closing at N7.70 per share. NASCON Allied Industries and Africa Prudential also saw significant gains of 26.22 per cent and 25.64 per cent, respectively. On the downside, VFD Group topped the decliners list with an 82.19 per cent drop, closing at N17.10 per share.
