Legend Internet Boosts NGX Capitalisation By N12.4bn

In a move that signals growing investor confidence in Nigeria’s digital economy, Legend Internet Plc has listed two billion shares, boosting the Nigerian Exchange overall capitalisation by N12.4 billion.

The Company listing on the NGX is the first indigenous company in the internet segment of telecommunications sector and the first company to be listed this year.

Speaking at the Company’s facts behind the listing ceremony, the chairman of Legend Internet, Dr Ladi Bada, noted that Legend was the first ever indigenous company in the internet segment of telecommunications to be listed.

He stated that “a listing on the NGX is more than a financial event. It is a signal and declaration that a business is ready to be held to the highest standards, performance, and public trust. Legend Internet has met the requirement.”

He emphasized that broadband is central to achieving Nigeria’s projected $1 trillion economy and that Legend is ready to lead that transformation with transparency and innovation.

The CEO of Legend Internet, Aisha Abdulaziz explained that when the company started, it was not just an internet company but a movement in the digital service.

She said that “with broadband penetration still under one per cent, Legend is strategically placed to fill the massive gap in household internet access, especially in rural and peri-urban areas.”

Abdulaziz added that “this listing is a symbol of our commitment to transparency, sustainable growth, and long-term value.”

She revealed that Legend’s immediate focus is on unlocking digital value at the household level, where demand for online education, remote work, and streaming services has skyrocketed in recent years.

The group chairman, NGX Group Plc, Dr Umaru Kwairanga commended the company for the bold initiative of listing on the Exchange, saying that listing was an enhanced status of adherence to corporate governance and opportunities to take advantage of an array of the Exchange’s different asset classes to raise capital.

Meanwhile, last week, investor sentiment turned positive following the release of strong Q1, 2025 earnings by some listed corporations. As a result, the benchmark index advanced by 1.46 per cent to close at 105,752.61 points. Also, market capitalisation gained N966 billion to close the week at N66.465 trillion.

The market breadth for the week was positive as 64 equities appreciated in price, 27 equities depreciated in price, while 57 equities remained unchanged. International Breweries led the gainers table by 40.00 per cent to close at N7.70, per share. NASCON Allied Industries followed with a gain of 26.22 per cent to close at N52.95, while Africa Prudential went up by 25.64 per cent to close to N17.15, per share.

On the other side, VFD Group led the decliners table by 82.19 per cent to close at N17.10, per share. John Holt followed with a loss of 18.60 per cent to close at N6.30, while Dangote Cement declined by 10.00 per cent to close at N432.00, per share.