Legend Internet Secures 119.7% Oversubscription For N10bn Commercial Paper

Legend Internet Plc has announced the successful completion of its Series 1 Commercial Paper (CP) Issuance, achieving an impressive 119.7 per cent subscription rate.

This surpass the 100 per cent target and reaffirming strong investor confidence in the Company’s financial stability and growth trajectory.

The oversubscription highlights the market’s positive response to Legend’s performance, credit profile and disciplined operational structure. It also reflects continued trust in the Company’s ability to execute on its strategic vision for nationwide digital infrastructure expansion, fuelling Legend’s Multi-Layered Financing Programme.

The Series 1 CP issuance forms a critical component of Legend Internet’s N10 billion multi-layered financing programme, designed to support the Company’s medium- to long-term growth. Proceeds from the issuance will be deployed towards: expanding broadband infrastructure to deepen nationwide penetration, optimising working capital to enhance operational efficiency, and making strategic acquisitions that will strengthen Legend’s market position and accelerate service innovation.

This financing strategy aligns with the Company’s mission to build resilient digital infrastructure capable of powering Nigeria’s digital economy.

Speaking on the successful issuance, the chief executive officer of Legend Internet, Aisha Abdulaz, said, “The strong investor participation in our Series 1 Commercial Paper issuance is both encouraging and validating. It demonstrates the market’s belief in our financial integrity, operational strength, and long-term vision for digital infrastructure growth. This support fuels our commitment to building a more connected, competitive, and digitally enabled Nigeria.”

She added, “This milestone is not just a financing event; it is a strategic enabler of our expansion plans, working capital needs, and future acquisitions. We extend our sincere appreciation to our investors, advisers, and market partners whose confidence continues to propel Legend forward.”

“An Emerging Pillar in Nigeria’s Digital Infrastructure Ecosystem, Legend Internet Plc remains dedicated to delivering robust, high-speed fiber connectivity and advanced digital solutions to customers across the country. The Company’s disciplined financing framework underpins its sustainability, scalability, and ongoing operational innovation,” she stated.

Also, the chief financial officer of the Company, Chris Pitan, said, “This achievement is powered by our disciplined financing framework, which enables us to scale sustainably, innovate continuously, and consistently meet the evolving needs of our customers. We remain committed to building a future where every connection drives opportunity, productivity, and growth for communities across Nigeria.”

Legend Internet Plc is a digital infrastructure company providing high-speed fiber broadband enterprise connectivity solutions, digital services, and next-generation technologies to customers across Nigeria.