Legend Internet Plc shares surged 20% in two days after announcing a merger with Spectranet Limited.
The company announced the deal on March 23, 2026, combining fibre and wireless networks to strengthen operations.
Legend Internet Share Surge
Consequently, the merger could create one of Nigeria’s largest internet service providers, valued at ₦80 billion.
Both boards and shareholders approved the deal, and regulatory authorities are expected to grant clearance in Q2.
Previously, Legend Internet posted a pretax loss of ₦21.7 million in Q1, ending October 31, 2025.
Rising operating costs and softer revenue caused the company’s challenging performance last financial year.
Therefore, investors reacted immediately, pushing shares from ₦6.00 to ₦6.60 on March 24, a 10% gain.
Moreover, the following day, shares climbed another 10%, closing at ₦7.25 and topping the daily trading chart.
Trading Momentum
As a result, monthly trading volume exceeded 72 million shares, surpassing January and February totals combined.
Overall, the stock has returned over 37% year-to-date, bouncing back from a weak 2025 performance.
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Earlier, Legend Internet listed 2 billion ordinary shares on April 24, 2025 at ₦5.64 per share.
Subsequently, shares briefly rallied to ₦9.05 before investors pushed them down to ₦5.30 by December 2025.
The company reported a FY 2025 pretax profit of ₦138.3 million on revenue of ₦1.19 billion, down from ₦281.4 million.
Furthermore, the merger aims to expand broadband coverage, improve service delivery, and strengthen network capacity.
Management expects to reduce costs by integrating fibre and wireless infrastructure, boosting long-term profitability.
Strategic Outlook
Chairman Dr. Oladimeji Bada highlighted that the deal supports Nigeria’s broader digital infrastructure expansion plans.
So far in 2026, investors have traded over 160 million shares, already exceeding 2025 monthly averages.
Additionally, the company delayed filing Q2 financial statements to ensure accuracy following internal reviews and reconciliation efforts.
Market optimism is evident as investors drive sharp price gains, heavy trading, and renewed confidence overall.
Ultimately, the combined company seeks efficiency, scale, and sustainable growth, reshaping Nigeria’s broadband landscape.
