Legend Internet Secures 119.7% Oversubscription for N10bn Series 1 Commercial Paper

Legend Internet Plc has announced the successful completion of its Series 1 Commercial Paper (CP) Issuance, achieving an impressive 119.7% subscription rate, significantly surpassing the 100% 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 Internet’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 ₦10 billion multi-layered financing programme, designed to support the Company’s medium- to long-term growth. Proceeds from the issuance will be deployed towards: Broadband infrastructure expansion to deepen nationwide penetration, working capital optimisation to enhance operational efficiency, 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, Aisha Abdulaziz, Chief Executive Officer of Legend Internet Plc, 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 Internet 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.

“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 drive opportunity, productivity, and growth for communities across Nigeria.”, says Chris Pitan, Chief Financial Officer.