Oritsegbubemi Omatseyin
Lagos — A new listing on the main board of Nigerian Exchange Limited, NGX, has boosted its market capitalisation by N 11.28 billion.
The new entrant to the market is Legend Internet Plc, Nigeria’s leading last-mile fiber-to-the-home, FTTH, broadband provider. It listed 2 billion ordinary shares at N5.64 per share by way of introduction.
The listing by introduction of Legend Internet Plc added N11.28 billion to the Nigerian Exchange’s market capitalisation, which now stands at N66.67 trillion.
The stock, initially listed at N5.64, gained N0.56 or 9.93 percent, closing at N6.20. Legend Internet listed 2 billion ordinary shares of 50 kobo each at N5.64 per share through a “Listing by Introduction.” This development marks a significant milestone for Nigeria’s tech sector and represents a major leap forward for the country’s broadband ecosystem.
At the Facts Behind the Listing event held in honour of the occasion, senior executives of the company presented their growth strategy and vision to capital market stakeholders.
Speaking on the significance of the listing, Umaru Kwairanga, chairman of NGX Group remarked: “The successful listing of Legend Internet Plc today underscores the strength and viability of NGX as the preferred platform for companies looking to unlock value and achieve their growth potential. Legend’s commitment to innovation, strategic investment, and sound governance sets a benchmark for the technology sector, showcasing the immense opportunities our capital market offers.”
Temi Popoola, Group Managing Director/CEO of NGX Group emphasised the importance of broadband infrastructure in driving digital growth.
“Broadband is investment-heavy and capital intensive, and the listing of Legend Internet Plc comes at a pivotal time. As we deepen our digital economy, NGX’s market infrastructure stands ready to support capital mobilisation for sectors that require long-term funding. Legend’s entry into the market is not only timely, it’s visionary,” he said.
Also commenting, Jude Chiemeka, Chief Executive Officer, Nigerian Exchange Limited said: “Legend’s listing highlights the strategic role of NGX in supporting corporate innovation and growth. This is more than just a corporate milestone, it is a turning point for the tech sector. We are proud to provide a platform that enables indigenous technology firms to scale and create sustainable value.”
In his remarks, Ladi Bada, chairman of Legend Internet Plc noted: “Technology is the fastest-growing sector, and broadband sits at the core of digital transformation. Legend Internet is proud to be the first indigenous broadband company listed on the Exchange. Our decision to list is anchored in our belief that the capital market is a catalyst for growth, innovation, and national economic transformation.”
Chief Executive Officer of Legend Internet Plc, Aisha Abdulaziz, described the listing as a national moment: “We are building Africa’s most customer-focused internet company powered by world-class infrastructure and made-in-Nigeria innovation. Going public enables more Nigerians to be part of our journey and share in the value we are creating. This is not just a corporate win, it’s a signal of what’s possible in Nigeria’s tech ecosystem.”
Legend Internet’s listing by introduction affirms that it has met all regulatory requirements of NGX without raising new capital, offering investors an opportunity to engage with a high-growth digital infrastructure company at the forefront of Nigeria’s broadband revolution.
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