Legend Internet PLC Nigeria’s pioneering indigenous broadband service provider, has been assigned a long-term corporate rating of ‘Bbb-‘ and a short-term rating of ‘A3’ with a Stable Outlook by Agusto and Co., West Africa’s foremost credit rating agency.
This marks Legend’s inaugural rating since its incorporation in 2021 and represents a strong validation of the Company’s business fundamentals and growth strategy. The rating also reflects Legend’s satisfactory financial condition, supported by its cash-driven operations and low leverage. It also reflects robust infrastructure investments across the Federal Capital Territory (FCT), passing 250,000 homes with 22,000 connected and 10,000 currently active, improving profitability margins, with gross profit rising to 63.9 percent in for year end 2024/25.
In a statement signed by Legend Internet’s Chief Marketing Officer, Shakirah Alaga, the Chief Executive Officer of Legend Internet Plc, Aisha Abdulaziz, said: ‘This is first-time rating from Agusto and Co. is a milestone achievement for Legend Internet Plc. It validates our resilience, prudent financial management, and commitment to building Nigeria’s most reliable broadband network. As we expand into Lagos and other key markets, this rating reinforces the confidence of our investors, partners, and customers in Legend’s ability to grow sustainably while powering digital lifestyles across Nigeria.’
Legend Internet, which transitioned to a Public Limited Company in April 2024, is advancing plans for a dual listing on the Nigerian Exchange and the London Stock Exchange. The Company continues to diversify its ecosystem with complementary solutions such as LegendMail, Nigeria’s first commercial email platform; MailPay, its proprietary fintech application; and Legend Omni, Fibre-to-the-Room (FTTR) services introduced in partnership with Huawei.
With this rating, Legend Internet PLC strengthens its position as one of Nigeria’s leading broadband providers, building a stable foundation to accelerate growth, attract investment, and deepen digital inclusion nationwide.
This exemplary rating is the outcome of cost optimisation measures and strong expansion prospects, including its planned entry into Lagos via merger and acquisition, alongside organic growth in Abuja and future rollouts in Kano and Port Harcourt.
Agusto and Co. noted that Legend’s strategic pause in customer activations during Abuja’s city-wide construction works has positioned the Company to scale more efficiently as disruptions subside. The recently approved 50% tariff hike by the Nigerian Communications Commission (NCC) is also expected to boost earnings and cash flow in the near term.