Legend Internet Plc, Nigeria’s first publicly listed internet service provider, plans to merge with Spectranet, the country’s largest ISP by subscribers, in a move that underscores a growing wave of consolidation in the broadband market.
The proposed transaction, disclosed in a regulatory filing with the Nigerian Exchange (NGX) on Monday, will see the two companies combine under a unified corporate structure.
The deal remains subject to regulatory approvals from the Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Communications Commission (NCC), with completion targeted for the second quarter of 2026.
The merger brings together two long-standing competitors in Nigeria’s urban broadband segment and signals a potential turning point for the ISP market, as operators face mounting pressure to scale.
Rising infrastructure costs, tightening spectrum availability, and intensifying competition from telecom giants such as MTN and Airtel, both of which have expanded into home broadband, are squeezing mid-tier providers.
Legend’s board approved the transaction in October 2025, with shareholders ratifying the decision a month later. The company framed the merger as a strategic move to strengthen network capacity and improve operational efficiency.
“The proposed merger aligns with Legend’s long-term strategy to expand broadband infrastructure and strengthen its position within Nigeria’s telecommunications sector,” the company said in the filing. “The transaction is expected to deliver significant strategic and financial benefits, including enhanced network capacity through the integration of fibre and wireless infrastructure, improved operational efficiency, and expanded coverage across key urban markets.”
The combined entity would pair Spectranet’s strong brand recognition among home and small business users with Legend’s listed status and existing infrastructure footprint.
Financial details of the transaction, including valuation and share structure, were not disclosed.
The deal reflects broader structural shifts in Nigeria’s ISP landscape, where scale, network quality, and sustained capital investment are becoming critical to survival. For Legend, the merger represents a bet that consolidation can deliver the scale required to compete more aggressively.
Spectranet, once a dominant player in Nigeria’s fixed wireless segment, enters the deal from a position of relative weakness. In 2025, its active subscriber base fell below 100,000 for the first time since the Nigerian Communications Commission began publishing ISP data. The company lost 3,732 users in the second quarter alone, marking its second consecutive quarterly decline.
The decline comes amid intensifying competition from newer entrants and alternative technologies. Satellite internet provider Starlink has recorded rapid subscriber growth over the same period, while fibre-focused providers such as FibreOne continue to expand, increasing pressure on legacy wireless operators.
Despite these challenges, Spectranet remains a significant force. As of late 2024, it controlled approximately 47.3% of Nigeria’s wireless ISP market and remained the largest ISP by subscriber count as of mid-2025. However, its lead has been narrowing, highlighting the urgency of strategic repositioning.
For Legend Internet, the merger offers a faster path to scale than organic growth. The company, which listed on the NGX in April 2025 via a listing by introduction, has experienced volatile stock performance.
After debuting at ₦5.64 per share and rising to a peak of ₦10.35 in May 2025, the stock fell to a low of ₦4.30 in September before staging a gradual recovery. As of March 23, 2026, Legend’s shares trade at around ₦6.00, giving it a market capitalisation of approximately ₦12 billion. The stock is up about 13.4% year-to-date, suggesting a modest return of investor confidence following post-listing volatility.
and then