When Legend Internet Plc listed on the Nigerian Exchange Limited (NGX) in April 2025, it wasn’t just another corporate milestone, it was a loud, clear wake-up call to Nigeria’s entire tech ecosystem. By choosing to list by introduction on the NGX Main Board, Legend sent a powerful message: our local capital market is not only open for business, it’s ready to back the next wave of homegrown digital infrastructure.
Founded in 2021, Legend Internet started out as a last-mile Fibre-to-the-Home (FTTH) broadband provider, quietly laying over 250,000 meters of fibre across Abuja. But this wasn’t just about connectivity. Legend was building something bigger, a full-blown digital ecosystem.
From Legend Fibre to LegendMail (Nigeria’s first indigenous email platform with secure storage), Legend Pay (a digital wallet), and MailPay (which lets you make payments directly from your inbox), the company’s bundling strategy is bold. It’s not just a utility provider, it’s a digital lifestyle enabler, turning everyday connectivity into seamless commerce.
Now, if you’re used to Silicon Valley-style hockey-stick growth, Legend’s financials might seem modest. At listing, the company was valued at ₦11.28 billion (2 billion shares at ₦5.64 each), with 2024 revenue sitting around ₦1.13 billion. Sales growth? Flat or slightly down.
But here’s the twist: that flatness masked serious operational discipline. Legend slashed its cost of sales by 21% in 2024 and leaned hard into local sourcing, pushing its gross profit margin to nearly 60%. That’s no small feat in a capital-intensive sector facing macroeconomic headwinds. The result? A financially solid, equity-strong business that fits the NGX’s appetite for stability and maturity.
And while the listing didn’t raise cash immediately (it was done by introduction), the goal was crystal clear: unlock ₦150 billion in debt and equity for a nationwide expansion. Legend is no longer just Abuja’s tech darling, it’s gunning to become Nigeria’s digital infrastructure champion. And that kind of ambition needs patient, long-term capital. The NGX is built for exactly that.
Legend’s listing is a direct challenge to the idea that Nigerian tech must always look abroad for serious funding. For years, our domestic capital market was seen as the playground of banks, oil, and manufacturing. But Legend proved that it’s also a viable launchpad for infrastructure-heavy tech.
The market responded fast, Legend’s share price jumped over 70% post-listing. Sure, it’s since settled, but that initial surge was a clear signal: investors are hungry for well-governed, infrastructure-driven tech plays.
So if you’re a founder building fibre networks, data centres, or logistics platforms, take note. When it’s time to graduate from high-risk venture capital to long-term, generational funding, the NGX isn’t just an option, it’s a strategic, patriotic move. The era of Nigerian tech looking West for capital is over. The domestic exchange is open. And it’s ready to fund the future.