Legend Internet Plc, an 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 & Co.
Agusto & 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 per cent tariff hike by the Nigerian Communications Commission (NCC) is also expected to boost earnings and cash flow in the near term.
Chief Executive Officer, Legend Internet Plc, Aisha Abdulaziz said the rating marked Legend’s inaugural rating since its incorporation in 2021 and represented a strong validation of the company’s business fundamentals and growth strategy.
She said the rating reflected Legend’s satisfactory financial condition, supported by its cash-driven operations and low leverage.
According to her, the rating also reflected 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 per cent in for year ending 2024-2025.
She pointed out that the exemplary rating was the outcome of cost optimisation measures and strong expansion prospects, including planned entry into Lagos via merger and acquisition, alongside organic growth in Abuja and future rollouts in Kano and Port Harcourt.
She said: “ This is first-time rating from Agusto & 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”.
She said Legend Internet, which transitioned to a public limited company in April 2024, is advancing plans for a dual listing on the Nigerian Exchange (NGX) and the London Stock Exchange.
She added that the company continues to diversify its ecosystem with complementary solutions such as LegendMail-Nigeria’s first commercial email platform; MailPay – proprietary fintech application, and Legend Omni-Fibre-to-the-Room – (FTTR) services introduced in partnership with Huawei.
She said that with the rating, Legend Internet has strengthened its position as one of Nigeria’s leading broadband providers, building a stable foundation to accelerate growth, attract investment, and deepen digital inclusion nationwide.