Legend Internet Plc, a prominent player in Nigeria’s burgeoning technology sector, is poised to make a significant leap forward with its imminent listing on the Main Board of the Nigerian Exchange Limited (NGX) on April 24, 2024. This transformative event will see the company introduce two billion ordinary shares to the market, marking its official transition from a privately held entity to a publicly traded company. The listing will be conducted by introduction, signifying that Legend Internet has successfully fulfilled all the stringent listing requirements of the NGX, but will not immediately raise capital through a public offering. This strategic decision underscores the company’s focus on leveraging its existing robust financial foundation and operational capabilities to further its ambitious growth trajectory. The listing by introduction also allows existing shareholders to trade their shares on the open market, providing them with liquidity and potentially expanding the company’s investor base.
This listing marks a pivotal moment not just for Legend Internet, but also for Nigeria’s burgeoning digital economy. The company’s vision, as articulated by Chief Executive Officer Aisha Abdulaziz, centers on building Africa’s most customer-centric internet company. This vision is anchored on a three-pronged approach: investing in world-class infrastructure, fostering made-in-Nigeria innovation, and cultivating a laser-like focus on customer satisfaction. By going public, Legend Internet aims to democratize access to its growth story, enabling a broader spectrum of investors to partake in the value creation journey. The listing is expected to inject fresh dynamism into the Nigerian capital market, stimulating investor confidence and attracting increased participation from both domestic and international investors. This will further enhance the visibility and credibility of Nigeria’s technology sector on the global stage.
The decision to list on the NGX is strategically aligned with Legend Internet’s overarching goals of deepening digital inclusion and revolutionizing home connectivity across Nigeria. Shakirah Alaga, the company’s Chief Marketing Officer, highlighted the significance of the listing as a major milestone in this journey, underscoring its potential to amplify Legend’s impact on the nation’s digital landscape. The forthcoming bell-ringing ceremony, a symbolic act marking the commencement of trading, is poised to be a landmark event, attracting key stakeholders from across government, business, technology, and investment sectors. This convergence of influential figures reflects the broad recognition of Legend Internet’s potential to reshape the digital future of Nigeria.
Legend Internet’s listing strategy underscores the company’s confidence in its ability to capitalize on the vast untapped potential of the Nigerian market. By expanding its national footprint, the company aims to bring its innovative internet solutions to a wider audience, bridging the digital divide and empowering individuals and communities across the country. This expansion strategy is bolstered by a commitment to investing in local talent, which not only fosters job creation but also cultivates a skilled workforce capable of driving technological advancements. Furthermore, Legend Internet plans to scale up its technology infrastructure to ensure that its services remain at the cutting edge, providing users with seamless, reliable, and high-speed internet connectivity.
The company’s commitment to indigenous innovation is particularly noteworthy. Abdulaziz emphasized that Legend Internet serves as a testament to the fact that innovation can be conceived, nurtured, and ultimately listed within Nigeria. This resonates powerfully with the broader narrative of African technological self-reliance, showcasing the continent’s capacity to generate world-class solutions to local challenges. By successfully navigating the path from inception to public listing within Nigeria, Legend Internet serves as an inspiring example for other aspiring tech entrepreneurs and reinforces the notion that Africa can be a hub for homegrown technological advancements.
In essence, Legend Internet’s listing on the NGX represents a convergence of opportunity and ambition. It is an opportunity to not only unlock new growth avenues for the company itself, but also to catalyze wider growth within Nigeria’s digital economy. The company’s ambitious vision, combined with its strategic focus on customer-centricity, innovation, and national expansion, positions it as a key player in shaping the future of internet connectivity in Nigeria. The listing is not simply a corporate achievement; it signifies a national moment, heralding a new era of digital inclusion and technological advancement. It is a testament to the transformative power of innovation and a beacon of hope for the continued growth and development of Nigeria’s dynamic tech ecosystem.
