In a significant boost for Nigeria’s digital infrastructure sector, Legend Internet Plc has earned an investment-grade nod from Agusto & Co., West Africa’s leading credit rating agency. The firm assigned Legend a long-term corporate rating of “Bbb-” and a short-term rating of “A3”, both carrying a Stable Outlook.
This debut rating, unveiled just four years after Legend’s 2021 incorporation, underscores the company’s solid business foundation and ambitious expansion blueprint. Analysts at Agusto & Co. praised Legend’s healthy financial profile, fueled by cash-generative operations and minimal debt burdens. Key strengths include substantial infrastructure deployments in the Federal Capital Territory (FCT), where fiber networks now traverse over 250,000 homes, with 22,000 connected and 10,000 active subscribers. Profitability has surged, with gross margins climbing to 63.9% by the close of fiscal year 2024/25, thanks to aggressive cost controls and scalable growth.
The rating highlights Legend’s tactical maneuvers, such as a temporary halt in customer onboarding amid Abuja’s extensive urban construction projects. This pause has primed the company for accelerated rollout once obstacles clear. Looking ahead, Legend eyes Lagos through strategic mergers and acquisitions, while pursuing organic expansion in Abuja, Kano, and Port Harcourt. The Nigerian Communications Commission’s recent 50% tariff increase is poised to further enhance revenues and liquidity.
“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,” stated Aisha Abdulaziz, Chief Executive Officer of Legend Internet Plc, in an official release signed by Chief Marketing Officer Shakirah Alaga.
This endorsement arrives at a pivotal moment for broadband providers in Nigeria, where demand for high-speed internet is exploding amid rising remote work, e-learning, and digital commerce. For Legend, it not only attracts fresh capital but also solidifies its edge in a competitive landscape dominated by giants like MTN and Airtel. With plans to connect millions more Nigerians, the company is betting big on fiber-optic dominance to bridge the nation’s connectivity divide.
As Agusto & Co. emphasized, Legend’s low-risk profile and forward momentum position it as a beacon for sustainable telecom innovation. Investors take note: this “Bbb-” seal could herald a new era of accelerated growth in Africa’s tech frontier.
