Legend Internet commercial paper records 119.7% oversubscription

Legend Internet Plc has recorded a 119.7 per cent oversubscription in its Series 1 Commercial Paper issuance, indicating strong investor confidence in the company.

According to a statement from the firm on Wednesday, the oversubscription highlights the market’s positive response to Legend’s performance, credit profile and operational structure.

The PUNCH reports that Legend Internet Plc is a digital infrastructure company providing fibre broadband, enterprise connectivity solutions, digital services and next-generation technologies to customers across Nigeria.

The Series 1 CP issuance forms a critical component of Legend Internet’s N10bn multi-layered financing programme, designed to support the company’s medium- to long-term growth. Proceeds from the issuance will be deployed towards broadband infrastructure expansion to deepen nationwide penetration, working capital optimisation to enhance operational efficiency, and strategic acquisitions that will strengthen Legend’s market position and accelerate service innovation.

Speaking on the successful issuance, Chief Executive Officer of Legend Internet Plc, Aisha Abdulaz, said: “The strong investor participation in our Series 1 Commercial Paper issuance is both encouraging and validating. It demonstrates the market’s belief in our financial integrity, operational strength and long-term vision for digital infrastructure growth. This support fuels our commitment to building a more connected, competitive and digitally enabled Nigeria.”

She added: “This milestone is not just a financing event; it is a strategic enabler of our expansion plans, working capital needs and future acquisitions. We extend our sincere appreciation to our investors, advisers and market partners whose confidence continues to propel Legend forward.

“An emerging pillar in Nigeria’s digital infrastructure ecosystem, Legend Internet Plc remains dedicated to delivering robust, high-speed fibre connectivity and advanced digital solutions to customers across the country. The company’s disciplined financing framework underpins its sustainability, scalability and ongoing operational innovation.”

Also speaking, the company’s Chief Financial Officer, Chris Pitan, added: “This achievement is powered by our disciplined financing framework, which enables us to scale sustainably, innovate continuously and consistently meet the evolving needs of our customers. We remain committed to building a future where every connection drives opportunity, productivity and growth for communities across Nigeria.”