Legend Internet Plc plans to merge with Spectranet, Nigeria’s largest ISP by subscribers, in a deal that points to growing consolidation in Nigeria’s broadband market.
The proposed transaction, disclosed in a filing to the Nigerian Exchange, will combine both companies under a single structure. It is subject to approval from the Federal Competition and Consumer Protection Commission and the Nigerian Communications Commission, with completion expected in the second quarter of 2026.
At one level, the merger brings together two long-time rivals serving similar urban customers. On a larger scale, it reflects rising pressure on mid-sized internet providers to scale up as costs increase and competition intensifies.
In recent years, larger telecom operators like MTN Nigeria and Airtel Nigeria have expanded their home broadband offerings. At the same time, newer entrants and alternative technologies are gaining ground.
Against that backdrop, Legend said the deal would improve network capacity and efficiency. “The proposed merger aligns with Legend’s long-term strategy to expand broadband infrastructure,” the company said, adding that it expects gains from combining fibre and wireless assets.
The combined entity would pair Spectranet’s strong brand among home and small business users with Legend’s listed status and infrastructure footprint. However, financial details of the transaction were not disclosed.
Still, the timing is notable. Spectranet has seen its subscriber base decline in recent months, falling below 100,000 in 2025, according to industry data. That trend shows intensifying competition across the market.
For instance, Starlink has grown quickly, while fibre providers like FibreOne continue to expand.
Even so, Spectranet remains a major player. It held roughly 47% of Nigeria’s wireless ISP market as of late 2024, though its lead has been narrowing.
For Legend, the merger offers a faster path to scale. The company listed on the Nigerian Exchange in April 2025 and has seen volatile trading since then. Shares have recently stabilised, suggesting some recovery in investor confidence.
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