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Legend Internet Completes ₦10 Billion Series 1 Commercial Paper Repayment, Strengthening Investor Confidence and Funding Digital Expansion
Legend Internet Plc has successfully completed the full and timely repayment of its Series 1 Commercial Paper (CP) under a ₦10 billion multi-layered issuance programme.
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The redemption—worth approximately $6.5 million—demonstrates the company’s strong operational discipline and liquidity management amid a tightening domestic financial environment.
This milestone reinforces Legend Internet’s credibility in Nigeria’s debt capital market and underscores investor trust in its long-term growth strategy.
Key Highlights of the Series 1 CP Repayment
- Timely Settlement:
Legend Internet met its financial obligation on schedule and in full, showcasing robust balance sheet management. - Strong Investor Demand:
The Series 1 CP drew significant interest at launch, recording a 119.7% oversubscription, reflecting high institutional investor confidence. - Executive Statement:
CEO Aisha Abdulaziz said the repayment milestone reflects the resilience of the company’s business model and its strategic focus on expanding Nigeria’s digital infrastructure.
Strategic Impact for Investors and Market Position
Lower Debt Risk, Higher Growth Potential
By clearing its short-term indebtedness, Legend Internet has:
- Enhanced its balance sheet headroom, positioning the company for future growth investments.
- Reinforced confidence among existing and prospective institutional investors.
Funding Network Expansion
Capital raised through the commercial paper programme continues to fund broadband network rollouts beyond Abuja and Lagos into 31 other Nigerian states, accelerating the company’s footprint in fibre connectivity and digital access.
Stronger Market Standing
Market analysts say the successful repayment strengthens Legend Internet’s credit profile in the Nigerian debt capital market, especially at a time when investor scrutiny of corporate credit quality remains elevated.
CEO asserts Confidence and Commitment
Speaking on the repayment achievement, CEO Aisha Abdulaziz said:
“The successful repayment of our Series 1 Commercial Paper demonstrates Legend Internet’s unwavering commitment to meeting its financial obligations and maintaining the trust of the investment community. This milestone further reinforces the strength of our business model, operational discipline, and long-term vision for building resilient digital infrastructure across Nigeria.”
She added that investor confidence has been central to the company’s funding strategy:
“We remain deeply appreciative of the confidence shown by our investors, advisers, issuing houses, and market partners during the issuance and throughout the tenor of the programme. Their support continues to position Legend Internet for sustainable growth and expansion.”
Part of a Broader Capital Strategy for Digital Connectivity
The Series 1 Commercial Paper repayment is part of Legend Internet’s broader capital strategy designed to:
- Support broadband infrastructure expansion nationwide
- Strengthen working capital efficiency
- Accelerate investment in Nigeria’s digital connectivity ecosystem
Legend Internet is steadily expanding its fibre connectivity, enterprise solutions, and next-generation digital services. This ongoing investment supports both economic inclusion and digital transformation nationwide.
