Legend Internet Secures Investment-Grade Bbb- Long-Term Rating from Agusto & Co: Nigerian Broadband Giant Eyes Explosive Growth
In a major win for Africa’s digital frontier, Legend Internet Plc just clinched its first-ever investment-grade ratings, signaling robust confidence in Nigeria’s burgeoning broadband sector amid global tech shifts.
The Legend Internet investment grade rating from Agusto & Co underscores the company’s meteoric rise, with a Bbb- long-term corporate rating and A3 short-term rating, both carrying a Stable Outlook. This accolade from West Africa’s leading credit agency highlights Legend Internet’s strong business fundamentals, cash-driven operations, and low leverage as key drivers. Incorporated in 2021, the firm has poured resources into Nigeria’s Federal Capital Territory (FCT), passing 250,000 homes with fiber infrastructure and boasting 22,000 connections, of which 10,000 are active users powering seamless digital lives.
Delving deeper, Agusto & Co praised Legend Internet’s growth strategy, noting its strategic pause on customer activations during Abuja’s infrastructure overhauls—a move that now positions the telecom for efficient scaling as construction wraps up. Financially, the company shines with a gross profit margin jumping to 63.9% for the fiscal year ended 2024/25, fueled by shrewd cost optimizations and operational efficiencies. This isn’t just numbers on a page; it’s a testament to Legend’s resilience in a market where reliable high-speed internet remains a luxury for many.
The ratings arrive at a pivotal moment for Nigerian telecom, boosted by the Nigerian Communications Commission’s recent approval of a 50% tariff hike. Analysts say this could supercharge earnings and cash flows, making Legend Internet a standout in broadband expansion efforts across the continent. With plans to enter Lagos through mergers and acquisitions, alongside organic growth in Abuja and future rollouts in Kano and Port Harcourt, the company is gearing up to connect millions more in Africa’s most populous nation.
Experts are weighing in positively. Aisha Abdulaziz, CEO of Legend Internet, shared in a company statement: “This 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.” On platforms like LinkedIn and Twitter, industry watchers echo this sentiment, calling it a “game-changer” for foreign direct investment in African tech, with one telecom analyst noting the ratings could attract more venture capital from Silicon Valley players eyeing untapped markets.
For U.S. readers, this development carries intriguing ripples. In an era where global connectivity fuels everything from remote work to e-commerce, Legend Internet’s ascent bolsters opportunities for American investors diversifying into emerging markets. Think of it as a bridge to Africa’s digital economy—U.S. firms like Google and Microsoft, already deep in Nigerian cloud services, could find synergies in Legend’s expanding fiber grid, enhancing data center efficiencies and lowering latency for transatlantic operations. Economically, it spotlights Nigeria’s tech boom amid U.S.-Africa trade pacts, potentially easing supply chain pressures in tech hardware imports. Lifestyle-wise, for the growing diaspora or expat community, it means faster, more reliable streaming and virtual family calls back home. Politically, as the U.S. pushes digital inclusion via initiatives like the Digital Transformation with Africa (DTA), ratings like these validate partnerships that counterbalance China’s influence in the region.
User intent is straightforward for those Googling Legend Internet Agusto & Co ratings: Investors crave the nitty-gritty on financial health and expansion timelines, while tech enthusiasts seek insights into how this fuels Nigeria’s broadband revolution. Management at Legend is already fielding queries, urging stakeholders to monitor upcoming quarterly reports for merger details in Lagos. Deal flow in the sector is heating up, with advisors recommending due diligence on tariff impacts for long-term plays.
Wrapping up, Legend Internet’s fresh investment-grade nod from Agusto & Co cements its role as a broadband powerhouse, with a Stable Outlook pointing to sustained growth and deeper market penetration. As Nigeria’s digital infrastructure evolves, this rating not only fortifies local confidence but invites global players to stake a claim in one of Africa’s hottest tech stories—watch for accelerated expansions that could redefine connectivity on the continent.
By Sam Michael
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