Legend Internet Plc, Nigeria’s first listed internet service provider, reported a sharp decline in half-year revenue thanks to rising operating costs, weaker broadband sales, and growing debt pressures.
Revenue fell 18.8% to ₦505.36 million ($368,000) in the six months ended January 2026, down from ₦622.64 million ($453,400) in the corresponding period in the previous year, according to the company’s financial results. The downturn marks a reversal from the growth momentum surrounding its April 2025 listing on the Nigerian Exchange (NGX).
The company’s financial performance highlights the mounting pressure on smaller broadband providers in Nigeria’s internet market, where rising operating costs, aggressive competition from telecom operators, and the growing presence of satellite internet provider Starlink are squeezing margins.
The revenue decline was driven largely by weaker performance in Legend Fibre, the company’s core broadband business. Revenue from the segment dropped to ₦198.3 million ($144,401) from ₦318.15 million ($231,676) in the previous year.
Inside Legend’s Overhead Explosion
