Legend Internet Plc, has been assigned a long-term corporate rating of “Bbb-” and a short-term rating of “A3” with a Stable Outlook by Agusto & Co., West Africa’s foremost credit rating agency. 

This marks Legend’s inaugural rating since its incorporation in 2021 and represents a strong validation of the Company’s business fundamentals and growth strategy. The rating also reflects Legend’s satisfactory financial condition, supported by its cash-driven operations and low leverage. It also reflects robust infrastructure investments across the Federal Capital Territory (FCT), passing 250,000 homes with 22,000 connected and 10,000 currently active, improving profitability margins, with gross profit rising to 63.9% in for year end 2024/25. This exemplary rating is the outcome of cost optimisation measures and strong expansion prospects, including its planned entry into Lagos via merger and acquisition, alongside organic growth in Abuja and future rollouts in Kano and Port Harcourt.

Agusto & Co. noted that Legend’s strategic pause in customer activations during Abuja’s city-wide construction works has positioned the Company to scale more efficiently as disruptions subside. The recently approved 50% tariff hike by the Nigerian Communications Commission (NCC) is also expected to boost earnings and cash flow in the near term.

A Statement signed by Legend Internet’s Chief Marketing Officer, Shakirah  Alaga, quoted Aisha Abdulaziz, Chief Executive Officer of  Legend Internet Plc, saying “ This is 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.”