Legend Internet Plc, an internet service provider, plans to merge with Spectranet, Nigeria’s largest ISP by subscribers, in a deal that signals a new wave of consolidation as competition intensifies in the broadband space.

The proposed transaction, disclosed in a regulatory filing to the Nigerian Exchange (NGX) on Monday, will see both companies combine their businesses under a unified corporate structure.

The deal is pending approval from the Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Communications Commission (NCC), with completion targeted for Q2 2026.

The merger brings together two players that have long competed for the same urban broadband customers and signals that Nigeria’s internet service provider market may be entering a consolidation phase.

With infrastructure costs rising, spectrum constraints tightening, and competition intensifying from MTN and Airtel’s home broadband arms, mid-tier ISPs face growing pressure to scale or get squeezed.

Legend’s board, which approved the transaction in October 2025 before shareholders ratified it in November, framed the deal in terms of network capacity and operational efficiency.

“The proposed merger aligns with Legend’s long-term strategy to expand broadband infrastructure and strengthen its position within Nigeria’s telecommunications sector,” Legend said in the filing.

“The Transaction is expected to deliver significant strategic and financial benefits, including enhanced network capacity through the integration of fibre and wireless infrastructure, improved operational efficiency, and expanded coverage across key urban markets.”

The combined entity would inherit Spectranet’s established brand recognition among home and SME broadband users alongside Legend’s listed status and infrastructure footprint.

The filing did not disclose the financial terms of the transaction, including the valuation or the structure of the share arrangement.

The deal also reflects broader shifts in Nigeria’s ISP market, where scale, network quality, and capital investment are becoming critical to survival. By merging with Spectranet,

Legend is betting that consolidation can deliver the scale needed to compete more aggressively.

Spectranet, once a dominant force in Nigeria’s fixed wireless segment, enters the merger from a position of relative weakness. In 2025, its active subscriber base fell below 100,000 for the first time since the NCC began publishing ISP data. The company lost 3,732 users in the second quarter alone, marking its second consecutive quarterly decline.

That drop came amid intensifying competition from newer entrants and alternative technologies. Satellite internet provider Starlink, for instance, has recorded rapid growth, increasing its subscriber base significantly over the same period. Fibre-focused players like FibreOne are also expanding, putting additional pressure on legacy wireless operators.

Despite these challenges, Spectranet remains a significant player. As of late 2024, it controlled about 47.3% of Nigeria’s wireless ISP market and remained the largest ISP by subscriber count as of mid-2025. However, its lead has been narrowing, underscoring the urgency of strategic repositioning.

For Legend Internet, the merger could provide a faster route to scale than organic growth alone. The company, which listed on the NGX in April 2025 through a listing by introduction, has seen a volatile stock performance.

After debuting at ₦5.64 per share and climbing to a high of ₦10.35 in May 2025, the stock fell to a low of ₦4.30 in September before beginning a recovery. As of March 23, 2026, Legend’s shares trade at around ₦6.00, giving it a market capitalisation of approximately ₦12 billion. The stock has gained about 13.4% year-to-date, suggesting a modest return of investor confidence following its post-listing swings.

Quest Merchant Bank has been appointed as Transaction Advisor for Project BRIDGE, a broadband infrastructure initiative of the Federal Ministry of Communications, Innovation and Digital Economy (FMCIDE), led by Bosun Tijani, the minister.

Project BRIDGE, short for Broadband Infrastructure Development for Digital Economy, is designed to deepen Nigeria’s digital backbone through the deployment of about 90,000 kilometres of open-access fibre-optic cables nationwide.

The initiative is expected to boost broadband penetration, strengthen connectivity and drive inclusive economic growth.

Under the mandate, Quest Merchant Bank will work with the ministry and the Project Implementation Unit to structure the project’s financial and commercial framework.

This includes developing bankable investment models, engaging investors and designing a public-private partnership structure to ensure efficient execution and sustainability.

Afolabi Olorode, acting managing director, described the project as a critical intervention for Nigeria’s digital economy.

“Project BRIDGE represents a critical step in strengthening Nigeria’s digital backbone and unlocking the immense opportunities within the country’s digital economy. We are honoured to partner with the FMCIDE under the leadership of Honourable Minister, Dr Bosun Tijani on this important initiative,” he said.

He added that the bank would leverage its expertise in infrastructure finance to develop “a robust and investable framework that will attract private capital and support long-term national development.”

Also speaking, Yetunde Falore, head of Investment Banking at Quest Merchant Bank, said the project comes at a defining moment for Nigeria’s digital economy.

“Nigeria’s digital economy is entering a defining phase, and infrastructure initiatives such as Project BRIDGE will play a central role in expanding connectivity, deepening digital inclusion, and supporting sustainable economic growth,” she stated.

Falore noted that the bank would focus on ensuring the timely and efficient delivery of the project in its advisory role.

The initiative aligns with the Renewed Hope agenda of President Bola Ahmed Tinubu, which prioritises digital infrastructure expansion and private sector participation in critical national assets.

Kenya’s High Court has ruled that mobile phone numbers are not disposable assets, but constitutionally protected digital identifiers, striking at the core of a long-standing industry practice of arbitrarily reassigning inactive SIM cards without the owners’ consent.

In a landmark decision that could reshape telecom regulation and digital identity frameworks across Africa, sitting at Milimani Law Courts in Nairobi, Justice Lawrence Mugambi declared that reassigning a phone number without the original owner’s consent violates the right to privacy.

The ruling effectively elevates a SIM card into the same legal category as personal data tied to an individual’s private life.

At the heart of the ruling is Article 31 of the Constitution, which safeguards citizens from unnecessary disclosure of private information and interference with communications.

The court found that in today’s digital economy, a registered mobile number functions as a critical gateway to sensitive personal data, linking users to mobile money platforms like M-PESA, banking systems, email accounts, and social media profiles.

“When mobile digital identity is lost through reallocation or recycling without interrogating the reasons behind inactivity, it creates an avenue for unauthorised disclosure of delicate information,” the judgment stated.

The case, brought by Erastus Ngura Odhiambo, petitioner and former prisoner, challenged the routine telecoms practice of deactivating SIM cards after prolonged inactivity and reassigning them to new users.

Odhiambo lost access to his mobile phone number due to inactivity while serving his lengthy sentence.

He argued that the practice exposes individuals to serious risks, including misdirected financial transactions, intercepted one-time passwords, and unintended access to private communications.

The court agreed, highlighting how recycled numbers can result in strangers receiving confidential messages, authentication codes, and even being added to private messaging groups, effectively inheriting fragments of another person’s digital life.

Justice Mugambi also criticised the rigidity of SIM deactivation policies, calling them “arbitrary” for failing to consider legitimate reasons for inactivity such as incarceration, studying in restricted environments, or living abroad.

“Incarceration does not strip an individual of their constitutional rights to privacy and identity,” he noted.

For telecom operators, including Safaricom, the ruling introduces a significant compliance burden. The court outlined three strict conditions before any number can be reassigned.

Telcos must obtain informed and verifiable consent from the original owner, issue a public notice and conduct traceability efforts over a reasonable period.

More importantly, the court further directed that telecoms firms must implement technical safeguards to prevent data exposure to the new user.

The Office of the Attorney General has been given six months to translate these directives into enforceable regulations.