Legend Internet Plc has reported a loss for the six months ended January 31, 2026, as rising operating costs and finance charges weighed on earnings, according to its latest management financial statements filed on the NGX platform.

The company posted revenue of N505.36 million for the period, down from N622.64 million recorded in the corresponding period of 2025, reflecting a contraction in topline performance.

Despite generating a gross profit of N322.99 million, Legend Internet’s profitability was eroded by elevated administrative expenses, which surged significantly to N457.62 million from N166.78 million in the prior year.

This drove the company to an operating loss of N134.63 million, compared to an operating profit of N244.55 million a year earlier.

Finance costs further pressured the bottom line, rising to N64.71 million, while interest income provided only a limited offset.

Consequently, the company recorded a loss after tax of N99.34 million, a sharp reversal from the N239.85 million profit posted in the same period of 2025.

Earnings per share also declined into negative territory, closing at a loss of 11 kobo compared with earnings of 12 kobo in the prior period.

A review of the company’s financial position showed total assets increased to N3.45 billion as of January 2026, up from N3.21 billion in July 2025, driven largely by growth in cash and cash equivalents and receivables.

However, shareholders’ funds weakened to N2.55 billion from N2.80 billion, reflecting the impact of the reported loss and dividend payments.

Cash flow analysis indicates that net cash used in operating activities stood at N237.48 million, highlighting liquidity pressure in the core business.

This was partially offset by financing inflows, including loans, which helped lift cash balances during the period.

Further breakdown showed personnel costs rose markedly to N153.50 million, underscoring increased staff-related expenses, while depreciation and amortisation charges remained significant due to ongoing investments in network infrastructure.

The results underlined the pressure on smaller telecom and internet service providers navigating high operating costs, currency volatility, and infrastructure demands within Nigeria’s competitive digital services market.

Independent National Electoral Commission (INEC) has started looking into reports of unauthorized access to its Continuous Voter Registration (CVR) database, according to Mohammed Kudu Haruna, national commissioner and chairman of the Information and Voter Education Committee (IVEC),

Haruna, in a statement on Tuesday said that was aware of the allegations spreading on social media and in some news outlets.

“The Independent National Electoral Commission is aware of rumors currently circulating on social media and in certain media about unauthorized access to the Commission’s Continuous Voter Registration  (CVR) database.

These claims include the publication of information about a candidate from recent political party primaries in the Federal Capital Territory.

“The Commission takes this allegation very seriously and has quickly begun a thorough investigation to find out what really happened,” the statement noted.

INEC clarified that during the ongoing nationwide CVR process, registered officers were given limited access to specific parts of the registration system.

This access helps them manage voter registrations, transfer requests, and updates to voter records.

The commission stated that access to the information is only allowed for official duties and is taken away once the task ends.

Haruna revealed that initial findings from the commission’s audit trail helped pinpoint the user account used to access the information.

“The audit trail from our early investigation has allowed us to find out which user account was involved. As a result, we’ve questioned relevant staff, and all departments related to this matter are fully cooperating with the investigation,” it mentioned.

The commission also said it is looking into all technical, administrative, and operational details of the situation to figure out who is responsible and whether any internal access-control rules were broken.

However, INEC reported that its early findings indicated there was no outside breach of its systems.

Advertisement

“Our initial findings from the audit trail suggest that there was no external breach of the CVR database, no hacking incident, and no unauthorized outside access to our ICT systems.”

“Instead, the information in question was accessed using valid user credentials assigned to personnel involved in the ongoing CVR exercise but was released without proper authorization,” added the statement.

The commission emphasized that this incident involved retrieving a specific voter record and did not indicate any risk to the overall voter registration system or the personal data of over 90 million registered voters.

“The investigation is focused on the retrieval of a specific voter record and does not suggest any risk to the overall voter registration system or the personal data of over 90 million registered voters, according to the statement.

INEC emphasized that it is dedicated to safeguarding voter information and ensuring the integrity of its electoral systems.

“The Commission clearly states that it takes the security, privacy, and integrity of voter data very seriously. It remains committed to transparency, institutional integrity, and protecting voters’ personal details,” the statement noted.

The commission also announced that the Department of State Services has started its own investigation into this issue.

“Additionally, the Department of State Services has independently begun an investigation. The Commission will fully cooperate with all relevant security agencies and will not hesitate to take legal action against anyone found responsible,” the statement continued.

INEC encouraged the public and media to refrain from making assumptions while investigations are ongoing, promising that it will share its findings and any actions taken in due time.

Ecobank Group has broken new ground in sustainable finance with the launch of the world’s first International Capital Market Association (ICMA) commercial bank-issued Nature Bond on the London Stock Exchange, raising $450 million to channel capital into biodiversity conservation, sustainable agriculture and water infrastructure across Africa.

The landmark transaction, which attracted overwhelming investor demand and earned the highest sustainability quality rating from Moody’s, is being hailed as a major milestone in efforts to close Africa’s nature-finance gap and mobilise private capital for environmental resilience.

The bond, which was oversubscribed nearly four times, creates a new mechanism for international and African investors to finance the protection of the continent’s natural capital through the communities, farmers and businesses that depend on it.

Africa hosts 25 percent of global biodiversity and is home to some of the world’s most important ecological assets, including vast tracts of arable land, tropical forests, freshwater ecosystems and wildlife habitats.

Yet despite its ecological significance, the continent attracts less than three percent of global nature finance, according to industry estimates.

Ecobank’s Nature Bond is designed to address this imbalance by directing capital into sectors where environmental outcomes and economic livelihoods are deeply interconnected.

Unlike traditional conservation financing vehicles that often focus on protected areas and environmental projects, the Nature Bond channels funding directly into the real economy.

The proceeds will support smallholder farmers adopting sustainable agricultural practices, agribusinesses operating verified deforestation-free supply chains, and water infrastructure projects that safeguard freshwater ecosystems relied upon by millions of people.

The initiative will span 24 African markets, with significant deployment planned in biodiversity-priority countries including Côte d’Ivoire, Burkina Faso and Ghana.

According to Ecobank, 81 percent of the eligible lending portfolio will be directed to countries where agricultural land-use change remains the primary driver of biodiversity loss. This approach is intended to ensure that financing reaches areas where environmental intervention can generate the greatest impact.

Nature Bonds represent one of the newest categories within sustainable finance.

Under ICMA’s nature bond framework, proceeds must be used specifically to support nature-positive outcomes, including biodiversity conservation, sustainable agriculture, land restoration and water ecosystem protection.

The designation differs from conventional green bonds, which often support a broader range of environmental objectives.

By contrast, Nature Bonds are designed to target activities directly linked to preserving and restoring natural ecosystems.

For Ecobank, the transaction represents the culmination of several years of investment in sustainability governance, environmental risk management and impact measurement frameworks.

The bank said every eligible loan financed through the bond will be subject to seven independently verified sustainability conditions, supported by monitoring systems that include deforestation screening, supply-chain traceability requirements and ongoing environmental performance assessments.

These safeguards were instrumental in securing Moody’s highest possible Sustainability Quality Score (SQS1 Excellent), providing investors with confidence that the proceeds will generate measurable environmental outcomes.

The $450 million issuance attracted orders worth more than $1.36 billion, representing 3.9 times the original target size.

The strong demand enabled Ecobank to increase the deal size by $100 million while simultaneously tightening pricing by 50 basis points, a rare achievement in sustainable finance markets and a reflection of growing investor interest in credible nature-based investment opportunities.

The transaction drew participation from both African and international institutional investors, underscoring Ecobank’s unique position as a pan-African financial institution capable of bridging global capital markets with local development priorities.

Jeremy Awori, group chief executive officer of Ecobank Transnational Incorporated, described the transaction as a defining moment not only for the bank but also for Africa’s sustainable finance landscape.

“This transaction is a defining moment for African sustainable finance. Investors did not just support this bond. They demanded more of it, allowing us to increase the size and tighten pricing,” Awori said.

He noted that Ecobank had spent four years building the governance systems, accountability structures and operational frameworks required to make nature finance both credible and scalable across African markets.

“We are not a bank that simply labels bonds,” he said. “This bond is ultimately about the farmers, cooperatives and communities whose livelihoods depend on healthy ecosystems.”

Rachael Antwi, Ecobank’s group head of sustainability and environmental and social risk management, said the future of nature finance on the continent would depend on practical models that connect environmental objectives with real economic activity.

“Nature finance will only scale in Africa if it is practical, measurable and connected to the real economy. This bond is designed to do that by linking international capital to eligible lending for sustainable agriculture and water infrastructure across 24 countries,” she added.

Antwi added that the framework reflects the systems and standards Ecobank has developed to ensure environmental sustainability and economic development can advance together.

The launch is expected to strengthen Africa’s position within the rapidly expanding global sustainable finance market, which is increasingly looking beyond climate mitigation to address biodiversity loss and ecosystem degradation.