By Adedapo Adesanya

Nigeria’s first indigenous broadband company to be listed on the Nigerian Exchange (NGX) Limited, Legend Internet Plc, has commenced talks with Spectranet for a possible merger deal before the end of June 2026.

In a notice on Monday, Legend Internet said the proposed merger aligns with its long-term strategy to expand broadband infrastructure and strengthen its position within Nigeria’s telecommunications sector.

The Abuja-based Nigerian technology company, founded in 2021, specialises in fibre-to-the-home (FTTH) broadband, fintech, and digital services. The company operates a high-speed, 1Gbps-capable fibre network, focusing on premium digital.

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 firm’s board believes the transaction will create sustainable long-term value for shareholders by strengthening its competitive position, supporting revenue growth, and improving earnings capacity through operational synergies and increased scale. The deal is expected to be value accretive to shareholders over the medium to long term.

However, it is subject to the approval of relevant regulatory authorities, including the Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Communications Commission (FCCPC). Subject to obtaining the required approvals, completion is anticipated in Q2 2026.

Legend assured stakeholders in the capital market that it remains committed to maintaining transparency and will continue to keep NGX and the investing public informed of any material developments in respect of the transaction.

Spectranet was awarded a License from the Nigerian Communications Commission in 2009 to promote Internet services across Nigeria. Spectranet was the first Internet Service Provider to launch 4G LTE internet service in Nigeria and aims to be a leader in the Internet Services space.

By Adedapo Adesanya

The president of the Dangote Group, Mr Aliko Dangote, met with President Bola Tinubu on Monday to discuss and address concerns about the growing volatility in the global oil market and its impact on Nigerians.

Petrol prices have jumped to as high as N1,400 per litre amid the continuous rise in prices of crude oil in the global market as a result of the Middle East war. Brent crude rose above $100 per barrel due to compounding supply constraints, though it closed below the mark yesterday.

Mr Dangote, whose company controlled about 60 per cent of Nigeria’s domestic supply pre-war, speaking after the meeting, said that although Nigeria is not directly involved in the war, the ripple effects of global oil price fluctuations would inevitably be felt.

“It means quite a lot. We don’t have much to do with it, but I know the world is a global village. And it definitely will affect us, unfortunately, but we pray this situation will be sorted out,” he said after his visit to President Tinubu in Lagos yesterday.

He warned that a prolonged crisis could further destabilise economies, particularly in Africa, where fiscal buffers are limited, and debt pressures remain high.

“If it doesn’t de-escalate, we’ll end up paying high prices, like what I said earlier on CNN. Africa is very busy paying debt, and putting this again on top of us is going to add a lot of hardship on people, on the government, on the people, on everybody, for something that we have no involvement in.”

He stressed that energy costs are central to nearly all sectors of the economy, meaning sustained increases would have widespread and cascading effects on livelihoods and production.

He explained that governments could face mounting fiscal strain as subsidies rise and revenues fluctuate under unstable global oil market conditions.

Mr Dangote added that Africa’s rising debt burden could worsen under prolonged instability, further limiting fiscal space and weakening economic resilience.

“Africa is already grappling with debt, and additional shocks will only compound hardship for governments and the people,” he said.

He said escalating energy costs would disrupt nearly every sector, including small enterprises, manufacturing chains, logistics operations and household consumption patterns.

The business mogul noted that some countries were already adopting coping strategies such as reduced workdays, energy rationing and remote working arrangements.

Mr Dangote said such measures, while necessary, could reduce productivity, slow economic output and affect livelihoods, particularly among vulnerable populations.

He urged global leaders to prioritise de-escalation, stressing that many Africans rely on daily earnings and remain highly exposed to economic shocks.

By Aduragbemi Omiyale

A Community Development Service (CDS) group focused on investment education for corps members is to be established by the National Youth Service Corps (NYSC) in partnership with the Securities and Exchange Commission (SEC).

Both organisations recently sealed a Memorandum of Understanding (MoU) for this new initiative, which will promote sound investment habits among Nigerian youths, equip corps members with essential financial knowledge and help them avoid fraudulent schemes.

Under the agreement, the NYSC and SEC will work together on joint awareness campaigns, utilising various channels and platforms, including social media, traditional media, and community outreach, to disseminate information on safe investment and expose fraudulent schemes.

They will also agree on mechanisms for sharing relevant data and reporting on the progress and impact of the collaborative initiatives.

Specifically, the capital market regulator will develop and provide relevant and up-to-date educational content, materials, and training modules on capital market operations, safe investment practices, and the identification and avoidance of Ponzi schemes.

The agency will also be responsible for the content, resources and funding of training sessions for selected corps members and NYSC supervisors who will serve as trainers and facilitators in their respective communities.

On its part, the NYSC will facilitate the integration of anti-Ponzi scheme education into its Education and Enlightenment CDS programme, which could be through dedicated sessions, workshops, or awareness campaigns during orientation camps and throughout the service year.

The Director General of SEC, Mr Emomotimi Agama, expressed satisfaction with the collaboration, saying it will promote financial literacy and sound investment habits among young Nigerians.

His counterpart at the NYSC, Brig-Gen Olakunle Nafiu, lauded the initiative, stressing that it will help in enhancing public awareness campaigns against illegal financial schemes across all Local Government Areas in the country, among other objectives.