Legend Internet Plc has taken a significant step in solidifying its position on the Nigerian Exchange (NGX) by confirming compliance with the mandatory 20% free float requirement.
This move is pivotal in securing its listing status on the NGX Main Board and supporting the company’s broader ambitions in Nigeria’s fast-evolving digital infrastructure market.
In a regulatory disclosure submitted to the NGX on May 6, 2025, and signed by the company’s secretary, Erinma Ogburafor, Legend Internet affirmed that it had successfully made enough of its issued shares available to meet the 20% free float threshold. This requirement, laid out in Rule 3.14 of the NGX Rulebook, ensures that a sufficient portion of a company’s shares is open to public investors, promoting liquidity and equitable trading on the Exchange.
This compliance follows Legend’s official listing on April 24, 2025. The company was admitted to the NGX through a process known as “listing by introduction,” where no new shares were issued, but existing shares became available to the public. The listing marked a new era for the telecoms firm, known for its robust last-mile fiber infrastructure and expanding digital services portfolio, including its widely adopted fiber-to-the-home (FTTH) offerings.
Legend Internet also reported a significant expansion of its shareholder base as part of its post-listing transparency. According to the statement, as of May 5, 2025, 106 new investors had been recorded in its shareholding registry. These additions represent completed and verified trades, as confirmed by the Central Securities Clearing System (CSCS), and reflect increasing investor interest in the company’s growth story.
The NGX free float requirement plays a critical role in maintaining market confidence. Free float refers to the portion of a company’s shares that are available for public trading, excluding those held by insiders such as company executives, major institutional investors, and government bodies. Ensuring an adequate free float helps foster a vibrant and liquid market, supporting fair price discovery and investor protection. Companies failing to meet this benchmark face penalties, including potential trading suspensions, unless the Exchange grants an exemption or grace period.
Since going public, Legend Internet’s shares have gained considerable traction. The stock has soared by more than 58%, landing in the ‘Top 10 Gainers’ category on the NGX for two consecutive trading weeks, April 25 and May 2. This strong performance reflects investor optimism about the company’s business model and future outlook, especially as Nigeria continues to experience high demand for broadband internet access and digital services.
Shortly after the company’s listing, CEO Aisha Abdulaziz emphasized the significance of the development, noting that the move aligns with the company’s long-term strategy of expanding its market influence while offering more Nigerians the opportunity to invest in its vision.
Legend Internet’s commitment to regulatory compliance and transparency reinforces investor confidence and signals its readiness to operate within the highest standards of corporate governance. In an increasingly competitive ICT space, such alignment with market rules enhances its reputation and positions the company for long-term value creation.
As more investors look toward innovative technology companies for growth, Legend Internet Plc appears poised to deliver operational excellence and shareholder returns. Its successful navigation of the NGX’s regulatory landscape underscores its ambition to lead Nigeria’s digital transformation from the front.
