LEGEND INTERNET PLC
UNAUDITED MANAGEMENT FINANCIAL STATEMENT FOR THE PERIOD ENDED 30 APRIL 2025
UNAUDITED MANAGEMENT FINANCIAL STATMENTS FOR THE 3 MONTHS ENDED 30TH APRIL, 2025
ContentFinancial highlight 2
Unaudited Statement of Profit or Loss 3-4
Unaudited Statement of financial position 5
Unaudited Statement of Changes in Equity 6
Unaudited Statement of cashflow 7
Notes to the accounts 8-16
LEGEND INTERNET PLC Financial Highlights | ||
UNAUDITED STATEMENT OF PROFIT AND LOSS FOR THE 3 MONTHS ENDED 30TH APRIL, 2025 3 months Ended 30 April 2025 =N= Note Turnover 319,914,150.00 Cost of Sales 105,738,800 Gross Profit 214,175,350.01 Less: Operating expenses Selling, general, administrative & other expen 122,634,054.65 Interest 821,917.81 Depreciation 38,509,250.00 Profit/(Loss) before taxation 52,210,127.55 Profit/(loss) for the period attributable to the owners 32,892,380.36 Basic and diluted profit/(loss) per share (N) 0.02 | 3 months | |
Ended 30 April | ||
2024 | ||
=N= 312,999,905.00 135,693,198.89 177,306,706.11 46,419,547.08 2,405,176.21 37,621,981.14 90,860,001.68 72,080,007.38 7.21 | ||
Stock Exchange Information | ||
Share Capital 2,000,000,000.00 Market price per share as at period end (N) 8.25 Market capitalisation as at period end (N'milli 16,500,000,000.00 | ||
LEGEND INTERNET PLC | ||||
UNAUDITED STATEMENT OF PROFIT OR LOSS FOR THE 3 MONTHS ENDED 30TH APRIL, 2025 | ||||
3 months | 3 months | 9 months | 9 Months | |
Ended 30 April | Ended 30 April | Ended 30 April | Ended 30 April | |
2025 | 2024 | 2025 | 2024 | |
Revenue | =N= | =N= | =N= | =N= |
Legend Subscription | 300,151,650.00 | 299,165,480.00 | 912,626,274.00 | 825,854,312.00 |
Installation Revenue | 7,185,000.00 | 9,406,925.00 | 24,459,081.00 | 38,400,302.00 |
Whole-Sale Bandwidth | 12,577,500.00 | 4,427,500.00 | 25,155,000.00 | 4,427,500.00 |
319,914,150.00 | 312,999,905.00 | 962,240,355.00 | 868,682,114.00 | |
Cost of Goods Sold | ||||
Bandwidth cost | 41,925,000.00 | 0 | 83,850,000.00 | 0 |
Infrastructure cost | 58,074,999.99 | 124,999,998.99 | 216,612,249.97 | 374,999,996.99 |
Customer Last Mile Installation | 4,448,800.00 | 4,348,250.00 | 9,894,249.00 | 22,308,636.00 |
Customer Premises Equipment | 270,000.00 | 5,570,591.00 | 4,773,000.00 | 21,615,674.00 |
Other Cost of Sales | 1,020,000.00 | 774,358.90 | 2,010,000.00 | 5,143,388.90 |
105,738,799.99 | 135,693,198.89 | 317,139,498.97 | 424,067,695.89 | |
Gross Profit | 214,175,350.01 | 177,306,706.11 | 645,100,856.03 | 444,614,418.11 |
Operating Expense | ||||
Administrative Expense | ||||
Professional - Accounting Fees | 0 | 1,500,000.00 | 1,850,000.00 | |
Professional - Legal Fees | 0 | 2,912,500.00 | - | |
Office Rent | 500,000.01 | 3,000,000.00 | 1,500,000.03 | 7,000,000.00 |
Fiber Maintenance | 1,123,100.00 | 50,000.00 | 2,630,450.00 | 50,000.00 |
Consultancy Services | 35,164,000.00 | 2,912,500.00 | 52,014,743.14 | 7,912,500.00 |
Stationery | - | 356,150.00 | 146,100.00 | |
Office Expenses | 671,995.11 | 572,934.39 | 1,217,675.11 | 1,821,466.39 |
37,459,095.12 | 6,535,434.39 | 62,131,518.28 | 18,780,066.39 | |
Selling & Distribution Expense | ||||
Advertising & Marketing | 16,272,569.00 | 16,832,619.00 | 548,787.00 | |
Transportation | 1,928,400.00 | 150,616.00 | 10,777,220.00 | 4,946,820.00 |
Travelling & Accommodation | 9,861,963.00 | 4,946,820.00 | 11,161,963.00 | 10,414,321.00 |
28,062,932.00 | 5,097,436.00 | 38,771,802.00 | 15,909,928.00 | |
Employee cost | ||||
Salaries & Wages - Staff | 35,238,894.37 | 23,298,294.30 | 93,715,055.46 | 72,522,940.30 |
Other Staff Benefits | 575,188.00 | 1,357,200.00 | 575,188.00 | 2,515,200.00 |
35,814,082.37 | 24,655,494.30 | 94,290,243.46 | 75,038,140.30 | |
UNAUDITED STATEMENT OF PROFIT OR LOSS FOR THE 3 MONTHS ENDED 30TH APRIL, 2025 | |||||
Cont'd | 3 months | 3 months | 9 months | 9 Months | |
Ended 30 April Ended 30 April | Ended 30 April | Ended 30 April | |||
2025 | 2024 | 2025 | 2024 | ||
Other Operating Expenses Utilities | =N= 4,010,600.00 | =N= | =N= 7,613,200.00 | =N= 1,446,000.00 | |
Repairs & Maintenance | 1,114,000.00 | 299,000.00 | 1,334,000.00 | 1,965,200.00 | |
Consumables & Cleaning | 79,000.00 | 113,000.00 | - | ||
Subscriptions & Licences | 450,000.00 | 867,625.00 | 680,000.00 | 867,625.00 | |
Bank Charges | 393,882.86 | 386,147.39 | 526,089.08 | 1,159,258.39 | |
Training | 5,025,500.00 | 5,025,500.00 | 75,000.00 | ||
11,072,982.86 | 1,552,772.39 | 15,291,789.08 | 5,513,083.39 | ||
Total Operating Expense | 112,409,092.35 | 37,841,137.08 | 210,485,352.82 | 115,241,218.08 | |
Total Operating profit | 101,766,257.66 | 139,465,569.03 | 434,615,503.21 | 329,373,200.03 | |
Other Income | 550,000.00 | 0 | 550,000.00 | 0 | |
Other Expense | 10,774,962 | 8,578,410.00 | 38,117,236.36 | 12,987,271.00 | |
Profit Before Interest,Tax,Depreciation&Amortizati | 91,541,295.36 | 130,887,159.03 | 397,048,266.85 | 316,385,929.03 | |
Depreciation | 38,509,250.00 | 37,621,981.14 | 115,527,750.00 | 115,298,197.14 | |
Profit Before Interest & Tax | 53,032,045.36 | 93,265,177.89 | 281,520,516.85 | 201,087,731.89 | |
Interest | 821,917.81 | 2,405,176.21 | 5,814,756.60 | 13,198,928.21 | |
Profit Before Tax | 52,210,127.55 | 90,860,001.68 | 275,705,760.25 | 187,888,803.68 | |
Tax | 19,317,747.19 | 18,779,994.30 | 54,057,928.44 | 11,555,455.00 | |
Profit After Tax | 32,892,380.36 | 72,080,007.38 | 221,647,831.81 | 176,333,348.68 | |
LEGEND INTERNET PLC | ||
UNAUDITED STATEMENT OF FINANCIAL POSITION FOR THE 3 MONTHS ENDING 30TH APRIL, 2025 | ||
APRIL | ||
Notes 2025 | ||
=N= | ||
ASSETS | ||
Non-Current Assets | ||
Computer Equipment - Cost 8,181,000.00 | ||
Rights-of-Use - Cost 331,000.00 | ||
Fiber Assets 2,622,195,700.00 | ||
Wi-Fi Infrastructure 111,787,000.00 | ||
Biling System 15,462,000.00 | ||
2,757,956,700.00 | ||
Current Assets | ||
Cash and cash equivalent 26,956,594.16 | ||
Inventory 21,026,250.00 | ||
Trade receivable 115,617,343.27 | ||
Other Trade Receivable 261,617,000.00 | ||
Deferred tax asset 98,460,000.00 | ||
523,677,187.43 | ||
Total Assets 3,281,633,887.43 | ||
LIABILITIES & EQUITY | ||
Current liabilities | ||
Accruals | 30,049,500.01 | |
Short Term Loan | 55,814,764.60 | |
Current tax liabilities | 162,917,989.83 | |
Other Trade Payables | 85,859,000.00 | |
334,641,254.44 | ||
Non-Current Liabilities | ||
Long-term loan | 0 | |
Bond | 0 | |
Long-Term Lease Liabilities | 0 | |
Equity | 0 | |
Retained Earnings | 808,431,632.99 | |
Issued Share Capital | 2,138,561,000.00 2,946,992,632.99 | |
Total Liabilities & Equities | 3,281,633,887.43 | |
The unaudited condensed Management financial statements were approved by the Board of Directors on the 26 May 2025 and were signed on its behalf by:
Aisha Abdulaziz Daniel Mmaduka
Chief Executive Officer Chief Finance Officer
FRC/2025/PRO/DIR/003/111246 FRC/2025/PRO/ICAN/001/580809
LEGEND INTERNET PLCUNAUDITED STATEMENT OF CHANGES IN EQUITY FOR THE 3 MONTHS ENDED 30TH APRIL, 2025
Issued Share Capital ₦ | Deposit for Shares ₦ | Retained Earnings ₦ | Total Equity ₦ | |
As at 1st February, 2025 | 1,000,000,000.00 | 1,138,561,000.00 | 775,539,252.63 | 2,914,100,252.63 |
Adjustments to opening balances | - | - | - | - |
Opening Balance reinstated | 1,000,000,000.00 | 1,138,561,000.00 | 775,539,252.63 | 2,914,100,252.63 |
Profit/(Loss) for the Period | 32,892,380.36 | 32,892,380.36 | ||
Listing Conversion (April 2025) | 1,138,561,000.00 | -1,138,561,000.00 | - | |
As at 30th April, 2025 | 2,138,561,000.00 | - | 808,431,632.99 | 2,946,992,632.99 |
LEGEND INTERNET PLC | ||
UNAUDITED STATEMENT OF CASHFLOW FOR THE 3 MONTHS ENDED 30TH APRIL, 2025 | ||
APRIL | ||
2025 | ||
Notes | =N= | |
CASHFLOW FROM OPERATING ACTIVITIES | ||
Profit after tax | 32,892,380.36 | |
Adjustments for non-cash items | ||
Tax | 19,317,747.19 | |
Depreciation | 38,509,250.00 | |
Changes in working capital | ||
Increase in trade receivables | (111,665,266.92) | |
Increase in Inventory | (21,026,250.00) | |
Increase in accurals | 27,417,666.67 | |
Increase in trade payables | 10,038,299.90 | |
Net cash in operating activities | (4,516,172.80) | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of fiber assets | (2,818,400.00) | |
Purchase of computer equipment | (1,000,000.00) | |
Net cash in Investing activities | (3,818,400.00) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from short term loan | 50,000,000.00 | |
Net cash in financing activities | 50,000,000.00 | |
Net Changes in cash and Cash Equivalents | 41,665,427.20 | |
Cash and Cash equivalent at the begining | (14,708,833.04) | |
Net cash and cash equivalent in bank | 26,956,594.16 | |
LEGEND INTERNET PLC | |||
UNAUDITED FINANCIAL STATEMENTS FOR THE 3 MONTHS ENDED 30TH APRIL, 2025 | |||
NOTES TO THE ACCOUNT | |||
1 PROPERTY, PLANT & EQUIPMENT Fiber Wifi | Computer | Total | |
As at 30 April, 2025 Infrastruture Infrastruture | Equipment | ||
N'000 N'000 | N'000 | N'000 | |
2,658,400.00 113,832.00 | 8,439.00 | 2,780,671.00 | |
Cost as at 1 Febraury 2025 2,818.00 | 1,000.00 | 3,818.00 | |
Addition | |||
As at 30 April, 2025 2,661,218.00 113,832.00 | 9,439.00 | 2,784,489.00 | |
Depreciation 36,205.00 2,045.00 | 259.00 | 38,509.00 | |
Carrying amount | |||
As at 30 April, 2025 2,625,013.00 111,787.00 | 9,180.00 | 2,745,980.00 | |
Cost as at 1 Febraury 2025 15,462.00 Addition - As at 30 April, 2025 15,462.00 Amortization & Impairment Charge for the period - Carrying amount 15,462.00 No amortization charge was recognized during the current interim period as management has elected, in accordance with the Company's accounting policy and the materiality threshold applied to interim financial statements, to account for amortization annually at the financial year-end. This approach is consistent with prior reporting periods and does not materially misstate the interim results. A full amortization assessment will be undertaken and recognized in the year-end financial statements. | |||
LEGEND INTERNET PLC |
UNAUDITED FINANCIAL STATEMENTS FOR THE 3 MONTHS ENDING 30TH APRIL, 2025 NOTES TO THE ACCOUNT Apr-25 =N=
Accrued payee 17,036,778.87 Staff pension - Employee 16,893,752.77 Staff pension -Employer 8,949,602.22 Industrial training fund 3,754,000.00 Nigeria Insurance Social Trust Fund 3,754,000.00 Professional Services 14,025,000.00 Consultancy for customer care 6,811,000.00 Customer deposit 1,468,000.00 Installation cost 4,146,000.00 Other accrued expense 9,020,866.13 85,859,000.00 |
LEGEND INTERNET PLC | |
UNAUDITED FINANCIAL STATEMENTS FOR THE 3 MONTHS ENDING 30TH APRIL, 2025 | |
NOTES TO THE ACCOUNT | |
8 INCOME TAX PAYABLE | Apr-25 =N= |
Balance as at 3o April, 2025 | |
Analysis of tax expense Income tax calculated at 30% | 15,663,038.27 |
Education tax calculated at 3% | 1,566,303.83 |
NASENI | 1,305,253.19 |
Police levy | 261,050.64 |
NITDA | 522,101.28 |
19,317,747.19 | |
9 Deferred Tax | |
Deferred tax of ₦98.46 million has been recognized as a current asset in Q1 2025. This represents timing differences expected to be recoverable through future taxable profits, and the reclassification from liability to asset reflects management's expectations under prevailing interpretations of IAS 12 Final validation will be provided during the audited full-year review. | |
10 REVENUE | Apr-25 =N= |
Legend Subscription | 300,151,650.00 |
Installation Revenue | 7,185,000.00 |
Whole-Sale Bandwidth | 12,577,500.00 |
319,914,150.00 | |
Legend subscription include revenue earned from fiber offerings, Wifi and Legend Pay (which includes | |
Data, Airtime, DSTV subscription) | |
Fiber offerings include the various product categories; Dual play, Triple play, GE services, | |
Reconnection, relocation and new subscriptions | |
Installation revenue include revenue generated from new installatons | |
Legend Wifi include Guest Wifi, Guest Wifi( New sales), Legend Guest Wifi - Event | |
Wholesale Bandwidth revenue are earned by sharing bandwith | |
11 COST OF SALES Cost of Goods Sold | Apr-25 =N= |
Bandwidth cost | 41,925,000.00 |
Infrastructure cost | 58,074,999.99 |
Customer Last Mile Installation | 4,448,800.00 |
Customer Premises Equipment | 270,000.00 |
Other Cost of Sales | 1,020,000.00 |
105,738,799.99 | |
Legend Pay is inclusive of AEDC, Airtime, DSTV, Merchant(Users) | |
Infraco is inclusive of infroco abuja and Niger | |
Fiber Installation is inclusive of Material and Service | |
Legend Home is inclusive of Full Home Cost, Smart Power, Camera | |
Others is inclusive of CPE and Refund to customers |
LEGEND INTERNET PLC | |
UNAUDITED FINANCIAL STATEMENTS FOR THE 3 MONTHS ENDING 30TH APRIL, 2025 | |
NOTES TO THE ACCOUNT | |
11 ADMINISTRATIVE EXPENSE | Apr-25 =N= |
Fiber Maintenance Consultancy Services: Mainstreet Listing Transaction Advisory service Finmal_Stock Broker Professional Fee Others Office Expenses Advertising & Marketing Transportation Travelling & Accommodation Salaries & Wages - Staff Other Staff Benefits Utilities Repairs & Maintenance Consumables & Cleaning Subscriptions & Licences Bank Charges Training Other Expense Depreciation | 1,123,100.00 17,500,000.00 14,664,000.00 3,000,000.00 671,995.11 16,272,569.00 1,928,400.00 9,861,963.00 35,238,894.37 575,188.00 4,010,600.00 1,114,000.00 79,000.00 450,000.00 393,882.86 5,025,500.00 10,774,962 38,509,250.00 161,193,304.64 |
11.1 PERSONNEL COST Staff salaries Payee Pension | 23,890,775.84 5972693.961 5,375,424.56 35,238,894.37 |
11.2 Depreciation Expense | |
Fiber Infrastructure Wifi Infrastructure Computer equipment | 36,205,150.00 2,045,000.00 259,100.00 38,509,250.00 |
12 RELATED PARTY DISCLOSURES | Apr-25 =N= |
Key management personnel compensation | |
Remuneration(excluding pension contributions) for Directors of the Company charged to the | |
profit or loss are as follows: | |
Short- term benefits: Salary | 4,500,000.00 |
Key management personnel and directors transactions | |
Directors of the company control significant percent of the voting shares of the company | |
There are no significant transactions with key management personnel and directors transactions | |
LEGEND INTERNET PLC | |
UNAUDITED FINANCIAL STATEMENTS FOR THE 3 MONTHS ENDING 30TH APRIL, 2025 | |
NOTES TO THE ACCOUNT | |
13 Maturity risk The following tables show the Company's contractual maturities of financial liabilities: 30-Apr-25 Financial Liabilities at Carrying Contractual Less than More than amortized cost amount cashflow 1 year 1 year N'000 N'000 N'000 N'000 Loan 55,815.00 55,815.00 55,815.00 Accural 30,045.00 30,045.00 30,045.00 Other trade payables 85,859.00 85,859.00 85,859.00 171,719.00 171,719.00 171,719.00 It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at significantly different amounts. | 0 0 0 |
LEGEND INTERNET PLC
UNAUDITED FINANCIAL STATEMENT FOR THE 3 MONTHS ENDING 30TH APRIL, 2025
NOTES TO THE ACCOUNT
EARNINGS PER SHARE
Basic
Basic earnings per share is calculated by dividing the net profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year, excluding the average number of ordinary shares purchased by the Company and held as treasury shares.
Profit/(loss) attributable to equity holders
30-April-2025
32,892,380.36
FYTD
221,647,831.81
Weighted average numbers of ordinary shares at period end
2,000,000,000.00
2,000,000,000.00
Basic and diluted earnings/(loss) per share (kobo)
2
11
LISTING STATUS AND FREE FLOAT COMPLIANCE
The Company acknowledges its current non-compliance with the minimum free float requirement mandated by the NGX for Main Board companies. Legend Internet Plc is actively working to meet the minimum 20% threshold in a timely manner. We remain committed to full regulatory compliance and fostering investor confidence through proactive disclosures and governance.
DISCLOSURE OF DIRECTORSʼ DEALINGS IN SECURITIES
In compliance with Rule 17.15(d) of the Listing Rules of the Nigerian Exchange (NGX), Legend Internet Plc makes the following disclosures regarding securities transactions by its directors during the quarterly reporting period ended 30 April 2025:
Code of Conduct on Securities Transactions
Legend Internet Plc is in the process of developing a Code of Conduct on Securities Transactions. The Code shall be consistent with and no less exacting than the required standard set out in the NGXʼs Listing Rules. The Code shall prohibit directors and insiders from trading in the Companyʼs securities during closed periods and shall mandate pre-clearance of any intended transaction in line with best governance practices. The Code shall be publicized in the Companyʼs internal communications, placed on the Company's website and adopted by the Company before the end of the financial year.
Director Compliance Confirmation
Following specific inquiries made by the Company Secretary to all directors of Legend Internet Plc, the Company confirms that:
all directors complied with the provisions of the Listings Rules and in the Issuerʼs code of conduct regarding securities transactions by directors during the period under review. No insider transacted in the shares of the company during the closed period.
Non-Compliance and Remedial Actions
There were no cases of non-compliance recorded during the period under review. As such, no remedial actions were required. Legend Internet Plc remains committed to the highest standards of corporate governance, transparency, and compliance with all applicable regulations of the Nigerian Exchange and the Financial Reporting Council of Nigeria.
CAPITAL RISK MANAGEMENT
The Company manages its capital to ensure that the Company will be able to continue as a going concern.
The capital structure of the company consists of equity attributable to equity holders of the company, comprising issued capital and retained earnings. Equity includes all capital and reserves of the company that are managed as capital. The Company is not subject to any externally imposed capital requirements.
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FINANCIAL RISK MANAGEMENT OBJECTIVES
A financial risk management framework is in place, where appropriate, to mitigate any negative impact that financial risks that may arise will have on the Companyʼs reported results
The Companyʼs senior management oversees the management of risks to ensure that financial risks are identified, measured and managed in accordance with Company's policies for risk.
Risk management policies and systems are reviewed regularly to reflect the changes in market conditions and the companyʼs activities. The Board of Directors reviews and agrees policies for managing each of these risks which are summarized below
The company does not trade in financial instruments, nor does it take on speculative or open positions through the use of derivatives.
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FOREIGN CURRENCY RISK MANAGEMENT
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters. The Companyʼs exposure to the risk of changes in foreign exchange rates is hedged and minimized proactive application for forex.
The company does not trade in financial instruments, nor does it take on speculative or open positions through the use of derivatives.
Risk management policies and systems are reviewed regularly to reflect the changes in market conditions and the companyʼs activities. The Board of Directors reviews and agrees policies for managing each of these risks which are summarised below.
The Companyʼs senior management oversees the management of risks to ensure that financial risks are identified, measured and managed in accordance with Company's policies for risk.
A financial risk management framework is in place, where appropriate, to mitigate any negative impact that financial risks that may arise will have on the Company
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CREDIT RISK MANAGEMENT
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in
financial loss to the company. The company's credit risk exposure is limited to the credit sales availed to few customers with great records of payment on time and without defaulting and loans availed to its members of staff. Both credit sales and staff loans are subject to management approval and are continuously monitored. The carrying amount of financial assets represents the companyʼs maximum exposure to credit risk.
Collateral held as security and other credit enhancementsThe carrying amount of financial assets recorded in the Management financial statements represents the companyʼs maximum exposure to credit risk as no collateral or other credit enhancements are held. The asset comprise of loans to staff members and due repayment is deducted from staff salary at source.
Liquidity risk managementLiquidity risk is the risk that the company is unable to meet its current and future cash flow obligations as and when they fall due, or can only do so at excessive cost. This includes the risk that the company is unable to meet settlement obligations to the acquiring banks due to failure of an issuing bank to pay. Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the companyʼs short-, medium- and long-term funding and liquidity management requirements. The company manages liquidity risk by maintaining adequate reserves, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.
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FAIR VALUE ON FINANCIAL INSTRUMENTS
The directors consider that the carrying amounts of financial assets and financial liabilities recorded in the Management financial statements approximate their fair values.
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CAPITAL COMMITMENT
There are no material commitments for capital expenditure not provided for in these Management financial statements.
Contigent liabilities and contigent assetsThere were no contingent liabilities and assets as at 30 April 2025
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RECLASSIFICATION OF DEFERRED TAX
In line with IFRS and based on a preliminary review of timing differences and available tax planning strategies, management reclassified a previously recorded Deferred Tax Liability (DTL) of ₦98.46 million to a Deferred Tax Asset (DTA) under current assets. This reclassification remains subject to further review during the full-year audit and will be adjusted where necessary based on updated forecasts and regulatory developments.
Note Disclosure:
Deferred tax of ₦98.46 million has been recognized as a current asset in Q1 2025. This represents timing differences expected to be recoverable through future taxable profits, and the reclassification from liability to asset reflects management's expectations under prevailing interpretations of IAS 12. Final validation will be provided during the audited full-year review.
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PRICING POLICY AND INFLATION JUSTIFICATION
Despite macroeconomic inflationary pressures-Nigeriaʼs YoY inflation rate has risen significantly from approximately 16.5% in 2022 to over 33% as of April 2025-Legend has maintained a stable pricing framework for over a year. This reflects the Companyʼs commitment to affordability and customer retention.
- GOVERNANCE AND RISK MANAGEMENT
Legend operates under strong corporate governance principles, with a functional Board of Directors, clear separation of duties, and internal audit oversight. The Company is enhancing its enterprise risk framework, particularly around; revenue assurance, credit control, cybersecurity, data privacy and regulatory compliance (NCC, NGX, FIRS)