OPay has secured board and shareholder approvals to pursue a secondary listing on the Nigerian Exchange (NGX), in a move that could give Nigerian investors an opportunity to own shares in one of the country’s leading fintech companies.
The company disclosed the approvals in a Form F-1 registration statement filed with the United States Securities and Exchange Commission as it prepares to offer American Depositary Shares (ADSs) to investors and pursue a primary listing on the New York Stock Exchange (NYSE).
OPay has proposed the ticker symbol “OPAY” for its planned US listing, which is expected to precede its secondary listing in Nigeria.
The proposed Nigerian listing remains subject to market conditions and applicable regulatory approvals.
The development comes amid renewed efforts by the Nigerian Exchange Group (NGX Group) to encourage major Nigerian businesses, particularly technology companies, to list their shares locally or pursue listings on both domestic and international exchanges.
Barely two months ago, the NGX Group board and management, led by its Chairman, Umaru Kwairanga, and Group Managing Director, Temi Popoola, met with President Bola Tinubu at the Presidential Villa in Abuja to advocate a national strategy for attracting leading Nigerian businesses to the capital market.
During the meeting, Popoola specifically identified OPay among the major fintech companies whose participation in the domestic market could expand investment opportunities for Nigerians.
He argued that businesses generating significant economic value from Nigeria should also provide opportunities for local investors to acquire ownership stakes and benefit from their long-term growth.
The proposal reflects the Exchange’s broader push to move Nigerians beyond being consumers, employees and users of services to becoming shareholders in companies driving economic growth.
For OPay, a secondary listing on the NGX could open another investment channel for Nigerians interested in participating in the growth of its digital financial services business.
The fintech company has built a substantial customer base in Nigeria, where digital payments and financial technology services have become increasingly important to everyday transactions.
A domestic listing would allow eligible Nigerian investors to buy shares through the local capital market, subject to the terms of the eventual offering and applicable regulations.
The proposed listing could also strengthen the representation of technology-driven businesses on the Nigerian Exchange, where the participation of large, fast-growing companies could broaden investment choices and attract additional capital.
Kwairanga has repeatedly highlighted the capital market’s role in financing businesses, supporting industrial development and promoting broader economic prosperity.
The NGX Group’s push for more domestic listings is therefore aimed not only at increasing the number of companies on the Exchange but also at mobilising long-term funding for businesses and expanding public participation in their growth.
OPay’s planned dual-market approach would combine access to international investors through its proposed NYSE listing with a potential route for Nigerian investors to participate through the NGX.
See also: Nigerian Fintech Kredete Gets South African Licence to Expand Payments
The development could have wider implications for Nigeria’s technology sector, where several businesses have expanded their operations and customer bases but remain outside the domestic stock market.
Encouraging more of these companies to list locally could widen investment opportunities, improve market liquidity and strengthen the connection between the country’s growing digital economy and its capital market.
For the NGX Group, OPay’s proposed listing would represent progress towards its effort to attract technology companies and other major Nigerian businesses seeking access to capital.
However, the Nigerian listing is not yet complete, and the company has not announced a date for the commencement of trading on the Exchange.
Its next steps will depend on the progress of its proposed US offering, market conditions and the regulatory requirements for the planned Nigerian listing.
About the Author
Cecilia Attah is a tech analyst with a degree from Benue State University. She covers tech news and startups at TechRegard with a focus on how technology is transforming Africa and shaping the global landscape.
