OPay, a leading African fintech company, has secured board and shareholder approval to pursue a secondary listing on Nigerian Exchange Limited (NGX) following its planned initial public offering (IPO) on the New York Stock Exchange (NYSE).
The proposed Nigerian listing could create an opportunity for domestic investors to acquire stakes in the digital financial services company and participate in its growth.
The development also aligns with the advocacy by Nigerian Exchange Group Plc (NGX Group) for leading Nigerian businesses, particularly technology companies, to list on the domestic exchange or pursue dual listings.
OPay disclosed the decision in its Form F-1 registration statement filed with the United States Securities and Exchange Commission (SEC) on October 9, 2026.
The company is pursuing an IPO of American Depositary Shares (ADSs) and has applied to list on the NYSE under the proposed ticker symbol, OPAY.
However, the proposed secondary listing on NGX remains subject to the completion of its planned US listing, market conditions and applicable regulatory approvals.
The development comes about two months after the NGX Group Board and Management, led by its Chairman, Alhaji Umaru Kwairanga, and Group Managing Director and Chief Executive Officer, Temi Popoola, met with President Bola Ahmed Tinubu at the Presidential Villa, Abuja.
During the August 6 engagement, the NGX Group delegation advocated a deliberate national strategy to encourage leading Nigerian businesses to list locally or pursue dual listings to expand investment opportunities for Nigerians.
Popoola specifically identified OPay among the major fintech companies whose participation in the domestic capital market could broaden investment opportunities and deepen the Nigerian capital market.
He argued that businesses generating significant economic value from Nigeria should also provide opportunities for domestic investors to participate in their growth and long-term wealth creation.
Popoola has consistently advocated a shift that would enable Nigerians to move beyond being consumers, employees and users of services to become shareholders in businesses driving economic growth.
For OPay, which has a substantial customer base in Nigeria, a domestic listing could provide a pathway for local investors to participate in the ownership of a company operating in the country’s expanding digital financial services sector.
Kwairanga has also emphasised the importance of the capital market in financing businesses, supporting industrialisation and promoting inclusive economic growth.
Attracting leading companies to the Exchange, therefore, is expected to help mobilise long-term capital, strengthen market liquidity and expand investment opportunities across different sectors of the economy.
OPay’s disclosure has brought renewed attention to the potential role of technology companies in deepening Nigeria’s capital market.
Although the country has produced several technology-driven businesses with significant customer bases and economic footprints, opportunities for domestic investors to acquire ownership stakes in some of these companies remain limited.
Encouraging more technology companies to list on NGX could broaden the Exchange’s sectoral representation, attract new categories of investors and strengthen the connection between the growth of Nigeria’s digital economy and domestic wealth creation.
For NGX Group, the proposed listing reinforces its engagement with policymakers, regulators and corporate leaders to position the capital market as a platform for long-term capital formation and enterprise growth.
The initiative also seeks to ensure that businesses expanding internationally can access global financing opportunities while providing Nigerian investors with avenues to participate in their success.
Although OPay has obtained the necessary corporate approvals to pursue the secondary listing, the transaction is not yet completed and remains subject to relevant conditions and regulatory requirements.
The proposed listing could mark a significant step towards expanding local ownership of major technology businesses and advancing efforts to make Nigeria’s capital market more inclusive.
As Nigerian-focused companies increasingly seek international capital and expand their operations, the challenge for policymakers and market operators is to ensure that their growth also creates opportunities for domestic investment and broader wealth creation.
