Adeolu Martins
OPay, one of Africa’s leading fintech companies, has secured board and shareholder approval to pursue a secondary listing on Nigerian Exchange Limited (NGX) following the completion of its planned primary listing on the New York Stock Exchange (NYSE), a development that aligns with Nigerian Exchange Group Plc’s (NGX Group) earlier advocacy for leading Nigerian businesses to list domestically and expand opportunities for local ownership.
The decision was disclosed in OPay’s Form F-1 registration statement filed with the United States Securities and Exchange Commission (SEC) on October 9, 2026. The company is pursuing an initial public offering (IPO) of American Depositary Shares (ADSs) and has applied to list on the NYSE under the proposed ticker symbol ‘OPAY’. The planned Nigerian listing remains subject to market conditions and applicable regulatory approvals.
The development comes barely two months after the Board and Management of NGX Group, led by its Chairman, Alhaji Umaru Kwairanga, and Group Managing Director/Chief Executive Officer, Temi Popoola, met with President Bola Ahmed Tinubu at the Presidential Villa, Abuja, where they advocated a deliberate national strategy to encourage leading Nigerian businesses, particularly technology companies, to list domestically or pursue dual listings.
During the August 6 engagement, Popoola specifically identified OPay among the major fintech companies whose participation in the domestic capital market could broaden investment opportunities for Nigerians. His proposition was anchored on a broader ambition: ensuring that companies generating significant economic value from Nigeria also provide opportunities for domestic investors to participate in their growth and long-term wealth creation.
Popoola has consistently advocated moving Nigerians beyond their roles as consumers, employees and users of services to become shareholders in the businesses driving economic growth. For a company such as OPay, whose growth is supported by a substantial Nigerian customer base, a domestic listing could provide an opportunity for its users to participate in its ownership and share in the value it creates.
Kwairanga has emphasised the capital market’s role as a critical national platform for financing enterprise, supporting industrialisation and driving inclusive prosperity. From this perspective, attracting leading Nigerian businesses to the Exchange is not merely about increasing listings; it is about mobilising long-term capital to support business growth while strengthening the link between corporate success and national economic development.
OPay’s formal disclosure gives greater substance to this proposition. While its proposed US IPO would provide access to international capital, the planned secondary listing on NGX could establish an additional pathway for Nigerian investors to participate in the company’s growth, bringing domestic ownership into a business with a significant presence in Nigeria’s digital financial services sector.
The potential significance extends beyond OPay. Nigeria has produced several technology-driven businesses with substantial operations, customer bases and economic footprints, yet opportunities for domestic investors to participate in their ownership remain limited. Encouraging these businesses to access the Nigerian capital market could help bridge that gap, deepen market liquidity, broaden the Exchange’s sectoral representation and connect more Nigerians to the wealth generated by the country’s expanding digital economy.
For NGX Group, the development reinforces the relevance of its ongoing engagement with policymakers, regulators and corporate leaders to position the capital market as a central platform for long-term capital formation. The Group’s agenda goes beyond attracting new listings to building a market capable of supporting enterprise growth, mobilising domestic and international capital, and expanding public participation in Nigeria’s economic development.
Although OPay has secured the necessary corporate approvals to pursue a Nigerian listing, the transaction remains contingent on the completion of its NYSE listing and compliance with applicable Nigerian regulatory and market requirements. Nevertheless, the company’s decision brings renewed attention to a central message from NGX Group’s engagement with President Tinubu: Nigeria’s ambition to build a globally competitive economy must be matched by opportunities for Nigerians to invest in the businesses driving that growth.
As more Nigerian-focused companies pursue international expansion and access to global capital, the opportunity is to ensure that their success also translates into broader domestic ownership, deeper capital markets and more inclusive wealth creation.
* Adeolu, a financial market analyst, writes from Lagos
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