By Peace Udugba — The Daily Torch Media
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 its planned initial public offering (IPO) on the New York Stock Exchange (NYSE).
The proposed Nigerian listing could expand investment opportunities for domestic investors and reinforce calls by Nigerian Exchange Group Plc (NGX Group) for major technology companies and other leading businesses operating in Nigeria to list on the local capital market.
According to 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 IPO of American Depositary Shares (ADSs) and has applied to list on the NYSE under the proposed ticker symbol OPAY.
The planned secondary listing on the NGX remains subject to market conditions, the completion of the proposed US listing and applicable regulatory approvals.
NGX Group’s Push for More Local Listings
OPay’s move comes about two months after NGX Group intensified its advocacy for leading Nigerian businesses, particularly technology companies, to list on the domestic exchange or pursue dual listings.
On August 6, 2026, the board and management of NGX Group, led by its Chairman, Alhaji (Dr.) 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 engagement, the group advocated a deliberate national strategy to encourage more businesses with significant Nigerian operations to access the domestic capital market.
Popoola specifically identified OPay among the major fintech companies whose participation in the Nigerian Exchange could broaden investment opportunities and enable more Nigerians to benefit from corporate growth.
The proposal reflects a broader ambition to move Nigerians beyond being consumers, employees and users of digital services to becoming shareholders in the companies driving economic expansion.
For OPay, whose operations serve a substantial Nigerian customer base, a secondary listing could provide a pathway for domestic investors to acquire an ownership stake in the business, subject to the terms of any eventual offering.
What OPay’s Proposed Listing Could Mean for Investors
A Nigerian listing could create another avenue for local investors to participate in the growth of a major player in the country’s digital financial services industry.
The proposed US IPO would provide OPay with access to international capital markets, while a subsequent Nigerian listing could potentially broaden its investor base and make its shares accessible through the domestic exchange.
For the Nigerian capital market, attracting a prominent fintech company could strengthen the representation of technology-driven businesses, encourage wider investor participation and potentially support market liquidity.
However, the actual benefits would depend on the structure of the proposed listing, the number of shares made available to Nigerian investors, the applicable regulatory requirements and the company’s eventual market valuation.
The development also highlights a broader challenge facing Nigeria’s capital market: how to create more opportunities for domestic investors to participate in businesses generating substantial economic value within the country.
Although Nigeria has produced technology companies with extensive operations and large customer bases, opportunities for local investors to own shares in some of these businesses remain limited.
Encouraging eligible companies to list domestically could help bridge that gap and strengthen the connection between Nigeria’s expanding digital economy and the wealth-creation opportunities available to its citizens.
Kwairanga, Popoola Push Capital Market as Growth Driver
NGX Group has consistently highlighted the role of the capital market in mobilising long-term funds, financing enterprise expansion, supporting industrialisation and promoting inclusive economic growth.
From this perspective, attracting major businesses to the Nigerian Exchange is about more than increasing the number of listed companies.
It is also about creating an investment environment in which businesses can raise capital, investors can access a wider range of opportunities and the benefits of corporate growth can extend to a broader section of the population.
A successful OPay secondary listing could support this objective by bringing a major fintech brand into the domestic investment market.
It could also strengthen the case for other Nigerian-focused technology companies to consider local listings as part of their long-term capital-raising and expansion strategies.
Nevertheless, a listing alone would not guarantee widespread retail participation. Investor awareness, affordability, market transparency and confidence in the regulatory framework would remain important factors in determining the extent to which Nigerians benefit.
Regulatory Approvals Remain Key
Despite securing board and shareholder approval to pursue a Nigerian listing, OPay’s proposed transaction is not yet a completed listing.
The company must still satisfy the applicable conditions, including those relating to its planned NYSE listing and the requirements of Nigerian regulators and the exchange.
The timing, structure and final terms of any Nigerian listing will therefore depend on the company’s plans, market conditions and regulatory clearance.
Investors should also distinguish between corporate approval to pursue a listing and the actual commencement of trading in a company’s shares.
Until the relevant processes are completed and further details are formally disclosed, the proposed listing should be regarded as a potential development rather than an investment opportunity already available on the NGX.
A Potential Milestone for Nigeria’s Capital Market
OPay’s proposed move has renewed attention on NGX Group’s call for greater domestic participation in the ownership of companies operating in Nigeria.
If successfully executed, the secondary listing could provide another route for Nigerian investors to participate in a major fintech business while supporting efforts to deepen the country’s capital market.
More broadly, the development raises an important question about Nigeria’s economic future: as homegrown and Nigeria-focused businesses expand internationally, how can the country ensure that local investors also benefit from their growth?
For NGX Group, the challenge will be to translate its engagement with policymakers and corporate leaders into concrete listings, stronger market participation and more opportunities for long-term wealth creation.
OPay’s proposed secondary listing could represent a step in that direction, provided the transaction proceeds and meets all applicable requirements.
For Nigeria’s capital market, the ultimate opportunity is not simply to attract prominent companies to the exchange, but to create a stronger pathway through which domestic investors can participate in their growth.
Tags: OPay, Nigerian Exchange, NGX Group, NGX secondary listing, OPay IPO, New York Stock Exchange, Nigerian capital market, Temi Popoola, Umaru Kwairanga, fintech, retail investors, stock market Nigeria.
