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OPay has secured board and shareholder approval to pursue a secondary listing on the Nigerian Exchange following its planned US initial public offering.
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The move comes two months after NGX Group urged President Bola Tinubu to encourage major Nigerian businesses, particularly technology firms, to list locally or pursue dual listings.
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A domestic listing could broaden investment opportunities for Nigerian investors, deepen the capital market and connect local shareholders to the growth of the digital economy.
October 11, (THEWILL) – OPay’s plan to pursue a secondary listing on the Nigerian Exchange has renewed attention on Nigerian Exchange Group Plc’s push to bring major technology companies into the domestic capital market and expand local participation in corporate wealth creation.
The fintech company disclosed its intention in a Form F-1 registration statement filed with the United States Securities and Exchange Commission on October 9, 2026. OPay is pursuing an initial public offering of American Depositary Shares and has applied to list on the New York Stock Exchange under the proposed ticker symbol OPAY.
The proposed Nigerian listing remains subject to the completion of its planned US listing, market conditions and applicable regulatory approvals.
NGX Group’s earlier push
The development follows an August 6 meeting between NGX Group’s Board and Management, led by Chairman Umaru Kwairanga and Group Managing Director and Chief Executive Officer Temi Popoola, and President Bola Tinubu at the Presidential Villa, Abuja.
During the engagement, the Exchange’s leadership advocated a national strategy to encourage leading Nigerian businesses, particularly technology companies, to list domestically or pursue dual listings.
Popoola specifically identified OPay among the fintech companies whose participation could expand investment opportunities for Nigerians.
The proposal reflected NGX Group’s broader argument that Nigerians should participate in economic growth not only as consumers and employees but also as shareholders in the businesses generating that growth.
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What a domestic listing could deliver
OPay’s proposed secondary listing could provide Nigerian investors with another avenue to participate in a company with a substantial presence in the country’s digital financial services market.
It could also broaden the sectoral representation of the NGX, which has historically been dominated by financial services, industrial and consumer-facing businesses.
For the domestic market, attracting technology companies could expand investment choices, potentially improve market liquidity and strengthen the Exchange’s capacity to mobilise long-term capital for growing businesses.
However, the potential benefits would depend on the structure of the Nigerian listing, the proportion of shares made available to local investors, the valuation, trading liquidity and the applicable eligibility requirements.
A secondary listing would not automatically guarantee widespread Nigerian ownership. The actual opportunity for retail investors would depend on the terms of the transaction and access to the shares.
Beyond OPay
For NGX Group, the proposed listing reinforces its campaign to position the capital market as a platform for enterprise financing and broader participation in economic growth.
Kwairanga has emphasised the role of the capital market in financing businesses, supporting industrialisation and promoting inclusive prosperity.
OPay’s plans could provide a reference point for other Nigerian-focused technology companies considering international capital markets. A successful domestic listing could demonstrate how companies seeking global investment can also create opportunities for local shareholders.
Nevertheless, the transaction remains prospective. OPay must complete its planned NYSE listing and satisfy the relevant Nigerian regulatory and market requirements before proceeding with the secondary listing.
The central question is whether the proposed transaction will translate into meaningful domestic ownership and establish a pathway for more technology companies to access Nigeria’s capital market.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
