OPay Secures Board and Shareholders’ Approval for Nigerian Exchange Listing

OPay, one of Nigeria’s prominent financial technology companies, has secured approval from its board and shareholders to pursue a secondary listing on the Nigerian Exchange Limited (NGX), potentially creating an opportunity for Nigerian investors to own shares in the fintech business.

The development was disclosed in a registration statement filed with the United States Securities and Exchange Commission (SEC) on October 9, 2026, as the company pursues a proposed initial public offering (IPO) on the New York Stock Exchange (NYSE).

The proposed Nigerian listing is expected to follow the completion of the planned United States listing. However, OPay has not announced a confirmed date for its NGX debut, and the transaction remains subject to market conditions and applicable regulatory requirements.

OPay Plans Secondary Listing After Proposed US IPO

According to the company’s filing, OPay has applied to list its American Depositary Shares on the New York Stock Exchange under the proposed ticker symbol OPAY.

The company has also obtained the necessary corporate approvals to pursue a secondary listing on the NGX after its primary listing in the United States.

A secondary listing would allow the company to have its securities traded on an additional stock exchange, subject to the requirements of the relevant market.

The proposed arrangement could broaden access to OPay’s ownership by enabling Nigerian investors to participate through the domestic capital market rather than relying exclusively on access to an overseas exchange.

Nevertheless, the plan remains conditional. The completion of the US offering, compliance with Nigerian securities regulations and the necessary exchange processes will influence whether and when the proposed NGX listing takes place.

What the Proposed Listing Means for Nigerian Investors

The development could create a new investment opportunity for Nigerians interested in the country’s growing digital payments industry.

Many technology-driven businesses operating in Nigeria remain privately owned, limiting the ability of ordinary investors to acquire shares in them through the stock market.

If OPay completes its proposed NGX listing, eligible investors could potentially buy and sell its shares through the domestic market using the appropriate investment channels.

The development could also strengthen the representation of financial technology companies on the Nigerian Exchange and provide investors with another sector through which to diversify their portfolios.

However, the proposed listing does not mean that OPay shares are available for purchase on the NGX now. Investors will need to await official announcements regarding the listing date, share structure, applicable trading arrangements and other relevant details.

OPay Warns of Possible Differences Between US and Nigerian Shares

Despite the potential benefits, OPay has highlighted an important consideration concerning the relationship between its securities on the two exchanges.

The company disclosed that shares traded on the NGX may not be directly interchangeable with its American Depositary Shares on the NYSE unless arrangements are established to facilitate transfers between the markets.

American Depositary Shares are securities issued through a depositary arrangement to represent shares in a company, allowing investors to trade exposure to that company on a United States exchange.

If the Nigerian-listed shares and US-traded securities cannot be transferred or exchanged easily, investors may encounter differences in prices and trading volumes across the two markets.

The arrangement could also affect liquidity, which refers to how easily an investor can buy or sell a security without significantly affecting its market price.

Consequently, a dual-market presence would not automatically guarantee identical share prices, smooth transfers between exchanges or strong trading activity in both markets.

Why OPay’s Nigerian Listing Matters to the Capital Market

The proposed listing comes amid efforts to encourage major businesses with substantial Nigerian operations to participate more actively in the country’s capital market.

The Nigerian Exchange has advocated greater participation by leading technology companies, arguing that local investors should have opportunities to benefit from the growth of businesses serving the domestic economy.

A successful OPay listing could help broaden the range of companies available to investors and strengthen the connection between Nigeria’s expanding digital economy and its capital market.

It could also demonstrate how a company seeking international investment can explore additional routes for domestic participation.

However, the actual impact would depend on the size and structure of the offering, investor demand, trading liquidity and the company’s compliance with listing requirements.

OPay’s Strong Nigerian Market Presence

Nigeria is a major market for OPay’s business, making the proposed domestic listing particularly significant.

According to figures reported by Peoples Gazette from the company’s filing, Nigeria generated approximately $472.6 million, or 88.1 per cent of OPay’s total revenue in 2025.

The figures underline the importance of the Nigerian market to the company’s operations and help explain the potential interest in allowing local investors to participate in its ownership.

For Nigerian investors, the prospect of owning shares in a major digital payments business could provide an additional way to gain exposure to the country’s financial technology sector.

For OPay, access to the domestic capital market could strengthen its relationship with Nigeria, where its services form part of the everyday financial activities of many individuals and businesses.

However, the company’s size and market presence should not be treated as a guarantee of future profitability or investment returns.

What Investors Should Watch Before the Listing

Although the board and shareholders have approved the proposed secondary listing, several important details remain outstanding.

Investors should watch for official announcements covering the expected listing date, the number and type of securities to be admitted to trading, the applicable regulatory approvals and the arrangements governing transfers between the Nigerian and US markets.

The company’s financial disclosures, valuation, risks and terms of the proposed US IPO will also be relevant to anyone assessing the investment opportunity.

Investors should distinguish between approval to pursue a listing and the actual admission of shares for trading. The two are separate stages, and a proposed listing can be delayed or affected by market conditions and regulatory requirements.

Before making an investment decision, prospective shareholders should review the official offer documents when available and consider the risks associated with investing in a financial technology company.

OPay’s approval to pursue a secondary listing on the Nigerian Exchange represents a significant development for the country’s financial technology industry and capital market.

If completed after its proposed US listing, the move could provide Nigerian investors with a new avenue for participating in the ownership of one of the country’s prominent digital financial services businesses.

However, the proposed listing is not yet a completed transaction, and the company has cautioned that shares traded in Nigeria may not be readily interchangeable with securities traded in the United States.

The next major developments will be the progress of OPay’s planned NYSE offering, the fulfilment of Nigerian regulatory requirements and the release of details concerning the proposed domestic listing.

For now, investors should regard the announcement as an important step towards a possible NGX debut rather than confirmation that OPay shares are already available for trading in Nigeria.

By Joseph Iyaji

Akahi News