OPay, a leading African fintech company, has secured approval to pursue a secondary listing on the Nigerian Exchange Limited (NGX). This move follows its planned primary listing on the New York Stock Exchange (NYSE). The decision was disclosed in OPay's Form F-1 registration statement filed with the US 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 NYSE under the ticker symbol 'OPAY'.
The planned Nigerian listing aligns with the Nigerian Exchange Group Plc's (NGX Group) advocacy for leading Nigerian businesses to list domestically. NGX Group's Chairman, Alhaji Umaru Kwairanga, and Group Managing Director, Temi Popoola, met with President Bola Ahmed Tinubu in August to propose a national strategy to encourage local listings. Popoola identified OPay as a major fintech company whose participation in the domestic capital market could broaden investment opportunities for Nigerians.
During the meeting, Popoola emphasised the importance of allowing Nigerians to participate in the growth and long-term wealth creation of companies generating significant economic value from Nigeria. He advocated for Nigerians to move beyond their roles as consumers and employees to become shareholders in businesses driving economic growth. For companies like OPay, a domestic listing could provide an opportunity for users to participate in ownership and share in the value created.
NGX Group's push for local listings is anchored on the capital market's role in financing enterprise, supporting industrialisation, and driving inclusive prosperity. Attracting leading Nigerian businesses to the Exchange is not just about increasing listings, but also about mobilising long-term capital to support business growth while strengthening the link between corporate success and national economic development.
OPay's planned secondary listing on NGX could establish an additional pathway for Nigerian investors to participate in the company's growth. This move brings domestic ownership into a business with a significant presence in Nigeria's digital financial services sector. The potential significance extends beyond OPay, as Nigeria has produced several technology-driven businesses with substantial operations and customer bases.
The development comes as OPay prepares for its initial public offering in the US, which will provide access to international capital. The planned Nigerian listing is subject to market conditions and applicable regulatory approvals. If successful, it could pave the way for other Nigerian tech companies to consider dual listings.
The NGX Group's efforts to encourage local listings have gained momentum, with OPay's formal disclosure giving greater substance to the proposition. The outcome of OPay's planned listings could have implications for Nigeria's capital market and the country's technology sector, potentially broadening investment opportunities for domestic investors.
Key points
- OPay plans a secondary listing on the Nigerian Exchange Limited, aligning with NGX Group's push for local tech listings.
- The move aims to provide Nigerian investors with an opportunity to participate in the company's growth and share in its value creation.
- The development supports NGX Group's advocacy for leading Nigerian businesses to list domestically and expand opportunities for local ownership.
