Digital payments company OPay has obtained the necessary approvals to pursue a secondary listing on the Nigerian Exchange Limited (NGX). The company disclosed this in its Form F-1 registration statement filed with the United States Securities and Exchange Commission (SEC) on October 9, 2026. This development comes after OPay's planned primary listing on the New York Stock Exchange (NYSE). The company's board and shareholders have given their approval for the secondary listing.
The proposed secondary listing on the NGX is subject to market conditions and compliance with applicable Nigerian laws and regulatory requirements. According to the filing, the listing will be governed by Nigerian legal and regulatory provisions, including the Investments and Securities Act, 2025, the Securities and Exchange Commission's Rules and Regulations, 2013, as amended, and the NGX Rulebook. This move is expected to provide local investors with an additional avenue to gain exposure to OPay.
The company's disclosure indicates that approval from its board and shareholders represents a step towards the planned listing, rather than confirmation that trading on the NGX will commence immediately. OPay has not specified a date for the proposed secondary listing. The company also cautioned that shares traded on the NGX may not be interchangeable with its American Depositary Shares (ADSs) traded on the NYSE unless appropriate arrangements are established.
Unless cross-market arrangements are established, securities traded on the NGX may not be fungible with or exchangeable into OPay's ADSs traded on the NYSE. This could limit investors' ability to transfer holdings between markets, fragment liquidity, and result in price differences or increased volatility. The company made this disclosure in its filing with the SEC.
This development confirms an earlier exclusive report by Nairametrics that OPay was planning to list its shares on the Nigerian bourse. The secondary listing on the NGX is expected to provide Nigerian investors with an opportunity to invest in the digital payments company. However, the company has not provided a timeline for the listing.
OPay's planned primary listing on the NYSE is expected to be completed before the secondary listing on the NGX. The company's registration statement with the SEC is a significant step towards achieving this goal. The listing will provide OPay with access to a broader capital market and enhance its visibility.
The approval for the secondary listing on the NGX is a significant milestone for OPay. The company will need to comply with Nigerian regulatory requirements and market conditions before the listing can be completed. Nigerian investors will be watching closely for the opportunity to invest in the digital payments company.
Key points
- OPay has secured board and shareholder approval for a secondary listing on the Nigerian Exchange Limited (NGX).
- The proposed secondary listing is subject to market conditions and compliance with applicable Nigerian laws and regulatory requirements.
- Shares traded on the NGX may not be interchangeable with OPay's American Depositary Shares (ADSs) traded on the NYSE.
