List locally or lose wealth, NGX chief tells Tinubu as fintechs eye foreign IPOs

Temi Popoola, Chief Executive Officer of Nigerian Exchange Limited (NGX), has called on President Bola Ahmed Tinubu to support policies that would require major companies operating in Nigeria, especially high-growth fintech firms, to list on the domestic stock exchange. He spoke during a meeting with the President, warning that Nigerian investors are being shut out of wealth created by companies earning billions in the country.

Popoola's appeal

Popoola said several companies generating significant revenues and profits from Nigeria are planning to float shares on foreign exchanges. He argued that while Nigeria should continue to support free and open capital markets, local investors should also have access to the wealth these firms create.

“Mr. President, I bring to your attention something that we’re seeing happen recently that we could do with some support, which is an idea of companies who do business in Nigeria. They earn a lot of their profits in Nigeria, but they take that wealth abroad to list on other exchanges,” Popoola said.

“It’s a free market, but we should also allow locals to participate in the wealth that these companies are creating. Some of these fintechs, like OPay and PalmPay, are considering listings abroad. While we encourage free and open markets, let’s make sure our locals can also benefit. As they list abroad, they should also list in our country.”

He urged the Federal Government to explore policies that would encourage dual listings, allowing companies to raise capital internationally while also offering Nigerian investors a chance to own shares.

Fintechs heading abroad

Popoola’s remarks come as leading fintechs explore public listings outside Nigeria. OPay, backed by SoftBank Group Corp., has reportedly engaged Citigroup, Deutsche Bank and JPMorgan Chase for a potential initial public offering (IPO) that could value the company at up to $4 billion. The company is said to be considering a U.S. listing.

PalmPay, backed by Taiwanese semiconductor company MediaTek, is also exploring an IPO in Hong Kong to fund expansion across emerging markets. Flutterwave has repeatedly been linked to a potential Nasdaq listing, although it has yet to officially confirm any IPO plans.

Already, Jumia, a Pan-African e-commerce platform, is listed on the New York Stock Exchange. IHS, operator of mobile phone masts, delisted from the Nigerian Stock Exchange to launch an IPO on the New York Stock Exchange.

NGX market cap target

The proposal comes as NGX seeks to support the Federal Government’s ambition of building a $1 trillion economy through deeper capital market participation. Earlier, Popoola projected that the market value of listed companies could rise to N230 trillion by the end of 2026, up from the current N160 trillion.

He noted that market capitalisation has grown significantly from about N30 trillion when President Tinubu assumed office in May 2023, reflecting stronger investor confidence and renewed activity in the capital market. According to the NGX chief, attracting more listings, particularly from fast-growing technology firms and strategic national assets, would further deepen the market, expand investment opportunities and support long-term economic growth.

For Nigerian investors, the push for dual listings means a chance to buy into the same fintech giants that currently plan to reward foreign shareholders. If the government acts on NGX’s request, local participation in the country’s digital economy could rise sharply, and the naira may gain from reduced capital flight.