OPay Secures Approval for NGX Secondary Listing After Planned NYSE IPO

OPay has secured board and shareholder approval to pursue a secondary listing on Nigerian Exchange Limited (NGX) once it completes a planned primary listing on the New York Stock Exchange (NYSE). The fintech company disclosed the plan in its Form F-1 registration statement filed with the United States Securities and Exchange Commission (SEC) on October 9, 2026.

OPay is pursuing an initial public offering (IPO) of American Depositary Shares (ADSs) and has applied to list on the NYSE under the proposed ticker symbol "OPAY". The Nigerian listing remains subject to market conditions and applicable regulatory approvals.

NGX Group's Push for Homegrown Giants

The move lands barely two months after the Board and Management of Nigerian Exchange Group Plc (NGX Group), led by Chairman Alhaji (Dr.) Umaru Kwairanga and Group Managing Director/Chief Executive Officer Temi Popoola, met President Bola Ahmed Tinubu at the Presidential Villa in Abuja. At that August 6 engagement, the NGX Group team pushed for a deliberate national strategy to encourage leading Nigerian businesses, especially technology companies, to list locally or pursue dual listings.

Popoola named OPay among the major fintech companies whose participation in the domestic capital market could broaden investment opportunities for Nigerians. His argument rested on a simple point: companies that generate significant economic value from Nigeria should also give domestic investors a chance to share in their growth and long-term wealth creation. He has consistently argued that Nigerians should move beyond being consumers, employees and users of services to become shareholders in the businesses driving economic growth.

Kwairanga has made the same case from the Exchange's side, describing the capital market as a critical national platform for financing enterprise, supporting industrialisation and driving inclusive prosperity. On that view, attracting leading Nigerian businesses to the Exchange is not just about counting new listings. It is about mobilising long-term capital for business growth while strengthening the link between corporate success and national economic development.

A Test of the Dual-Listing Argument

OPay's formal disclosure gives that proposition more substance. Its proposed US IPO would open access to international capital. A secondary listing on the NGX would create another pathway for Nigerian investors to own a piece of a company with a substantial presence in the country's digital financial services sector.

The significance stretches beyond one company. Nigeria has produced several technology-driven businesses with deep operations, large customer bases and real economic footprints, yet domestic investors have had limited chances to own them. Bringing such businesses into the Nigerian capital market could deepen liquidity, widen the Exchange's sectoral spread and connect more Nigerians to wealth created by the digital economy.

What It Means for the Market

OPay has the corporate approvals in hand, but the Nigerian transaction still depends on completing the NYSE listing and meeting Nigerian regulatory and market requirements. For NGX Group, it reinforces its ongoing engagement with policymakers, regulators and corporate leaders to position the capital market as a central platform for long-term capital formation. For Nigerian investors, it is an early test of whether the country's biggest tech successes can be owned at home, not just used at home.