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Plans by OPay to pursue an initial public offering (IPO) on the New York Stock Exchange (NYSE) and a potential listing on the Nigerian Exchange (NGX) have renewed attention on efforts to give Nigerian investors access to businesses generating substantial revenue from the domestic economy.
The company disclosed this in its registration statement filed with the United States Securities and Exchange Commission (SEC) on October 9, where it stated that the proposed Nigerian listing would follow its primary listing on the New York Stock Exchange (NYSE).
The proposed secondary listing remains subject to market conditions, compliance with Nigerian laws and regulations, and the receipt of necessary approvals. OPay also cautioned that the Nigerian listing might not be completed and that its shares traded on the NGX might not be interchangeable with those traded in New York unless appropriate arrangements were established.
The development gives fresh backing to the Nigerian Exchange Group (NGX Group)’s advocacy for leading Nigerian businesses, particularly technology companies, to list locally or pursue dual listings, allowing domestic investors to participate in the growth of businesses with substantial operations in the country.
The NGX Group, led by its Chairman, Umaru Kwairanga, and Group Managing Director and Chief Executive Officer, Temi Popoola, had raised the issue during a meeting with President Bola Tinubu. According to the Group’s account of the engagement, its proposals included encouraging the domestic or dual listing of leading Nigerian companies as part of a broader strategy to mobilise long-term capital, strengthen the capital market and broaden public ownership of businesses.
Popoola advocated “greater participation by Nigerians in the ownership of businesses driving economic growth,” arguing for a capital market that provides investment opportunities beyond employment and consumption.
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OPay’s proposed listing could provide one such opportunity, given the company’s substantial Nigerian operations and customer base. However, the extent to which domestic investors would benefit would depend on the structure of the offer, the securities made available for trading and the applicable regulatory arrangements.
The company’s filing showed that Nigeria accounted for $417.61 million, or 89.5 per cent, of its total revenue of $467.06 million in the six months ended June 30, 2026. Its total revenue for the corresponding period of 2025 was $197.48 million, while Nigeria contributed $173.20 million.
For the full year ended December 2025, OPay reported revenue of $536.25 million, compared with $205.73 million in 2024. Nigeria accounted for 88.1 per cent of its 2025 revenue, underscoring the importance of the domestic market to its business.
The figures highlight the potential significance of providing Nigerian investors with access to the ownership of a company whose earnings are largely generated from the country. OPay has applied to list American depositary shares on the NYSE under the proposed ticker symbol OPAY. Its preliminary prospectus did not disclose the final offer price or the number of shares to be offered, while the completion of the US listing remains subject to the exchange’s final approval.
The company also disclosed that Stanbic Africa Holdings Limited had agreed to purchase shares through a concurrent private placement, subject to completion of the offering and applicable regulatory approvals. The subscription price would be subject to specified limits, including a maximum of $200 million. The Nigerian listing, if completed, would extend the reach of the transaction beyond international investors and create another potential avenue for domestic participation in the company’s growth.
However, the proposed arrangement also raises practical questions about how the shares would trade across the two markets. OPay warned in its filing that securities listed in Nigeria might “not be exchangeable for, its New York-listed securities unless appropriate cross-market arrangements were established.” Such limitations could affect liquidity, transferability and price differences between the markets.
