Nigerian fintech company OPay has secured board and shareholder approval to pursue a secondary listing on the Nigerian Exchange Limited (NGX) following its planned primary listing on the New York Stock Exchange (NYSE). The company disclosed the approval in a Form F-1 registration statement filed with the United States Securities and Exchange Commission (SEC) on October 9, 2026, marking a potential step towards expanding local investment opportunities in Nigeria’s digital payments sector.
Key Highlights
- OPay has obtained board and shareholder approval to pursue a secondary listing on the Nigerian Exchange.
- The proposed Nigerian listing would follow the company’s planned primary listing on the New York Stock Exchange.
- OPay has applied to list American Depositary Shares under the proposed NYSE ticker symbol OPAY.
- Reports have linked the planned US initial public offering (IPO) to a potential valuation of about $4 billion.
- A proposed private placement of up to $200 million involving Stanbic Africa Holdings is also referenced in the filing.
- The NGX listing remains subject to regulatory approvals, market conditions and compliance with Nigerian securities rules.
- A secondary listing could give Nigerian investors an additional route to invest in the fintech company if the plan is completed.
OPay Wins Approval for Nigerian Exchange Listing
OPay disclosed in its registration statement that its board and shareholders had approved plans to pursue a secondary listing on the NGX after completing its proposed NYSE listing.
The company stated: “We have obtained the approval of our board and shareholders to pursue a secondary listing on the Nigerian Exchange Limited (‘NGX’) following the completion of our primary listing on the NYSE.”
The approval represents an important step in OPay’s proposed dual-market strategy, although it does not mean the Nigerian listing has been completed.
The company will still need to satisfy the relevant regulatory requirements and obtain the necessary approvals before its shares can be listed on the NGX.
OPay Plans $4bn US Initial Public Offering
OPay is seeking to raise capital through an initial public offering of American Depositary Shares in the United States and has applied to list on the NYSE under the proposed ticker symbol OPAY.
Media reports have linked the offering to a potential valuation of approximately $4 billion. However, the final valuation, offer price, number of shares and listing date have not been disclosed in the information provided.
The registration statement also references a concurrent private placement of up to $200 million from Stanbic Africa Holdings, a subsidiary of Standard Bank Group.
The proposed investment is subject to specified conditions, including a limit that would cap the investor’s stake at approximately 4.99 per cent.
The US IPO remains subject to the applicable regulatory process and market conditions.
What OPay’s Secondary Listing Means for Nigerian Investors
If completed, the NGX secondary listing could provide Nigerian investors with a domestic market through which to invest in OPay, a company whose operations are heavily concentrated in Nigeria.
The planned US listing would provide access to international capital markets, while a Nigerian listing could broaden participation among local investors.
However, the company has warned that shares traded on the NGX may not automatically be interchangeable with its NYSE-listed American Depositary Shares.
Unless appropriate cross-market arrangements are established, the securities could trade independently, potentially resulting in differences in liquidity and pricing between the two markets.
Investors would therefore need to consider the structure of the listing, trading arrangements and applicable regulatory requirements before making investment decisions.
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OPay Listing Aligns With Push for Local Investment in Technology Companies
The proposed listing comes amid efforts by Nigerian Exchange Group leadership to encourage more major domestic businesses, particularly technology companies, to list their shares locally.
NGX Group has previously engaged President Bola Tinubu on initiatives aimed at promoting local and dual listings by leading companies in Nigeria’s digital economy.
A successful OPay listing could expand the range of technology-sector investment opportunities available on the Nigerian capital market.
It could also provide the company with a route to engage domestic investors while maintaining access to international capital markets through its planned NYSE listing.
The potential benefits, however, would depend on the final listing structure, the availability of shares to Nigerian investors and the level of trading activity after admission to the exchange.
OPay Reports Strong Revenue Growth in 2026 Filing
Financial information in OPay’s registration statement indicates that the company recorded substantial growth in the first half of 2026, with revenue more than doubling compared with the corresponding prior-year period, according to reports on the filing.
Lending also became a larger contributor to the business alongside its core payments operations, while the company reported improvements in profitability and an expansion in gross transaction value.
The figures highlight the growing scale of OPay’s digital financial services business, although investors will need to examine the full registration statement for details about revenue composition, profitability, risks and future prospects.
The planned IPO would give public-market investors an opportunity to assess the company’s financial performance and business model through the disclosures required for a listed company.
OPay’s Dual-Listing Plan Awaits Regulatory Clearance
OPay’s proposed secondary listing on the NGX remains conditional on the completion of its planned NYSE listing and subsequent approvals in Nigeria.
The company has indicated that the Nigerian process would be subject to applicable legislation, including the Investments and Securities Act 2025, Securities and Exchange Commission rules and the NGX Rulebook.
The US offering is still at the registration stage, and its pricing and timing remain uncertain.
If both listings proceed, OPay would combine access to international investors with a potential domestic investment route, marking a significant development for Nigeria’s fintech sector.
For now, the board and shareholder approval establishes the company’s intention to pursue a Nigerian listing, while the final outcome will depend on regulatory clearance, market conditions and the completion of the proposed US IPO.
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