OPay has secured board and shareholder approval to pursue a secondary listing on Nigerian Exchange Limited (NGX) after its planned primary listing on the New York Stock Exchange (NYSE), potentially giving Nigerian investors an opportunity to own shares in the fintech company.
The company disclosed the decision in a Form F-1 registration statement filed with the United States Securities and Exchange Commission (SEC) on October 9, 2026. OPay has applied to list American Depositary Shares (ADSs), representing its ordinary shares, on the NYSE under the proposed ticker symbol “OPAY”.
According to the filing, the Nigerian listing remains subject to market conditions, applicable Nigerian laws and regulations, and the necessary regulatory and exchange approvals. The company has not announced a date for the proposed NGX listing.
The development follows calls by Nigerian Exchange Group (NGX Group) for major businesses operating in Nigeria, particularly high-growth fintech companies, to list locally and allow domestic investors to participate in their growth.
In a report published on August 8, 2026, Nairametrics said NGX Chief Executive Officer Temi Popoola had urged President Bola Tinubu to support policies encouraging companies generating substantial revenue in Nigeria to list on the domestic exchange, including businesses pursuing overseas listings.
Popoola cited OPay and other fintech companies as examples of businesses considering foreign listings, arguing that Nigerians should also have opportunities to benefit from the wealth these companies create.
OPay’s proposed listing comes amid strong growth in its business.
According to its SEC filing, the company generated $536.3 million in revenue in 2025, compared with $205.7 million in 2024. Its gross transaction value rose to $358 billion from $166.2 billion over the same period.
The filing also showed that OPay moved from an operating loss of $35.1 million in 2024 to operating income of $107.1 million in 2025.
Nigeria accounted for 88.1% of the company’s total revenue in 2025, underscoring the importance of the Nigerian market to its operations.
Nairametrics reported in August 2026 that OPay was targeting a valuation of approximately $4 billion for its proposed US initial public offering (IPO). The figure is a reported target, not a confirmed valuation or final offer price.
A key consideration for Nigerian investors will be whether shares traded on the NGX can be transferred or exchanged for OPay’s US-listed ADSs.
In its SEC filing, OPay warned that its ordinary shares or depositary receipts listed in Nigeria might not be interchangeable with its NYSE-listed ADSs unless appropriate arrangements were established.
The company said the limitation could restrict investors’ ability to transfer holdings between markets, fragment liquidity and lead to price differences or increased volatility.
OPay also cautioned that even if the Nigerian listing proceeds, there is no guarantee that it will develop an active trading market or deliver the expected improvement in liquidity.
A successful listing could broaden investment opportunities on the NGX and connect Nigeria’s growing digital economy with domestic share ownership. However, the actual benefits will depend on the offering terms, pricing, regulatory approvals and arrangements governing trading between the two markets.
For now, OPay’s Nigerian listing remains a plan rather than a completed transaction.
