Add as a preferred source The Nigerian Exchange Group (NGX Group) is seeking to widen domestic ownership of Nigeria-focused technology businesses as reports of OPay’s planned initial public offering (IPO) in the United States revive calls for a potential listing on the Nigerian Exchange. The proposed IPO and a possible secondary listing of OPay on the NGX could create an opportunity for Nigerian investors to acquire stakes in one of Africa’s leading fintech companies, while strengthening the domestic capital market’s participation in the country’s expanding digital economy.
The development comes less than two months after NGX Group’s leadership, led by Chairman Umaru Kwairanga and Group Managing Director and Chief Executive Officer Temi Popoola, met with President Bola Ahmed Tinubu at the Presidential Villa in Abuja to advocate a national strategy for encouraging major Nigerian businesses, particularly technology companies, to list locally or pursue dual listings.
At the 6 August meeting, Popoola specifically identified OPay among the fintech companies whose participation in the domestic capital market could expand investment opportunities for Nigerians and allow them to share in the long-term value created by businesses operating in the country. The proposal reflects NGX Group’s push to move Nigerians beyond being consumers of digital services to becoming shareholders in the companies benefiting from their patronage.
The strategy could broaden retail participation, attract new investors and diversify the ownership base of listed companies. For OPay, whose business is supported by a substantial Nigerian customer base, a domestic listing could potentially provide local investors with access to its equity, subject to the company’s plans, regulatory approvals and prevailing market conditions. While a US IPO would give OPay access to international investors and capital, a secondary listing on the NGX could provide an additional route for Nigerian investors to participate in the company’s growth without relying solely on foreign markets.
Kwairanga has consistently positioned the capital market as a platform for financing enterprises, supporting industrialisation and promoting wider participation in economic growth. Bringing major technology companies to the Exchange would, therefore, serve not only to increase the number of listed companies but also to mobilise long-term capital and connect domestic investors with businesses that have significant economic footprints.
Nigeria’s technology sector has expanded across digital payments, financial services, electronic commerce and other technology-enabled businesses. However, opportunities for domestic investors to acquire direct equity stakes in some of these fast-growing companies remain limited. NGX Group’s proposed approach seeks to bridge this gap by encouraging businesses with substantial Nigerian operations to consider the domestic capital market as part of their funding and ownership strategies.
A successful listing by a major fintech company could also broaden the sectoral composition of the Exchange, potentially attract younger and technology-oriented investors, and deepen market liquidity. These outcomes, however, would depend on the terms of any offering, investor demand, regulatory requirements and the number of shares made available to the Nigerian market. For the Exchange, attracting technology-driven businesses would complement efforts to strengthen Nigeria’s capital market as a source of long-term funding for companies seeking to expand their operations and compete internationally.
The engagement with President Tinubu formed part of NGX Group’s broader advocacy for closer collaboration among the government, regulators and corporate leaders to increase listings and expand investment opportunities in the domestic market. The proposed OPay listing also raises a wider question about how Nigeria can translate the growth of its digital economy into broader domestic wealth creation.
Where companies build substantial customer bases and business operations in Nigeria but seek capital abroad, a domestic listing could provide an avenue for local investors to participate in their corporate growth. Nevertheless, OPay’s reported IPO plans and the possibility of a secondary listing on the NGX should not be interpreted as confirmation that the company has committed to listing on the Exchange.
Any such transaction would depend on the company’s final decisions, commercial considerations and the necessary regulatory approvals. As more technology companies explore international capital markets, the potential OPay listing has brought renewed attention to the need to ensure that Nigerian investors can participate in the value generated by businesses serving the domestic economy.
