OPay Digital Services Limited has secured board and shareholder approval to pursue a secondary listing on the Nigerian Exchange Limited (NGX) following its planned initial public offering (IPO) on the New York Stock Exchange (NYSE).
The move is expected to enable domestic retail and institutional investors in Nigeria to acquire equity in the fintech firm.
The company disclosed the dual-listing strategy in its Form F-1 registration statement filed with the U.S. Securities and Exchange Commission (SEC) on October 9, 2026.
OPay noted that shares listed on the NGX may not be directly fungible with its American Depositary Shares (ADSs) trading on the NYSE, unless specific cross-border transfer frameworks are established between both exchanges.
According to the company, executing the proposed Nigerian listing remains contingent upon prevailing market conditions and strict compliance with applicable regulatory frameworks, including the Investments and Securities Act, 2025, the Securities and Exchange Commission’s Rules and Regulations, and the NGX Rulebook.
OPay further cautioned that without formal cross-market transfer mechanisms, the inability to interchange securities between platforms could restrict asset transfers, fragment liquidity, and lead to price discrepancies or heightened volatility across the two exchanges.
The disclosure underscores a potential structural hurdle for Nigerian investors seeking to acquire equity stakes in the fintech firm through the local stock exchange.
Backstory…
The proposed secondary listing on the Nigerian Exchange Limited (NGX) remains contingent upon the successful completion of OPay’s primary initial public offering (IPO) in the United States.
The fintech firm had in May formally applied to list its American Depositary Shares (ADSs) on the New York Stock Exchange (NYSE) under the ticker symbol “OPAY”. However, the offering remains subject to regulatory approval from the U.S. Securities and Exchange Commission (SEC), final listing clearance from the NYSE, and favorable market conditions.
Meanwhile, this move though not complete yet comes less than two months after the viral report that the fintech was shutting down.
The fake notice, presented as an “Official Note” from OPay Digital Services Limited, quickly circulated across social media platforms and messaging apps. However, the company subsequently debunked the report and further took action against the source.
Read Also: OPay Debunks Viral Shutdown Rumour, Tells Customers Not to Panic
