OPay secures approval for NGX secondary listing after NYSE debut

OPay has secured board and shareholder approval to pursue a secondary listing on the Nigerian Exchange Limited (NGX) after completing its planned primary listing on the New York Stock Exchange (NYSE).

OPay discosed this its Form F-1 registration statement filed with the United States Securities and Exchange Commission (SEC) on October 9, 2026 and seen by Nairametrics.

“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 company stated in the filing.

The filing confirms Nairametrics’ earlier exclusive report that OPay was planning to list its shares on the NGX.

According to iling, the proposed secondary listing would be subject to market conditions and compliance with applicable Nigerian legal and regulatory requirements, including, but not limited to, the Investments and Securities Act, 2025, the Rules and Regulations of the Securities and Exchange Commission of Nigeria (“Nigerian SEC”), 2013, as amended, and the NGX Rulebook.

The company noted that shares traded on the NGX may not be interchangeable with its American Depositary Shares (ADSs) traded on the NYSE unless appropriate arrangements are established to facilitate transfers between the two markets.

In practical terms, this means that investors who purchase OPay shares on the NGX may not be able to convert or transfer those holdings directly into the company’s NYSE-traded ADSs, and vice versa.

ADSs are securities issued by a depositary bank that represent shares in a foreign company and are traded on a US exchange. They allow investors to gain exposure to a company without necessarily purchasing its underlying shares directly in its home market.

OPay also noted that even if the secondary listing is completed and arrangements to facilitate transfers between the two markets are established, there is no guarantee that the NGX listing would develop an active trading market or deliver the expected expansion of its investor base and improvement in liquidity.

OPay, which is one of Africa’s unicorns, is planning a US IPO targeting a valuation of approximately $4 billion, with Citigroup, Deutsche Bank, and JPMorgan Chase appointed to manage the offering.

Ahead of the IPO, investment document seen by Nairametrics shows that the fintech processed gross transaction value (GTV) of $358 billion in 2025, more than double the $166.2 billion recorded in 2024.

OPay’s monthly active users rose 57% from 25.1 million in 2024 to 39.3 million in 2025, while daily active users in the fourth quarter increased 50% to 22.7 million. This gave OPay a daily active user to monthly active user ratio of 57.8% in Q4 2025.

The transaction growth also coincided with a significant expansion in OPay’s lending business. New loans originated rose 285% from $243.9 million in 2024 to $938.3 million in 2025, while the number of quarterly unique borrowers in Nigeria increased 119% to 4.6 million.

Your email address will not be published. Required fields are marked *

Save my name, email, and website in this browser for the next time I comment.

Notify me of follow-up comments by email.

Access Holdings IT director Olanrewaju Bamisebi retires after four years

CBN insider credit crackdown forces some bank owners, directors out of banking system

Sterling Financial Holdings relists on NGX at N77.00 after 1-for-10 reconstruction