OPay to List on NGX After Planned New York IPO

BREAKING NEWSOctober 11, 2026 at 7:43 PM UTC

TLDR

OPay securing board and shareholder approval for a secondary listing on the NGX after completing IPO in New York.
OPay's revenue surged to $467.1 million in the first half of 2026, with Nigeria contributing 89.5% of revenue during the period.
Valuation target for OPay's US IPO is around $4 billion, seeking to list ADS on NYSE under ticker OPAY.

OPay has secured board and shareholder approval to pursue a secondary listing on the Nigerian Exchange after completing its planned initial public offering in New York. The fintech disclosed the plan in a Form F-1 registration statement filed with the US Securities and Exchange Commission on October 9. The Nigerian listing remains subject to market conditions, regulatory approval and NGX rules, and OPay has not disclosed how many shares it may make available locally.

The move could give Nigerian investors direct access to a company that generates most of its revenue in the country. OPay reported $467.1 million of revenue in the first half of 2026, more than double the $197.5 million generated a year earlier. Net income rose to $90.9 million from $21.7 million. Nigeria accounted for 89.5% of revenue during the period. For 2025, OPay reported $536.25 million in revenue and $72.47 million in net profit, compared with a $50.83 million loss in 2024.

OPay is seeking a valuation of about $4 billion in its US IPO and has applied to list American depositary shares on the New York Stock Exchange under the ticker OPAY. Its payment network processed $358 billion in gross transaction value in 2025, up from $166.2 billion in 2024. Monthly active users rose 57% to 39.3 million, while quarterly unique borrowers in Nigeria increased to 4.6 million as the company expanded lending.

A Nigerian listing would also support the NGX’s effort to attract technology companies whose main businesses are based in the country. NGX Group CEO Temi Popoola has called for companies such as OPay to give domestic investors access to the value created from Nigerian customers. A secondary listing could broaden the exchange’s technology exposure, although its effect would depend on the number of shares offered, pricing and trading liquidity.

OPay has warned that its NGX-listed securities may not initially be interchangeable with its NYSE-traded American depositary shares. Without a system allowing investors to move securities between the 2 markets, the Nigerian and US instruments could trade at different prices. OPay said that could fragment liquidity and increase volatility. The company also said there is no guarantee that a secondary listing would create an active trading market.

Key Takeaways

The proposed NGX listing matters because OPay’s business is tied to Nigeria even though its main public listing is planned for the US. Nigeria generated 89.5% of first-half revenue, while OPay’s user, payments and lending growth have been built around the domestic market. A local listing would give Nigerian investors a route to own part of that business, but the structure will determine how useful that access is. OPay has not said how much stock would trade on the NGX or whether the local securities could be converted into its NYSE-listed ADSs. If the 2 instruments are not interchangeable, they could develop separate pools of buyers and sellers. Exchange-rate moves, local demand and differences in market liquidity could then cause OPay’s securities to trade at different implied valuations in Lagos and New York. That would make the Nigerian listing different from a fully integrated dual listing where investors can move shares between markets and arbitrage price gaps. The timing also comes as OPay asks public investors to value a business growing at a fast rate. First-half revenue rose 136.5% and net income more than quadrupled, while 2025 transaction value exceeded $350 billion. At a reported target valuation of about $4 billion, investors will have to judge whether that growth can continue as lending expands and competition in Nigerian payments increases. For the NGX, securing OPay would also add a large technology and fintech name to a market still dominated by banks, industrial companies and consumer businesses.

Finance