OPay has secured board and shareholder approval to pursue a secondary checklist at the Nigerian Trade Restricted (NGX) after finishing its deliberate number one checklist at the New York Inventory Trade (NYSE).
OPay discosed this its Shape F-1 registration commentary filed with the USA Securities and Trade Fee (SEC) on October 9, 2026 and observed via Nairametrics.
“Now we have got the approval of our board and shareholders to pursue a secondary checklist at the Nigerian Trade Restricted (“NGX”) following the crowning glory of our number one checklist at the NYSE,” the corporate mentioned within the submitting.
The submitting confirms Nairametrics’ earlier exclusive report that OPay was once making plans to listing its stocks at the NGX.
OPay says no interchangeability of stocks
Consistent with iling, the proposed secondary checklist could be matter to marketplace stipulations and compliance with appropriate Nigerian felony and regulatory necessities, together with, however no longer restricted to, the Investments and Securities Act, 2025, the Regulations and Laws of the Securities and Trade Fee of Nigeria (“Nigerian SEC”), 2013, as amended, and the NGX Rulebook.
The corporate famous that stocks traded at the NGX is probably not interchangeable with its American Depositary Stocks (ADSs) traded at the NYSE except suitable preparations are established to facilitate transfers between the 2 markets.
- “Except and till suitable cross-market preparations are established, securities traded at the NGX is probably not fungible with or exchangeable into our ADSs traded at the NYSE, which might restrict traders’ skill to switch holdings between markets, fragment liquidity and lead to value variations or greater volatility,” the corporate mentioned within the submitting.
What this implies for traders
In sensible phrases, which means that traders who acquire OPay stocks at the NGX would possibly not have the ability to convert or switch the ones holdings immediately into the corporate’s NYSE-traded ADSs, and vice versa.
ADSs are securities issued via a depositary financial institution that constitute stocks in a international corporate and are traded on a US alternate. They permit traders to realize publicity to an organization with out essentially buying its underlying stocks immediately in its house marketplace.
- If OPay proceeds with its proposed dual-market construction with out setting up mechanisms for changing or shifting securities between the 2 markets, its Nigerian-listed stocks and US-traded ADSs may successfully perform as separate swimming pools of securities.
- This would end result within the two securities buying and selling at other costs, relying on call for, provide, alternate charges, marketplace stipulations and the provision of each and every safety.
- For example, sturdy call for for OPay stocks amongst Nigerian traders may push the NGX-traded stocks to another valuation from the US-traded ADSs, with out traders having the ability to benefit from the variation via easy cross-market transfers.
OPay additionally famous that even though the secondary checklist is done and preparations to facilitate transfers between the 2 markets are established, there is not any make it possible for the NGX checklist would expand an energetic buying and selling marketplace or ship the anticipated enlargement of its investor base and growth in liquidity.
OPay’s US IPO
OPay, which is one in all Africa’s unicorns, is making plans a US IPO focused on a valuation of roughly $4 billion, with Citigroup, Deutsche Financial institution, and JPMorgan Chase appointed to regulate the providing.
Forward of the IPO, funding record observed via Nairametrics displays that the fintech processed gross transaction value (GTV) of $358 billion in 2025, greater than double the $166.2 billion recorded in 2024.
OPay’s per thirty days energetic customers rose 57% from 25.1 million in 2024 to 39.3 million in 2025, whilst day-to-day energetic customers within the fourth quarter greater 50% to 22.7 million. This gave OPay a day-to-day energetic consumer to per thirty days energetic consumer ratio of 57.8% in This autumn 2025.
The transaction expansion additionally coincided with a vital enlargement in OPay’s lending trade. New loans originated rose 285% from $243.9 million in 2024 to $938.3 million in 2025, whilst the collection of quarterly distinctive debtors in Nigeria greater 119% to 4.6 million.