OPay listing plan spotlights NGX market expansion drive

Plans by OPay to pursue an initial public offering (IPO) on the New York Stock Exchange (NYSE) and a potential listing on the Nigerian Exchange (NGX) have renewed attention on efforts to give Nigerian investors access to businesses generating substantial revenue from the domestic economy. The company disclosed this in its registration statement filed with the United States Securities and Exchange Commission (SEC) on October 9, where it stated that the proposed Nigerian listing would follow its primary listing on the New York Stock Exchange (NYSE). The proposed secondary listing remains subject to market conditions, compliance with Nigerian laws and regulations, and the receipt of necessary approvals. OPay also cautioned that the Nigerian listing might not be completed and that its shares traded on the NGX might not be interchangeable with those traded in New York unless appropriate arrangements were established.