OPay has secured board and shareholder approval for a secondary listing on the Nigerian Exchange Limited (NGX), following its proposed initial public offering on the New York Stock Exchange (NYSE), according to a regulatory filing in the United States.
The company disclosed this in its Form F-1 registration statement filed with the United States Securities and Exchange Commission (SEC) on October 9, 2026.
OPay has applied to list its American Depositary Shares (ADSs) on the NYSE under the ticker symbol OPAY, although the offering remains subject to final exchange approval and other applicable requirements.
The proposed NGX listing would depend on prevailing market conditions and compliance with Nigerian laws and regulatory requirements, including the Investments and Securities Act, 2025, the Securities and Exchange Commission’s rules and regulations, and the NGX Rulebook.
The development could broaden access to OPay’s ownership for investors in Nigeria through the domestic capital market, subject to the completion of the proposed listings and the necessary regulatory approvals.
However, OPay cautioned that shares traded on the NGX may not be interchangeable with its ADSs on the NYSE unless arrangements are established to facilitate transfers between the two markets.
“Unless and until appropriate cross-market arrangements are established, securities traded on the NGX may not be fungible with or exchangeable into our ADSs traded on the NYSE, which could limit investors’ ability to transfer holdings between markets, fragment liquidity and result in price differences or increased volatility,” Opay said.
The company noted that the absence of such arrangements could restrict investors’ ability to move their holdings between the exchanges, potentially fragmenting liquidity and creating price differences or increased volatility.
For Nigerian investors, the proposed secondary listing could offer a domestic route to participate in OPay’s equity ownership.
However, the extent of access and the ability to transfer holdings across markets would depend on the structure of the listing and the arrangements ultimately established.
The proposed NGX listing also places regulatory compliance and market infrastructure at the centre of OPay’s plans to access investors across the two markets.
OPay has not confirmed a completion date for the Nigerian listing in the disclosed information.