September 3, 2026/CSL Update
Opay Digital Services Limited is reportedly considering a secondary listing in Nigeria following its planned initial public offering (IPO) in the US, according to a Bloomberg report citing sources familiar with the matter.
We highlight that reports around a potential secondary listing in Nigeria have been gaining momentum in recent months, with NGX Group Chief Executive Officer Temi Popoola urging President Bola Tinubu to support measures that would encourage major companies generating substantial revenues in Nigeria to list locally, citing Opay as a prime example.
According to Bloomberg, the company serves over 50.0 million people in Nigeria and turned profitable last year, with transaction value more than doubling to approximately US$358.0 billion.
Although it remains unclear whether a Nigerian listing would run concurrently with the US IPO under a dual-listing structure, the anticipated US prospectus could offer an early read on valuation that may later inform a domestic offering. Nonetheless, we view a potential Opay secondary listing as a positive development for the Nigerian equity market.
With reports suggesting that the company is targeting a valuation of approximately US$4.0 billion in its US IPO, depending on the eventual structure of a Nigerian listing, this could add a considerable amount to the market capitalisation of the NGX. Moreover, the listing would also give domestic institutional and retail investors direct exposure to a fintech-focused company, an asset class currently underrepresented on the local exchange.
Beyond broadening investor access, we note that a successful listing could serve as a pathway for other Nigerian fintech companies to tap the local capital market as they scale, potentially unlocking a wider pipeline of listings over time.
It is worth mentioning that the Nigerian equity market has delivered stellar returns so far this year, emerging as one of the best-performing indices globally in US dollar terms. We remain positive on the market outlook for the remainder of the year, with the planned listing of the Dangote Refinery and the potential listing of Opay representing meaningful tailwinds to market performance.
Click here to download full report: CSL Nigeria Daily-3 September – Equities