OPay Secures Approval for NGX Listing Amid US IPO Plans

OPay Limited announced it has secured board and shareholder approval to pursue a secondary listing on the Nigerian Exchange Limited (NGX) after its proposed initial public offering (IPO) on the New York Stock Exchange (NYSE). Stanbic Africa Holdings Limited, part of Standard Bank Group, has agreed to invest up to $200 million in OPay.

This information was disclosed in OPay’s preliminary Form F-1 registration statement filed with the United States Securities and Exchange Commission (SEC). The prospectus indicates that the Nigerian listing will occur after the US listing, although no specific timeline was provided.

The listing is contingent on market conditions, regulatory approvals, and compliance with Nigerian laws, including the Investments and Securities Act 2025. Stanbic Africa Holdings will purchase OPay ordinary shares alongside the US offering, with the investment potentially being less than $200 million.

The private placement is expected to be completed concurrently with the public offering, subject to necessary approvals.