Nigeria's capital markets regulator wants OPay's shares traded in Lagos, not only in New York. Speaking on the Duke in Business podcast, Securities and Exchange Commission (SEC) Director-General Emomotimi Agama said OPay must list in Nigeria because it earns its revenue from Nigerian customers. "That is non-negotiable," he said, according to Nairametrics.
Agama said the Nigerian Exchange (NGX) board had proposed that companies earning revenue in Nigeria should list locally. He said he attended a meeting with President Bola Tinubu on the government's behalf, and that the government and the president agreed, Nairametrics reports. No formal rule has been published yet.
What OPay has filed
OPay's amended filing with the US SEC, submitted on 23 October, offers 16 million American depositary shares at $19 to $21 each on the New York Stock Exchange under the ticker OPAY, according to Techpoint Africa. At the top of the range the deal would raise up to $336 million and value the company at about $4.42 billion. Nine investors have indicated interest in up to $270 million of shares; those indications are not binding.
The filing already says OPay plans a secondary listing on the NGX, "subject to market conditions and regulatory approval". Agama's comments suggest the regulator will treat that second listing as a requirement rather than an option, though he gave no timeline.
A new door for unclaimed money
Agama also said the SEC has set up an Unclaimed Monies Office so investors with unclaimed funds can complain directly instead of going through long procedures. The office then contacts the parties involved. Investors can reach it through the SEC's digital channels, which he said include Instagram, telephone and WhatsApp. "Go straight to them and they will get in touch with the people," he said.
- Dangote Refinery IPO: Agama said the SEC approved it in five days in September, for 4.1 billion shares at N525 each.
- OPay: NYSE listing first, then a Lagos listing the regulator now calls non-negotiable.
- Unclaimed funds: a dedicated SEC office, reachable on social media and messaging apps.
