NGX Seeks More Listings as OPay Advances Local Listing Plans
Nigeria's stock exchange is pushing for more listings as fintech company OPay advances plans for a local listing alongside a proposed US IPO.
What happened
The Nigerian Exchange Group (NGX) is targeting a market capitalisation of N300 trillion and is pushing for more government-linked companies to list on the exchange.1
According to BusinessDay's headline, OPay has won board and shareholder approval for a listing on the Nigerian Exchange, after the fintech company revealed plans for a proposed $4 billion initial public offering in the United States; the outlet's accompanying text was not fully available to verify details beyond the headline claim.3
Nairametrics reports that Zhou Yahui, described as a Chinese billionaire and technology entrepreneur, is moving closer to bringing OPay, one of Nigeria's largest fintech companies, to the NGX.2
What the coverage leaves out
- None of the outlets reviewed reported a timeline for OPay's NGX listing or details on how it would relate to the proposed US IPO process.
- None of the outlets reviewed detailed which government-linked companies NGX is targeting for listing.
- No outlets outside Nigeria were found reporting on OPay's NGX listing, so this account remains sourced to a single region and could not be corroborated independently.
Why it matters
Separately from OPay's listing plans, NGX is pursuing a broader initiative to expand its market capitalisation and attract more listings, including from government-linked companies.1
OPay is moving toward a listing on the Nigerian Exchange, with BusinessDay's headline reporting board and shareholder approval has been secured.23
What to watch
- Further developments on OPay's planned NGX listing and its proposed US IPO.
- Additional government-linked companies potentially listing on NGX as part of its market capitalisation push.
Sources (3)
Every outlet we drew on, grouped by where it is based. Read the originals for the full reporting.
Africa
- 1PunchNGPrivate
- 2NairametricsNGPrivate
Meet Zhou Yahui, Chinese billionaire behind OPay’s planned NGX listing
- 3BusinessDayNGPrivate
OPay wins board, shareholder nod for Nigerian Exchange listing after $4bn US IPO plan