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NGX CEO Temi Popoola urged President Tinubu to back rules that push major fintechs like OPay and PalmPay to list locally or do dual listings.
Nigerian Exchange Limited, NGX, wants the Federal Government to push large, fast-growing fintechs to list on Nigeria’s stock exchange.
Nigerian Exchange Limited CEO Temi Popoola has asked President Bola Ahmed Tinubu to support policies that would require major companies operating in Nigeria, especially high-growth fintech firms, to list on the local exchange.
Popoola said some companies are building strong businesses in Nigeria, earning meaningful profits locally, then planning to list their shares on foreign exchanges. That can limit access for Nigerian retail and institutional investors to buy into those companies.
He singled out fintechs like OPay and PalmPay as examples of firms considering overseas listings. He also urged government to consider dual listings, which means listing shares in two markets at the same time. This can let a company raise money abroad while also offering shares to local investors.
The comments come as public market plans for African fintechs stay active. OPay has been reported to be working with major investment banks on a possible IPO, which is when a private company sells shares to the public for the first time. Reports have linked it to a US listing and a valuation that could reach about $4 billion.
PalmPay has also been reported to be exploring an IPO in Hong Kong to fund expansion across emerging markets. Elsewhere, Flutterwave has repeatedly been linked to a potential Nasdaq listing, although it has not confirmed a timeline.
If Nigeria moves toward mandatory listings or stronger incentives, it could reshape how fintechs plan IPOs and fundraising. A deeper domestic equity market can help pension funds, asset managers, and everyday investors participate in the upside of local tech winners.
But listing rules can also add costs and compliance work. For fintechs that want global investor demand and foreign currency capital, dual listings may be the compromise Nigeria pushes for next.
Primary Source: Nairametrics
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