Quote from Aisha_S on May 14, 2026, 2:23 pm

I have taken my time to write this article despite prompting from very influential capital market players for me to say my own.

Say what, you may want to ask.

We have received news that Fintech giant Opay, operating in Nigeria with headquarters in Singapore and owned by Chinese investors but funded by Japanese Private Equity is looking at listing on the New York Stock Exchange later in the year.

Reports suggest that it is eyeing a valuation of approximately $4 billion, which is equivalent to N5. 4trillion Naira.

Opay is an octopodial firm with inroads in ride-hailing, logistics, food delivery and the financial services that we know of. 40 million Nigerians are registered on the app, with about 10 million daily users.

To say that Opay is pretty much a part of our daily existence will not be too much of an exaggeration. Its users cut across the whole swath of what Frank Olize used to call the common man. Everyday people from all walks of life form the vast bulk of its 10 million daily users, and this is because of the ease to enrol, its efficiency and its wide spread use.

This confidence has given it the super growth that it is now leveraging to pursue a New York listing. This move is not making the Nigerian investor community very comfortable as they feel that a local listing or a joint listing would allow local investors to also partake from this giant cake.

At a valuation in excess of N160 trillion, a lack of depth or capacity cannot be ascribed to the NGX as the reason for this snub.

Our argument is very clear. Since our business forms the basis of your valuation, we too must have the right to some form of benefits accruing to its public listing.

If you now juxtapose this to the $26 billion Dangote Refinery, whose listing would be particularly local, you begin to see the role psychology of investment plays in these things

While the owners of Opay bear no emotional attachment to Nigeria, seeing a huge market of over 60 million unbanked, the promoters of Dangote feel an affinity to a market that needs a shot in its arm very quickly, hence its decision to carry Nigerians along.

For the Opay people, it’s a cash and carry policy, and this feeds even into their human capital policies, where employees we have heard have less than standard employment packages. It is at this juncture that the regulatory bodies, especially SEC should step in and ensure that things are done right by the Nigerian investment public

An NGX listing of a huge octopus-like Opay would bring huge benefits, away from the immediate gains of capital appreciation and investment growth, but would seep into the real sector as those gains would flow to other businesses and further galvanise the economy.

This expected listing in New York smells rotten as it looks like jumping in, plucking benefits and running away. But tarry, every investor reserves the right to seek efficiency and a credible environment for their investments, and this is what the Opay people seem to have done with their rush to New York, but then again, if the 10 million daily users dry up, is it noodles they will be taking to New York?

I am happy that the NGX are engaging with them, as I have heard, and I do hope that the deliberations will achieve some sort of recalibration on this matter.

The least we expect is a joint listing; anything short of that would be them serving us a bland, tasteless bowl of spaghetti.

Ohhh pay.

Duke of Shomolu Speaks
Joseph Edgar, also known as The Duke of Shomolu, is an expert investment banker with over 30 years of cognate experience, specializing in strategy and business development.

https://nairametrics.com/2026/05/14/opay-ohhh-pay-no-gain/