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Opay – ohhh pay, no gain by Joseph Edgar

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New York listing smells like ‘exit strategy.’ The founders want to cash out in Dollars and leave us with whatever is left. If they believe in the future of the Nigerian economy, they should stay here.

40 million users and you are snubbing the NGX? Even the ‘unbanked’ people you are banking have enough sense to know when they are being cheated. We want shares, not just ‘ease of transfer’.

The comparison with Dangote Refinery is spot on. Love him or hate him, Dangote keeps his ‘octopus’ projects local. Listing Opay on the NGX would have given our stock market a massive boost. This snub shows they have zero emotional attachment to the land that made them rich.

The Duke is right about the psychology. When we see a company listed on the NGX, we feel like owners. When they run to New York, we feel like ‘customers’ being harvested for data. There is no loyalty in that.

Joseph Edgar, thank you for saying your own. We need more investment bankers to speak up against this trend of ‘capital flight’ disguised as ‘tech listing.’ Our stock market needs these big players.

A bland, tasteless bowl of spaghetti… that’s exactly what an NYSE-only listing is. We want the spicy jollof of the NGX! Give us a chance to build our own wealth for once.

Wait o, if Opay lists in New York, the average Nigerian trader in Alaba or student in UNILAG who uses the app every day won’t be able to own a piece of it easily. We are good enough to use the service but not good enough to own the company? That is a financial slap in the face.

Singapore HQ, Chinese owners, Japanese money, Nigerian users, and New York listing. This is the most ‘Globalist’ jollof rice I have ever seen. But the salt in the rice is Nigerian, so we deserve a spoon at the table!

I love the Duke’s writing style. He hits the point without fear. Opay needs to recalibrate quickly. The Nigerian investment public is watching and we are not happy.

A joint listing is the only fair compromise. Let them get their Dollars in New York, but let Nigerians buy in Naira at home. Anything else is just ‘imperialism 2.0’ disguised as a fintech revolution. Don’t just take our ‘O’ and leave us with the ‘Pay’.

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