NGX urges Tinubu to require FinTechs to list on Nigeria Stock Exchange

Chief Executive Officer of Nigerian Exchange Limited, Temi Popoola, urged President Bola Ahmed Tinubu to implement policies requiring major companies, especially high-growth fintech firms, to list on the Nigerian Stock Exchange. During a meeting with the President, Popoola expressed concern that several profitable companies were planning to float their shares on foreign exchanges, restricting local investors' access to growth opportunities.

While supporting free and open capital markets, Popoola emphasized that Nigerian investors should benefit from wealth generated within the country. He noted that fintech companies like OPay are considering overseas listings despite significant operations in Nigeria. Popoola called for policies encouraging dual listings, allowing such companies to raise capital internationally while enabling Nigerian investors to own shares.

This proposal aligns with NGX's goal of deepening the capital market to support a $1 trillion economy. Other listed firms include Jumia on the New York Stock Exchange and IHS, which will IPO on the New York Stock Exchange after delisting from the Nigerian Stock Exchange.