Reps seek FG intervention over OPay’s New York stock exchange listing

The House of Representatives has urged the Federal Government to swiftly intervene in the alleged impediment of Nigerian fintech firm OPay Digital Services Limited's intended listing on the New York Stock Exchange. This call for action arose from a motion of urgent public importance introduced during the House's Wednesday plenary session by Kaduna State representative, Mr. Amos Daniel.

OPay Digital Services Limited is a prominent entity in Nigeria's financial technology landscape, contributing substantially to financial inclusion, digital payments, job creation, and the expansion of Nigeria's digital economy. The company's planned listing on the New York Stock Exchange was anticipated to be a significant achievement for Nigeria and a demonstration of the nation's capabilities in technology and financial services.

According to the lawmaker, the company is registered and incorporated in Nigeria, and does not have a registration in China, yet its listing has reportedly been impeded due to claims regarding its supposed Chinese corporate status, as reported in the media. The All Progressive Congress representative expressed concern that this situation raises critical questions about the protection of Nigerian corporate interests, the country's investment climate, and the treatment of Nigerian-incorporated companies attempting to access international capital markets.

The House is worried that these issues could adversely affect investor confidence, foreign investment, and the international competitiveness of Nigeria's emerging technology and financial services sector. The House strongly believes that without immediate legislative and executive intervention, the situation might worsen, leading to a decline in investor confidence in Nigerian-driven enterprises, which would essentially be a rejection of the economic reforms the administration has courageously pursued.

Consequently, the House adopted the motion and instructed its leadership to collaborate with "the appropriate authorities and relevant stakeholders" to resolve the issues impeding the historic opportunity for a Nigerian fintech company and prevent the squandering of the economic reforms' benefits for Nigeria's corporate citizens.

The House further called for all necessary diplomatic and institutional measures to safeguard the legitimate interests of Corporate Nigeria and Nigerian-incorporated companies operating within or seeking investment opportunities from international capital markets.