Nigeria's House of Representatives has urged the Federal Government to intervene urgently in the reported halting of fintech company OPay Digital Services Limited's planned listing on the New York Stock Exchange. The chamber adopted a motion of urgent public importance during Wednesday's plenary, moved by the member representing Jema'a/Sanga Federal Constituency of Kaduna State, Amos Daniel. According to the lawmaker, OPay is incorporated and registered in Nigeria, yet its listing has reportedly encountered regulatory complications stemming from claims about its alleged Chinese corporate status.
OPay is described as a major player in Nigeria's financial technology sector, contributing significantly to financial inclusion, digital payments, employment generation and the growth of the country's digital economy. The company's planned listing on the New York Stock Exchange was expected to be a significant milestone for Nigeria and an achievement for the country's technology and financial services sector. Daniel told his colleagues that the House was aware the development raised important questions about protection of Nigerian corporate interests, the country's investment climate, and how Nigerian-incorporated companies are treated when seeking access to international capital markets.
The lawmaker expressed concern that immediate legislative and executive intervention was needed to prevent the situation from deteriorating further. He warned that without intervention, the outcome could lead to loss of investor confidence in Nigerian-driven enterprises and amount to a vote of no confidence in the economic reforms being pursued by the administration. The House subsequently mandated its leadership to engage with appropriate authorities and relevant stakeholders to resolve the issues hindering OPay's listing and ensure that opportunities created by ongoing economic reforms are not lost.
The chamber also charged its leadership to take all necessary diplomatic and institutional steps to protect the legitimate interests of companies incorporated in Nigeria that are operating in or seeking investment opportunities from international capital markets. For Nigerian investors and savers, the outcome of this intervention could determine whether homegrown fintech companies can access global capital markets and continue expanding their services domestically.