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

File: House of Representatives

The House of Representatives has called on the Federal Government to urgently intervene in the alleged halting of Nigerian fintech company OPay Digital Services Limited’s planned listing on the New York Stock Exchange, citing its role in delivering financial services to millions of Nigerians across the country.

The resolution of the House followed the adoption of a motion of urgent public importance moved during Wednesday’s plenary by the member representing Jema’a/Sanga Federal Constituency of Kaduna State, Mr Amos Daniel.

OPay Digital Services Limited is a major player in Nigeria’s financial technology ecosystem, contributing significantly to financial inclusion, digital payments, employment generation and the growth of the Nigerian digital economy.

The company’s planned listing on the New York Stock Exchange was expected to mark a significant milestone for Nigeria and an achievement for the country’s technology and financial services sector.

According to the lawmaker, the financial services company is incorporated and registered in Nigeria and is not registered in China, “yet its listing has reportedly encountered regulatory complications arising from claims regarding its alleged Chinese corporate status as reported in the media.”

Addressing his colleagues, the All Progressives Congress lawmaker said, “The House is aware that this development raises important questions about the protection of Nigerian corporate interests, the country’s investment climate, and the treatment of Nigerian-incorporated companies seeking access to international capital markets.

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“The House is disturbed that the matter has implications beyond OPay, particularly for investor confidence, foreign investment and the international competitiveness of Nigeria’s emerging technology and financial services sector.

“We are also disturbed that if immediate legislative and executive intervention is not deployed, the situation may degenerate further, leading to loss of investor confidence in Nigerian-driven enterprises, which would amount to a vote of no confidence in the economic reforms this administration has courageously orchestrated to the admiration of global financial institutions.”

The House subsequently adopted the motion and mandated its leadership to engage with “the appropriate authorities and relevant stakeholders with a view to resolving the issues hindering the historic outing by a Nigerian fintech company and ensuring that the opportunities the ongoing economic reforms have made possible for Nigeria’s corporate citizens are not wasted.”

It further charged the House leadership to take all necessary diplomatic and institutional steps to protect the legitimate interests of Corporate Nigeria and Nigerian-incorporated companies operating in, and seeking investment opportunities from, international capital markets.