The House of Representatives has urged the Federal Government to intervene in reported regulatory complications affecting Nigerian fintech company OPay Digital Services Limited’s proposed listing on the New York Stock Exchange.
The resolution followed the adoption of a motion of urgent public importance during Wednesday’s plenary session. The motion was presented by Amos Daniel, who represents the Jema’a/Sanga Federal Constituency of Kaduna State.
Lawmakers said the proposed listing was an important opportunity for Nigeria’s financial technology industry and called for steps to address the issues reportedly preventing the company from proceeding.
OPay’s Nigerian Incorporation at Centre of Concerns
Daniel told the House that OPay is incorporated and registered in Nigeria and is not registered in China.
However, he said the company’s planned listing had reportedly encountered regulatory complications linked to claims about its alleged Chinese corporate status, as reported in the media.
The lawmaker said the situation raised concerns about how Nigerian-incorporated businesses are treated when seeking access to international capital markets.
He also highlighted OPay’s role in Nigeria’s financial technology sector, particularly its contributions to financial inclusion, digital payments, employment and the development of the digital economy.
House Warns of Possible Impact on Investor Confidence
During the debate, lawmakers expressed concern that the reported difficulties could have consequences beyond OPay, including effects on foreign investment, investor confidence and the international competitiveness of Nigeria’s technology and financial services industries.
Daniel warned that failing to address the matter through legislative and executive intervention could weaken confidence in Nigerian businesses seeking international investment.
He said the situation could undermine the economic reforms introduced by the current administration and discourage investors from supporting Nigerian-driven enterprises.
The lawmaker described the proposed stock market listing as a significant milestone for the company and an opportunity for the country’s technology and financial services sectors.
House Leadership Directed to Engage Relevant Authorities
Following the adoption of the motion, the House mandated its leadership to engage with relevant government authorities and stakeholders to resolve the issues affecting OPay’s proposed listing.
The lawmakers said the engagement should focus on removing the obstacles preventing the fintech company’s planned entry into the New York Stock Exchange and ensuring that opportunities created by ongoing economic reforms are not lost.
The House also directed its leadership to take necessary diplomatic and institutional steps to protect the legitimate interests of Nigerian businesses and companies incorporated in the country.
The directive covers Nigerian-incorporated companies operating in international markets as well as those seeking investment opportunities through overseas capital markets.
