The House of Representatives has waded into the sudden suspension of the planned listing of fintech giant, OPay, on the New York Stock Exchange.
The House is seeking to unravel the circumstances surrounding the halted $304 million Initial Public Offering and its implications for millions of Nigerian users and investors.
The matter came up on the floor of the House as a Matter of Urgent Public Importance by Kaduna state lawmaker, Amos Daniel, following reports that OPay had pulled the plug on its highly anticipated US listing, hours before its inaugural trading session.
OPay, one of Nigeria’s biggest digital payment platforms with over 50 million monthly active users, had priced 16 million American Depositary Shares at $19 each, valuing the company at about $4 billion, under the ticker OPAY.
But in a sudden turn, the company announced it was halting the offering, citing a regulatory inquiry in an undisclosed foreign jurisdiction, which it described as immaterial to its core operations.
Lawmakers expressed concern that the development, coming after months of preparation and fanfare, raises serious questions about regulatory compliance, corporate governance, investor confidence and the protection of Nigerian customers’ funds and data.
The House noted that OPay had also planned a secondary listing on the Nigerian Exchange, subject to regulatory approval, and that the aborted US listing could affect investor confidence in Nigeria’s fast-growing fintech sector.
The sponsor argued that the National Assembly cannot fold its arms while a company that holds the funds and personal data of millions of Nigerians faces an undisclosed regulatory probe abroad, without clarity from Nigerian regulators.
Consequently, the House mandated its leadership to wade in and have all issues in dispute resolved
