The Chief Executive Officer of Nigerian Exchange Limited (NGX), Temi Popoola, has called on President Bola Ahmed Tinubu to support policies that would require major high-growth fintech firms operating in Nigeria to list on the domestic stock exchange.
Speaking during a meeting with the President, Popoola expressed concern that several companies generating significant revenues and profits from Nigeria are planning to float their shares on foreign exchanges. This trend limits opportunities for local investors to participate in their growth.
While Popoola noted that Nigeria should continue to support free and open capital markets, he argued that local investors must have access to wealth created within the country. He urged the Federal Government to explore policies encouraging dual listings, allowing firms to raise capital internationally while offering shares locally.
Fintech Giants Eyeing Foreign Markets
Several leading fintech companies are actively exploring public listings outside Nigeria. OPay, which is backed by SoftBank Group Corp., has reportedly engaged Citigroup, Deutsche Bank, and JPMorgan Chase to work on a potential initial public offering (IPO) that could value the company at up to $4 billion on a U.S. exchange.
Similarly, PalmPay, backed by Taiwanese semiconductor company MediaTek, is exploring an IPO in Hong Kong to fund its expansion across emerging markets. Flutterwave has also been repeatedly linked to a potential Nasdaq listing, though the company has not officially confirmed its IPO plans.
This trend follows previous exits from the local market. The Pan-African e-commerce platform Jumia is listed on the New York Stock Exchange, while telecom infrastructure operator IHS delisted from the Nigerian Stock Exchange to launch its IPO on the New York Stock Exchange.
NGX Targets N230 Trillion Market Capitalisation
The proposal comes as the NGX seeks to support the Federal Government’s ambition of building a $1 trillion economy through deeper capital market participation. Popoola projected that the market value of companies listed on the NGX could rise to N230 trillion by the end of 2026, up from the current N160 trillion.
The local exchange has experienced substantial growth in recent years. Market capitalisation has grown from about N30 trillion when President Tinubu assumed office in May 2023, reflecting stronger investor confidence and renewed activity in the capital market.
According to the NGX chief, attracting more listings from fast-growing technology firms and strategic national assets will further deepen the market, expand investment opportunities, and support long-term economic growth.
