By Amos Aar
When social media commentator Iswell Emmanuel posted a series of videos questioning OPay’s reported plan to list its shares on the United States stock market, many Nigerians initially dismissed his concerns as another round of online commentary.
But as the videos gained traction, they ignited a conversation that extends far beyond one financial technology company. They touched on a deeper question that Nigeria has struggled with for decades: when businesses become successful on the strength of Nigerian consumers, who should ultimately own the wealth they create?
For nearly a decade, OPay has grown from a relatively unknown entrant into one of Nigeria’s most widely used financial technology platforms.
From market women and commercial motorcyclists to civil servants, students and small business owners, millions of Nigerians now rely on the platform for everyday transactions.
Whether paying electricity bills, transferring money, buying airtime or operating Point-of-Sale (PoS) businesses, OPay has become part of daily life for an estimated 40 million users across Nigeria.
Its success is undeniable. The company has helped deepen financial inclusion, particularly among people who previously had limited access to traditional banking services.
Thousands of Nigerians have also found employment as agents, merchants and customer service personnel within its expanding ecosystem.
In many rural and urban communities alike, OPay has become more than a payment platform; it is an economic enabler.
Yet, it is precisely because of that success that its reported plans to seek a public listing in the United States have generated debate.
According to reports by Bloomberg, OPay has engaged leading global investment banks, including Citigroup, Deutsche Bank and JPMorgan Chase, to prepare for a possible Initial Public Offering (IPO) that could value the company at about $4 billion.
While the company has not publicly confirmed the report, the prospect of such a listing has reignited discussions about ownership, wealth creation and the place of Nigeria in the global digital economy.
Emmanuel’s argument was unambiguous, though emotionally delivered.
He questioned why a company whose growth was largely powered by millions of Nigerians would reportedly choose to offer its shares to foreign investors rather than providing Nigerians with an opportunity to own part of the business through the Nigerian Exchange.
His videos resonated because they spoke to a feeling many Nigerians already share, that too often, the country’s vast consumer market creates enormous wealth that ultimately benefits investors outside its borders.
His commentary also came shortly after the Central Bank of Nigeria upgraded the operating licences of leading fintech companies, including OPay, Moniepoint, PalmPay and Kuda, from unit microfinance banking status to national licences.
The upgrade reflected the remarkable growth of these companies and imposed stricter regulatory and operational requirements designed to strengthen customer protection and oversight.
Contrary to some interpretations circulating online, however, the licence upgrade does not automatically require each fintech to establish full banking branches in every state, although it does require stronger physical customer support structures and higher regulatory compliance.
While Emmanuel’s explanation simplified some aspects of banking regulation, the larger question he raised deserves careful consideration.
If a company serving tens of millions of Nigerians becomes one of Africa’s most valuable technology firms, should Nigerians also have an opportunity to become shareholders?
The question is neither new nor unique to Nigeria. Around the world, countries have increasingly sought ways to ensure that local citizens participate not only as consumers but also as owners of successful enterprises. Ownership matters because it determines who benefits when companies grow, declare dividends or appreciate in value over time.
Had OPay chosen to list on the Nigerian Exchange, millions of Nigerians, from pension contributors and cooperative societies to retail investors, could potentially have purchased shares in the company. Pension fund administrators, which collectively manage trillions of naira on behalf of Nigerian workers, would have had another high-growth technology company in which to invest.
The listing could also have strengthened the Nigerian capital market by increasing its market capitalisation and attracting more investor interest.
Instead, if the reported U.S. listing proceeds without a corresponding Nigerian listing, much of the financial gains arising from future share appreciation may accrue to institutional and retail investors outside the country.
Nigerians would continue to use the platform every day, but many would remain customers rather than co-owners.
That distinction is significant.
Economists have long argued that nations become wealthier not simply because they consume goods and services but because their citizens own productive assets. Share ownership allows ordinary people to participate directly in wealth creation through dividends and capital appreciation rather than remaining only consumers. It is one reason many governments encourage broad participation in domestic capital markets.
Against this backdrop, some analysts believe the current debate should also encourage Nigerians to look beyond convenience and deliberately support fintech companies with deep roots in the local economy.
Mr Nick Dechi, an editor with the News Agency of Nigeria (NAN), said Nigerians should consciously patronise credible fintech companies operating in Nigeria, particularly indigenous firms such as Moniepoint and Kuda Bank, because they have demonstrated their ability to drive financial inclusion, create jobs and expand access to digital financial services across the country.
According to him, supporting local businesses helps retain more value within the domestic economy while encouraging innovation tailored to Nigeria’s unique needs.
While acknowledging that international stock exchange listings provide companies with access to larger pools of capital, greater global visibility and, in many cases, higher valuations, Dechi argued that there is a compelling case for successful fintech companies operating in Nigeria to consider listing on the Nigerian Exchange Group (NGX) or adopting a dual-listing structure.
“A Nigerian listing would allow ordinary Nigerians and local institutional investors to participate directly in the success of these companies. It would deepen Nigeria’s capital market by attracting more investors and increasing market capitalisation. It could also stimulate economic development through increased investment, stronger corporate governance and greater confidence in the domestic financial system,” he said.
According to Dechi, beyond the financial benefits, having major fintech companies listed on the NGX would send a powerful signal that businesses operating in Nigeria can grow into global champions while remaining connected to the local economy.
“Such a development would inspire entrepreneurship, attract further investment and create more employment opportunities for Nigerians. While companies should be free to choose the listing venue that best supports their growth strategy, I would encourage successful fintech companies to seriously consider listing on the Nigerian Exchange, either exclusively or alongside a foreign exchange, so that Nigeria and its citizens can share more directly in the wealth and opportunities generated by these businesses.”
There is, however, another side to the debate.
Dr Jude Nduka, a lecturer with the National Open University of Nigeria, believes the discussion should not overshadow OPay’s contribution to Nigeria’s economy.
According to him, the company has invested heavily in financial technology infrastructure, expanded access to digital financial services and supported thousands of livelihoods through its agent network. It pays taxes, creates employment and has contributed significantly to Nigeria’s drive towards a cashless economy.
Those achievements, he argued, deserve recognition irrespective of where the company eventually chooses to list.
Nduka noted that the United States remains home to the world’s deepest capital markets, where companies can raise significantly more investment than is typically available on most African exchanges.
A listing on the New York Stock Exchange or Nasdaq also offers global visibility, enhanced corporate credibility and easier access to international institutional investors, advantages that are difficult for ambitious technology companies seeking continental or global expansion to ignore.
For that reason, he cautioned against interpreting a foreign listing as a rejection of Nigeria.
Share ownership allows ordinary people to participate in wealth creation, not merely economic activity. It is one reason governments across the world encourage domestic participation in capital markets.
However, some economic experts like Dr Jude Nduka, a Lecturer with the National Open University of Nigeria, argue that none of this diminishes OPay’s contribution to Nigeria’s economy.
According to him, the company has “invested heavily in financial technology infrastructure, expanded access to digital financial services and supported thousands of livelihoods through its agent network. It pays taxes, creates employment and has contributed meaningfully to the country’s drive towards a cashless economy”.
These achievements, he insists, deserve recognition irrespective of where the company eventually chooses to list.
Indeed, many financial analysts argue that a foreign listing is often the logical next step for a rapidly growing technology company.
He further notes that the United States remains home to the world’s deepest capital markets, where companies can raise significantly larger amounts of investment than would typically be possible on most African exchanges.
So, listing on the New York Stock Exchange or Nasdaq also provides global visibility, enhanced corporate credibility and easier access to international institutional investors. For businesses seeking continental or global expansion, those advantages are difficult to ignore.
Dr Nduka therefore cautions against interpreting a foreign listing as a rejection of Nigeria.
Sharing a similar sentiment, a journalist with Galaxy Television, Gabriel Ordia, believes the development reflects OPay’s growth rather than a loss for Nigeria.
“I believe local or domestic companies in Nigeria should be patronised more, particularly fintech companies created to ease transactions,” he said.
“But following its consistency and huge customer base among Nigerians, seeking a foreign listing reflects the value the company has created over time and the confidence investors now have in its business model. The company has also created employment opportunities for many young Nigerians through its agent network and digital payment ecosystem.
“Businesses naturally evolve. If listing abroad provides more capital for expansion and creates even greater opportunities, that is part of modern business.”
Ordia’s perspective reflects the reality that successful companies often seek opportunities beyond their home markets. In today’s interconnected economy, raising capital internationally is not unusual.
Yet others insist that the debate should not end there.
Kaduna-based teacher Jerome Sugh believes the conversation should encourage Nigerians to think more deeply about ownership.
“There is nothing wrong with foreign investment,” he said. “The real issue is ensuring that Nigerians also have opportunities to own shares in the companies they help build.
“If OPay had listed on the Nigerian Exchange, millions of ordinary Nigerians, including pension contributors, cooperative societies and retail investors, could have shared directly in its success.
“Countries build lasting prosperity when their citizens own productive assets, not merely when they consume products. Ownership is what creates generational wealth.
“This should also challenge Nigerians to support indigenous businesses. Every successful Nigerian-owned company strengthens our economy, creates jobs and keeps more wealth circulating within the country”, Sugh asserted in an interview.
His argument speaks to a broader economic philosophy that has gained attention across Africa. Countries such as India, China and South Korea deliberately nurtured indigenous enterprises that eventually became global brands while retaining significant domestic ownership.
Although foreign investment played important roles in their development, local participation in ownership remained central to long-term wealth creation.
Nigeria’s fintech industry has already demonstrated that local innovation can compete globally. Companies founded by Nigerians, including Moniepoint, Flutterwave, Paga and others, have attracted billions of dollars in investment and expanded beyond the country’s borders. Their success shows that Nigerian entrepreneurs possess the capacity to build world-class technology companies.
The challenge now is ensuring that the country’s financial markets evolve alongside its innovation ecosystem.
Some analysts have suggested that dual listings, where companies are listed both on a foreign exchange and the Nigerian Exchange, could provide a balanced solution. Such arrangements would allow firms to access deeper international capital pools while giving Nigerian investors the opportunity to participate in the wealth created by businesses that owe much of their success to the domestic market.
BusinessDay recently argued that because OPay’s operations, revenues and customer base are overwhelmingly concentrated in Nigeria, a domestic or dual listing would better align ownership with the market that made its success possible.
Whether such an option eventually materialises remains uncertain.
What is certain, however, is that Emmanuel’s videos have succeeded in drawing public attention to an issue that many Nigerians had never previously considered.
For years, conversations about fintech focused largely on convenience, speed and innovation. Little thought was given to ownership structures, shareholder value or where the wealth generated by digital transactions ultimately resides.
Perhaps that is the real significance of the current debate.
It is not about criticising one company for pursuing legitimate commercial opportunities. Nor is it about discouraging foreign investment, which remains vital to Nigeria’s economic development.
Rather, it is an invitation for policymakers, investors and ordinary citizens to think more strategically about the future of Nigeria’s digital economy.
As more technology companies emerge from Africa and achieve billion-dollar valuations, governments will increasingly face questions about how to deepen domestic capital markets, encourage local participation in ownership and ensure that national prosperity grows alongside corporate success.
For Nigerians, the lesson may be even simpler. Supporting innovation should not stop at using products and services.
Where possible, citizens should also aspire to own a stake in the enterprises shaping their economic future.
Consumption drives growth, but ownership creates wealth.
Whether OPay eventually lists in New York alone, opts for a dual listing or changes course altogether, the conversation it has raised may ultimately prove more valuable than the listing itself.
It has reminded Nigerians that building a thriving digital economy is not only about creating successful companies. It is also about ensuring that, as those companies grow into global giants, the people who helped build them have a meaningful opportunity to share in the prosperity they create.
