The Chief Executive Officer of Nigerian Exchange Limited, Temi Popoola, has called on President Bola Ahmed Tinubu to support policies that would require major companies operating in Nigeria, particularly high-growth fintech firms, 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, limiting opportunities for local investors to participate in their growth.
He argued that while Nigeria should continue to support free and open capital markets, local investors should also have access to wealth created within the country.
According to Popoola, fintech companies such as Opay and PalmPay are among firms considering overseas listings despite building substantial businesses in Nigeria.
He urged the Federal Government to explore policies that would encourage such companies to undertake dual listings, allowing them to raise capital internationally while also offering Nigerian investors an opportunity to own shares.
“Mr. President, I bring to your attention something that we’re seeing happen recently that we could do with some support, which is an idea of companies who do business in Nigeria. They earn a lot of their profits in Nigeria, but they take that wealth abroad to list on other exchanges.
“It’s a free market, but we should also allow locals to participate in the wealth that these companies are creating. Some of these fintechs, like OPay and PalmPay, are considering listings abroad.
“While we encourage free and open markets, let’s make sure our locals can also benefit. As they list abroad, they should also list in our country.”
The NGX chief’s remarks come as several leading fintech companies explore public listings outside Nigeria.
Opay, 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.
The company is said to be considering a U.S. listing.
PalmPay, backed by Taiwanese semiconductor company MediaTek, is also exploring an IPO in Hong Kong as part of plans to fund its expansion across emerging markets.
Meanwhile, Flutterwave has repeatedly been linked to a potential Nasdaq listing, although the company has yet to officially confirm any IPO plans in recent time.
Already, Jumia, a Pan-African e-commerce platform, is listed on the New York Stock Exchange, while IHS, operator of mobile phone masts, delisted from the Nigerian Stock Exchange to launch an Initial Public Offering on the New York Stock Exchange.
The proposal comes as NGX seeks to support the Federal Government’s ambition of building a $1 trillion economy through deeper capital market participation.
Earlier, Popoola projected that the market value of companies listed on the Nigerian Exchange could rise to N230 trillion by the end of 2026, up from the current N160 trillion.
He noted that market capitalisation has grown significantly 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, particularly from fast-growing technology firms and strategic national assets, would further deepen the market, expand investment opportunities and support long-term economic growth.
