WorldStage— The House of Representatives has called on the Federal Government to urgently intervene in the alleged halting of Nigerian financial technology giant OPay Digital Services Limited’s planned listing on the New York Stock Exchange (NYSE).
Lawmakers emphasized the company’s critical role in delivering essential financial services to millions of Nigerians across the country.
The resolution followed the adoption of a motion of urgent public importance moved during Wednesday’s plenary session by Amos Daniel, the lawmaker representing the Jema’a/Sanga Federal Constituency of Kaduna State.
Presenting the motion, Daniel highlighted OPay’s status as a major pillar in Nigeria’s digital finance ecosystem, driving financial inclusion, electronic payments, job creation, and broader digital economic growth.
The legislative action comes nearly two weeks after OPay abruptly suspended its highly anticipated $304 million Initial Public Offering (IPO) on October 30.
Despite pricing 16 million American Depositary Shares at $19 each—valuing the firm at roughly $4 billion under the ticker symbol “OPAY”—and ringing the NYSE opening bell, the shares never began trading.
OPay and its underwriters mutually terminated their agreement the following day, citing an undisclosed regulatory inquiry in a foreign jurisdiction that the company described as immaterial to its core operations.
During the plenary debate, lawmakers expressed deep concern over the sudden turn of events, warning that the unexplained freeze raises troubling questions regarding regulatory compliance, corporate governance, and investor confidence.
Representatives noted that OPay holds the funds and personal data of over 50 million monthly active users in Nigeria, arguing that the National Assembly cannot remain passive while such a systemically important platform faces an opaque foreign probe without clarity from domestic authorities.
The House also pointed out that OPay had secured board and shareholder approvals for a secondary listing on the Nigerian Exchange Limited (NGX) following its American debut.
Lawmakers warned that the stalled Wall Street flotation could jeopardize local capital market expansion and dampen global investor appetite for Nigeria’s fast-growing tech sector.
The House therefore mandated its leadership and relevant committees to engage federal regulators and stakeholders to unravel the circumstances surrounding the suspension and facilitate a swift resolution.
While OPay maintains that its daily operations, customer deposits, and merchant networks across Nigeria remain completely unaffected, lawmakers stressed that proactive government diplomacy and regulatory oversight are vital to safeguard national economic interests and protect millions of everyday users.
