OPay Limited has announced an extension of its planned initial public offering (IPO) on the New York Stock Exchange (NYSE), citing a regulatory review in a foreign jurisdiction as the reason for its decision not to proceed with the offering immediately.
The fintech company, in a statement issued on Saturday, said the inquiry relates to a jurisdiction considered immaterial to its core business operations, expressing confidence that the matter would be resolved satisfactorily in the near future.
According to the company, the decision followed careful consideration and discussions with the underwriters, after which both parties mutually agreed to terminate the underwriting agreement dated October 29, 2026.
The development means OPay’s American Depositary Shares (ADSs) will not commence trading on the NYSE as previously scheduled, effectively halting the proposed listing.
A statement made available to Tribune Online reads, ‘OPay Limited (‘OPay’ or the ‘Company’) today, is providing an update regarding its New York Stock Exchange (‘NYSE’) initial public offering (the ‘Offering’) with regard to a regulatory inquiry relating to a jurisdiction that is immaterial to the Company’s core business operations.
‘The Company is confident that the inquiry will be concluded satisfactorily in the near future; however, after careful consideration and discussions with the underwriters, the Company determined that not proceeding with the Offering at this time would be the most prudent course of action. As such, the Company and the underwriters mutually agreed to terminate the underwriting agreement dated October 29, 2026, relating to the Offering.
‘As a result, the Offering will not be completed, and the Company’s ADSs will not commence trading on the New York Stock Exchange as previously scheduled. OPay wishes to emphasise that this development should not be misconstrued as a reflection on the Company’s business performance, financial condition, operational integrity, or regulatory standing. The matter relates to an inquiry in a foreign jurisdiction, which is being addressed through the appropriate channels. The Company remains confident that the inquiry will be resolved satisfactorily in the near future and is actively engaging the relevant stakeholders to facilitate an early resolution.
‘This development has no impact on OPay’s business operations, regulatory standing, or service delivery in Nigeria or any other market in which the Company operates. OPay continues to operate normally and remains fully committed to its customers, merchants, agents, business partners, employees, and the broader digital financial ecosystem across Nigeria, Indonesia, Egypt, and Pakistan.
‘OPay’s long-term commitment to Nigeria remains unwavering. The Company will continue to deepen its investments in the country’s digital financial services sector, promote financial inclusion, support economic growth, and contribute to the development of Nigeria’s digital economy.
‘The Company appreciates the continued confidence and support of its stakeholders and will provide further updates as material developments occur.’
OPay, however, stressed that the decision should not be interpreted as a reflection of its business performance, financial condition, operational integrity or regulatory standing.
It maintained that the matter concerns an inquiry in a foreign jurisdiction, which it is addressing through appropriate channels, adding that it is engaging relevant stakeholders to facilitate an early resolution.
Reaffirming its commitment to Nigeria, the fintech firm said it would continue to deepen investments in the country’s digital financial services sector, promote financial inclusion, support economic growth and contribute to the development of the digital economy.