OPay Halts NYSE Offering Over Regulatory Inquiry, Says Nigerian Operations Unaffected

OPay Limited has said its operations in Nigeria and other markets are unaffected after it halted its initial public offering (IPO) on the New York Stock Exchange (NYSE) over a regulatory inquiry.

OPay, in a statement issued on Saturday, said the inquiry relates to “a jurisdiction that is immaterial to the Company’s core business operations.”

The Nigeria-focused payments company had priced the offering on Thursday at $19 per American depositary share (ADS), raising $304 million from 16 million ADSs, the bottom of its $19 to $21 range. The pricing valued the company at about $4 billion. Trading was due to begin on Friday, October 30, under the ticker OPAY.

OPay said it expects the inquiry to be resolved but chose not to proceed with the offering at this time. “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,” the company said.

The company and the underwriters mutually agreed to terminate the underwriting agreement dated October 29, 2026. “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 added.

Bloomberg reported that the exchange’s message feed showed a trading halt at 3:30 p.m. New York time, with news pending and no executed trades.

OPay said the development should not be misconstrued as a reflection on the company’s business performance, financial condition, operational integrity or regulatory standing. It said the matter relates to an inquiry in a foreign jurisdiction, which is being addressed through the appropriate channels, and that the company 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,” the company said.

OPay filed its Form F-1 registration statement with the US Securities and Exchange Commission on October 9. The offering was expected to close on November 2, 2026, and underwriters held a 30-day option to buy up to 2.4 million additional ADSs. Bloomberg identified Citigroup, Deutsche Bank and Standard Bank as leading the IPO.

OPay had also planned a secondary listing on the Nigerian Exchange Limited (NGX) after the NYSE listing, with its board and shareholders approving the proposal. It is not clear how the termination affects that plan.

The company processed $358 billion in gross transaction value in 2025, up from $166.2 billion a year earlier. Monthly active users rose to 39.3 million from 25.1 million. OPay also disclosed a short-term investment portfolio of $532.94 million as of June 30, 2026, a substantial portion of it invested through Nigerian asset management companies.

OPay management also reaffirmed its commitment to Nigeria.

“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,” it said.

The company said it appreciates the continued confidence and support of its stakeholders and will provide further updates as material developments occur.