OPay suspends $1bn New York stock market listing over regulatory inquiry

Digital payments company OPay has suspended its planned listing on the New York Stock Exchange following a regulatory inquiry in a foreign jurisdiction, halting an offering that was scheduled to begin trading on Friday.

The company said the inquiry relates to a jurisdiction it considers immaterial to its core business operations but decided to suspend the initial public offering after discussions with its underwriters.

In a statement, OPay said it and the underwriters had mutually agreed to terminate the underwriting agreement signed on October 29, 2026, meaning the offering would not proceed and its American Depositary Shares would not commence trading as scheduled.

The company said the decision was taken as a precaution while the inquiry is being addressed through the appropriate channels.

“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,” it said.

OPay expressed confidence that the inquiry would be resolved satisfactorily in the near future, adding that it was engaging relevant stakeholders to facilitate an early resolution.

The company also sought to distance the development from its financial and operational performance, saying the suspension should not be interpreted as a reflection of its business performance, financial condition, operational integrity or regulatory standing.

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It stressed that the development would not affect its operations or service delivery in Nigeria and other markets where it operates, including Indonesia, Egypt and Pakistan.

“OPay continues to operate normally and remains fully committed to its customers, merchants, agents, business partners, employees, and the broader digital financial ecosystem,” the statement added.

The company reaffirmed its commitment to Nigeria, saying it would continue investing in the country’s digital financial services sector, promoting financial inclusion and supporting the development of the digital economy.

OPay said it would provide further updates as material developments emerge.