Fidelia Soriwei, Abuja
The House of Representatives has called on the Federal Government to intervene in the regulatory complications surrounding OPay Digital Services Limited’s proposed listing on the New York Stock Exchange (NYSE), warning that the development could affect investor confidence in Nigerian businesses seeking international investment.
The resolution followed the adoption of a motion of urgent public importance moved during Wednesday’s plenary by Amos Daniel, who represents Jema’a/Sanga Federal Constituency of Kaduna State.
Daniel told lawmakers that OPay, a major player in Nigeria’s financial technology sector, was incorporated and registered in Nigeria and was not registered in China. He, however, raised concerns that the company’s proposed international listing had encountered regulatory challenges over claims about its alleged Chinese corporate status.
According to the lawmaker, the situation raises questions about the protection of Nigerian corporate interests, the country’s investment climate and the ability of locally incorporated companies to access international capital markets.
He said, “The House is aware that this development raises important questions about the protection of Nigerian corporate interests, the country’s investment climate, and the treatment of Nigerian-incorporated companies seeking access to international capital markets.
“The House is disturbed that the matter has implications beyond OPay, particularly for investor confidence, foreign investment and the international competitiveness of Nigeria’s emerging technology and financial services sector.
“We are also disturbed that if immediate legislative and executive intervention is not deployed, the situation may degenerate further, leading to loss of investor confidence in Nigerian-driven enterprises, which would amount to a vote of no confidence in the economic reforms this administration has courageously orchestrated to the admiration of global financial institutions.”
The House noted that OPay plays a significant role in Nigeria’s digital economy through financial inclusion, electronic payment services and employment generation, making its proposed New York Stock Exchange listing an important development for the country’s fintech industry.
Lawmakers also expressed concern that unresolved regulatory issues could discourage foreign investment and undermine opportunities for other Nigerian technology and financial services companies seeking access to international capital markets.
Following the adoption of the motion, the House mandated its leadership to engage relevant government authorities and stakeholders to address the issues affecting OPay’s proposed listing.
It also directed the leadership to pursue necessary diplomatic and institutional measures to protect the interests of Nigerian businesses and locally incorporated companies seeking investment opportunities in international financial markets.
