Business

OPay lists on NYSE, raises $304m in IPO at $4 billion valuation

Published

1 day ago

October 30, 2026

OPay, a Nigeria-focused digital financial services company, has listed on the New York Stock Exchange (NYSE), raising $304 million in its initial public offering (IPO) and securing a market capitalisation of more than $4 billion.

The company began trading on Friday, pricing its offering at $19 per American Depositary Share (ADS). It sold 16 million ADSs, with each representing 10 ordinary shares.

According to the company, the United States Securities and Exchange Commission declared its registration statement effective on 29 October, and the offering was expected to close on 2 November.

Lars Boilesen, OPay’s co-chief executive officer, said the listing marked a significant milestone for the company and Nigeria’s financial technology sector.

“Today, OPay serves over 50 million monthly active users across Nigeria, Egypt, Pakistan, and Indonesia. Since launching in Nigeria eight years ago, we have pioneered seamless digital payments to become the country’s leading digital financial platform,” he said.

Mr Boilesen said the company had recorded a 9.9 per cent market share across Africa and the Middle East based on monthly average users in the first half of 2026.

He said OPay saw further growth opportunities in Nigeria, where an estimated 40 million adults remained outside the formal financial system.

“Our journey is just beginning. In Nigeria, an estimated 40 million adults remain outside the formal financial system,” he said.

He added that the company intended to apply its experience in Nigeria to other emerging markets, where young populations and increasing mobile internet access were expanding demand for digital financial services.

Stephen Wen, another co-chief executive officer of OPay, said the company was positioned to expand across emerging markets, citing growing smartphone penetration and demand for accessible financial services.

“In Nigeria, more than 60 per cent of the population are underserved by traditional banks and rely on cash. As we grow, we will stay focused on solving our customers’ pain points to make financial services accessible and convenient,” he said.

James Perry, OPay’s chief financial officer, said the company had reached a $1 billion revenue run rate in the second quarter of 2026.

He said OPay recorded 137 per cent year-on-year growth and a 19 per cent net margin in the first six months of the year.

ALSO READ: How OPay is taking financial inclusion closer to more Nigerians

“OPay enters the public markets from a position of financial strength, reaching a $1 billion revenue run rate in Q2 2026. For the first six months of 2026, we grew 137% year-on-year and reached 19% net margin,” Mr Perry said.

He said the company planned to use the IPO proceeds to invest in technology and support growth in Nigeria and other African markets.

OPay has expanded beyond payments into savings, credit and merchant services, with plans to develop a broader financial and lifestyle platform.

Launched in Nigeria in 2018, OPay operates an integrated digital financial platform serving users in Nigeria, Egypt, Pakistan and Indonesia.

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Related Topics:304m billion IPO Lists NYSE Opay raises valuation

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PenCom Introduces New Consent Rules for Retirees’ PenCare Enrolment

Published

3 hours ago

October 31, 2026

PlateauReports

BY NKECHI NAECHE-ESEZOBOR—The National Pension Commission (PenCom) has directed all licensed Pension Fund Administrators (PFAs) to obtain informed consent from eligible retirees seeking possible enrolment in its PenCare Initiative during the processing of their retirement benefits.

The directive, contained in a circular signed by A. M. Saleem, Director, Surveillance Department, to all licensed PFAs, requires pension operators to obtain retirees’ consent at the point they execute their Programmed Withdrawal Agreement. The commission noted that the directive takes immediate effect.

According to the Commission, the PenCare Initiative was established in collaboration with Licensed Pension Fund Operators (LPFOs) to improve access to quality healthcare services for eligible retirees under the Contributory Pension Scheme (CPS).

The initiative is designed to facilitate healthcare coverage for eligible retirees in line with the eligibility criteria approved by the Commission.

PenCom explained that the standardised consent process was approved to enhance the timely identification and enrolment of eligible retirees, eliminate delays associated with obtaining consent after retirement benefits have been processed, establish a uniform industry-wide procedure and improve the quality and completeness of enrolment records.

Under the new directive, every PFA is required to obtain the informed consent of eligible retirees who elect Programmed Withdrawal at the time they execute their retirement agreement.

The Commission specified that consent must be obtained using the standard PenCare Consent Form prescribed by PenCom. The form must be completed separately and must not form part of, or alter, the Programmed Withdrawal Agreement.

However, PenCom emphasised that the execution of the Programmed Withdrawal Agreement must not be made conditional upon a retiree agreeing to participate in the PenCare Initiative.

It further stated that a retiree’s decision to decline participation in the initiative must not affect the processing or payment of his or her retirement benefits.

To ensure that retirees make informed decisions, PenCom directed PFAs to explain the purpose of the PenCare Initiative before requesting consent and ensure that participation is voluntary, without coercion or undue influence.

The pension operators are also required to obtain retirees’ signatures on the prescribed consent forms and retain the signed documents as part of their retirement benefit records.

In addition, PFAs must maintain appropriate records of retirees who consent to participate in the initiative and those who decline. They are also required to submit information on consenting retirees to the Commission in the format and at the frequency prescribed by the regulator.

On data privacy, PenCom directed PFAs to ensure that personal information collected under the circular is processed solely for determining eligibility and facilitating enrolment into the PenCare Initiative.

The Commission further stated that such information must not be disclosed to third parties except where authorised by PenCom or required by law.

It also mandated pension operators to handle all personal information in accordance with the Nigeria Data Protection Act, 2023, the General Application and Implementation Directive (GAID), 2025, and other applicable laws and regulations issued by the Nigeria Data Protection Commission.

Regarding record keeping, PFAs are required to retain all executed PenCare Consent Forms as part of retirees’ retirement benefit documentation and make the records available to PenCom during routine or special supervisory examinations or upon request.

PenCom said it would monitor compliance with the circular through its routine supervisory and examination activities.

The Commission warned that failure to comply with the provisions of the circular may attract appropriate regulatory action in accordance with the Pension Reform Act 2014 and other applicable regulatory instruments.

PenCom also directed that all inquiries regarding the circular should be forwarded to the Head, Benefits and Insurance Department.

The post PenCom Introduces New Consent Rules for Retirees’ PenCare Enrolment appeared first on Business Today NG.

Business

Nigeria, Russia move to replace 59-year-old aviation agreement

Published

11 hours ago

October 31, 2026

PlateauReports

Nigeria and Russia have agreed to replace a 59-year-old aviation agreement, aiming to update air transport relations and create opportunities for stronger connectivity between the two countries.

The agreement to renegotiate the Bilateral Air Services Agreement (BASA), which dates back to 1967, was reached during a meeting between Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, and Russian officials on the sidelines of the Third Russia-Africa Summit in Moscow.

Mr Keyamo disclosed the development in a post on his X account on Friday, saying both countries had agreed to complete negotiations within six months and sign a new agreement in Saint Petersburg, Russia, in April 2027.

He said the Nigerian delegation met with Dmitry Stanislavovich Zverev, the State Secretary and Deputy Minister of Transport of the Russian Federation.

“We resolved to renegotiate our last Bilateral Air Service Agreement that was made in 1967. We set a timeline of six months to conclude the negotiations and sign a new one in Saint Petersburg in April 2027,” Mr Keyamo said.

He added that both countries had formed negotiating teams to begin work toward an agreement within the agreed period.

The proposed renegotiation is expected to update the framework governing air transport between Nigeria and Russia, reflecting changes in the international aviation industry over the past six decades.

What the agreement means

A Bilateral Air Services Agreement provides the legal framework for scheduled air services between two countries. It generally sets out the conditions under which airlines from both countries can operate international flights, including routes, traffic rights, designated airlines and other operational arrangements.

Nigeria’s Ministry of Aviation and Aerospace Development says its Air Transport Management Department negotiates and reviews new and existing air services agreements and monitors their implementation.

The ministry also works with the Nigerian Civil Aviation Authority and other aviation agencies to facilitate international air links and regulate airline operations.

The proposed replacement of the Nigeria-Russia agreement could therefore create opportunities for improved air connectivity and cooperation between their aviation sectors.

However, neither Mr Keyamo nor the ministry disclosed proposed flight routes, designated airlines or the frequency of possible operations under the new agreement.

Wider cooperation

Beyond the aviation agreement, Mr Keyamo said the meeting also examined other areas of cooperation between Nigeria and Russia.

He said both sides had resolved to explore additional opportunities in the coming months.

The Nigerian delegation included the Director-General of the Nigerian Civil Aviation Authority, Capt: Chris Najomo, and the Registrar of the Nigerian College of Aviation Technology, Dr Danjuma Adamu Ismaila.

Directors from the Federal Ministry of Aviation and Aerospace Development and the NCAA also participated in the discussions.

ALSO READ: Nigeria sends low-level delegation to Russia-Africa summit

Nigeria and Russia have maintained diplomatic relations since shortly after Nigeria gained independence in 1960. Their relationship has included cooperation in areas such as defence, trade, science and technology.

According to the Nigerian Embassy in Russia, the Soviet Union provided political and military assistance to Nigeria during the 1967–1970 Civil War. Cooperation between the two countries has also extended to space technology, including the launch of Nigeria’s satellites aboard Russian rockets in 2011.

The planned aviation agreement is expected to form part of broader efforts to deepen bilateral relations and identify further areas of cooperation.

Both countries are expected to begin negotiations through their respective teams, aiming to conclude the process and sign the new agreement in Saint Petersburg in April 2027.