NGX CEO Temi Popoola has asked President Tinubu to support policies requiring major companies (especially high-growth fintechs) to list on the domestic stock exchange. Speaking at a State House meeting, Popoola said several companies earning significant revenue in Nigeria plan to float shares on foreign exchanges, locking out local investors.
He named OPay and PalmPay as fintechs considering overseas listings despite building substantial businesses in Nigeria. Popoola urged the government to consider regulations supporting dual listings, allowing these firms to raise capital internationally while letting Nigerians buy shares.
He also projected NGX market capitalisation could hit ₦230 trillion ($170 billion) by year-end, up from ₦160 trillion ($120 billion) today. Market cap has grown from about ₦30 trillion ($22 billion) when Tinubu took office in May 2023.
The key facts
Nigeria's top nine fintechs (Flutterwave, OPay, Moniepoint, Interswitch, PalmPay, Moove, Kuda, Paystack, Paga) are valued at $10.6 billion combined as of January 2026. If they all list, this would account for 8% of the total market cap of the NGX.
However, NGX market cap has risen 6x from ₦30 trillion in May 2023 to ₦160 trillion currently
Popoola forecasts ₦230 trillion market cap by end-2026.
NGX also wants government stakes in Indorama, NLNG, Eleme Petrochemicals and selected NNPC assets listed.
Why it matters
Nigeria's fintech sector commands $10.6 billion in combined valuation and drives Africa's largest fintech ecosystem. If OPay ($4 billion) or Flutterwave ($3 billion) list abroad exclusively, Nigerian retail and institutional investors lose direct exposure to the country's fastest-growing companies, and the NGX misses a chance to deepen liquidity and attract foreign portfolio capital.
For Nigerian investors, dual or domestic listings would offer access to high-growth tech names currently unavailable on the exchange. The banking sector (FBNH, UBA, ZENITH, GTCO, ACCESS) dominates NGX, but no major fintech or tech unicorn trades locally. A successful listing wave could shift the index composition and give pension funds, which allocate heavily to equities, new diversification.
What to look out for
Tinubu confirmed NNPC Limited will be reformed and listed on the capital market. Watch for specific legislative or regulatory proposals on mandatory or dual listings in the coming quarters, and whether the government backs policy incentives—such as capital-gains tax relief—to encourage domestic IPOs.
SUBSCRIBE
Become smarter in just 5 minutes
Daily Bread News delivers Nigerian business news in easy-to-digest, clear and concise formats 🍞