By Gloria Ikibah
The House of Representatives has called for urgent legislative and diplomatic intervention over reported regulatory complications surrounding the proposed listing of Nigerian fintech company, OPay Digital Services Limited, on the New York Stock Exchange (NYSE). 
The House also expressed concern that the development could undermine investor confidence, discourage foreign investment and affect the international competitiveness of Nigeria’s emerging technology and financial services sector.
The resolution followed an motion of urgent public importance moved by Rep. Daniel Amos, representing Jama’a/Sanga Federal Constituency of Kaduna State, who urged the House leadership to engage relevant authorities and stakeholders to resolve the issues surrounding the company’s reported listing.
Presenting the motion, Amos described OPay as a major player in Nigeria’s financial technology ecosystem, noting its contributions to financial inclusion, digital payments, employment generation and the growth of the country’s digital economy.
He said, “The House further notes that OPay is the first Nigerian fintech company to achieve a listing on the prestigious New York Stock Exchange, a historic milestone for Nigeria, and a significant achievement for the country’s technology and financial services sector.
“Made possible by the groundbreaking reforms embarked upon by this administration.”
The lawmaker expressed concern that despite being incorporated and registered in Nigeria, OPay’s reported listing had encountered regulatory complications arising from a petition submitted to the China Securities Regulatory Commission over claims concerning its alleged Chinese corporate status.
“The House further notes with grave concern that the company is incorporated and registered in Nigeria and is not registered in China. Yet, a listing has reportedly encountered a regulatory complication arising from claims regarding its alleged Chinese corporate status as reported in the media,” he said.
Amos argued that the development raised 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.
He warned that the implications extended beyond OPay, particularly in relation to investor confidence, foreign investment and the global competitiveness of Nigeria’s technology and financial services industries.
“Also disturbed, Mr Speaker, distinguished colleagues, 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.
“This will amount to a vote of no confidence in the economic reforms this administration has courageously adjusted to the administration of global financial institutions,” he stated.
The lawmaker maintained that the situation required urgent attention to protect the interests of Nigerian businesses seeking opportunities in international capital markets.
The House unanimously adopted the motion, and mandated its leadership to engage appropriate government authorities and relevant stakeholders to address the issues hindering the company’s reported listing.
The lawmakers also called for necessary diplomatic and institutional measures to protect the legitimate interests of Nigerian companies and businesses incorporated in Nigeria that are seeking investment opportunities in international capital markets.
Amos urged his colleagues to ensure that opportunities created by ongoing economic reforms were not lost to unresolved regulatory complications.
The motion further mandated the House leadership to report back to the chamber within two weeks for further legislative action.
