Seven stories.
Every morning at seven.

SEVEN STORIES. EVERY MORNING AT SEVEN.

Yesterday,
brought into
focus.

The morning seven today looks at OPay’s US IPO filing, SEC’s warning on WayvePay, Fitch’s brighter view of Nigeria, Lagos’ new bond raise and the fuel-price shock still feeding business costs.

11 October 20267 a.m. WAT~5 min read
THE MORNING SEVEN, READ TO YOUAI-narrated · 9 min listen
0:00 / 8:14

The morning seven

01.
FintechNigeria / United StatesTHE BIG PICTURE

OPay files for US IPO and weighs NGX secondary listing

OPay has filed a prospectus for a proposed initial public offering in the United States and is considering a secondary listing on the Nigerian Exchange, a move that could eventually give Nigerian investors direct access to one of the country’s largest consumer fintech businesses. The company is still Nigeria-heavy despite operating in Egypt, Indonesia and Pakistan: Condia reports that Nigeria produced 89.5% of its $467.1 million revenue in the first half of 2026. Revenue more than doubled from $198.0 million a year earlier, while net income rose to $90.9 million from $21.7 million. The filing also shows how lending is becoming a bigger revenue driver for a payments company built around wallets, agents and everyday transactions. Any NGX listing would matter because many Nigerian users helped build OPay’s scale but have had limited routes to own the company.

Read at Condia ↗
02.
FinanceNigeria

SEC warns Nigerians off WayvePay over capital-market registration

Nigeria’s Securities and Exchange Commission has disowned WayvePay and warned the public not to invest through the online platform because it is not registered to solicit investments or operate in the capital market. The notice followed WayvePay’s newspaper announcement that it was making the Dangote Refinery IPO accessible to customers, at a time when the N2.15 trillion offer is being distributed through authorised digital channels. SEC’s warning is important beyond one platform: the Dangote offer has widened electronic access through banks, fintechs, mobile money operators and NGX Invest, but that same visibility can attract unauthorised intermediaries. The regulator told investors to verify platforms through its official portals and said anyone dealing with WayvePay or its agents on capital-market transactions would be doing so at their own risk.

Read at Nairametrics ↗
03.
FinanceNigeria

Fitch lifts Nigeria’s outlook to positive but keeps rating at B

Fitch Ratings revised Nigeria’s credit outlook to Positive from Stable while affirming the sovereign rating at ‘B’, signalling that an upgrade is possible if recent improvements hold. The agency pointed to stronger foreign-exchange reserves, a better macro policy framework, reforms and easing inflation, while still flagging fiscal pressure and high debt-service costs. Gross reserves rose to $54.9 billion as of September 25, 2026, from $32 billion in mid-April 2024, helped by portfolio inflows, export receipts, remittances and more formal FX transactions. Fitch forecasts 4.3% GDP growth in 2026 and inflation moderating to 15.4%, but expects Nigeria’s interest-to-revenue burden to remain heavy. For Nigerian businesses and investors, the rating remains below investment grade, yet the outlook change could support sentiment if policy credibility and reserve strength continue.

Read at Nairametrics ↗
04.
InfrastructureLagos, Nigeria

Lagos opens up to N200bn 10-year infrastructure bond

Lagos State has opened a Series 5 fixed-rate bond offer to raise up to N200 billion under its N1 trillion debt and hybrid instruments programme, with the offer running from October 9 to October 16. The 10-year bond is being priced through book building with coupon guidance of 16.50% to 16.75% a year, paid semi-annually, and principal repayments starting after a three-year moratorium. The planned use of proceeds is concrete: N122.16 billion for the Blue Line rail extension, N48.87 billion for health projects including the New Massey Street Children’s Hospital and Ojo General Hospital, and N24.43 billion for Omu Creek Road and bridge. Investors get a fixed-income option, while Lagos gets long-tenor funding for infrastructure, though the indicated yield sits below a comparable recent FGN benchmark.

Read at Nairametrics ↗
05.
FinanceNigeria

Zenith Bank posts N637.6bn half-year pre-tax profit

Zenith Bank reported audited half-year 2026 profit before tax of N637.6 billion, up 1.91% from N625.6 billion a year earlier, and proposed an interim dividend of N1.50 per share, 20% higher than last year’s N1.25. The bank’s performance was supported by a lower funding cost base, stronger margins, higher transaction income and a sharp fall in impairment charges. Net fee and commission income rose about 40% to N178.77 billion, helped by digital banking transaction volumes, while gross loans increased 14% to N12.57 trillion and customer deposits rose 8% to N26.35 trillion. Profit after tax, however, fell to N430.76 billion from N532.18 billion after tax expense more than doubled under the new tax framework. For shareholders, the dividend date and e-dividend registration requirements are immediate practical details.

Read at Nairametrics ↗
06.
BusinessNigeria

UNCTAD says Nigeria had world’s steepest diesel price rise

Nigeria recorded the highest diesel price increase among countries tracked by UNCTAD, with prices up 82.7% between February and August 2026, while petrol rose 48.1%, the fourth-highest increase in the comparison. The figures capture why transport, logistics, manufacturing and small-business operating costs have remained under pressure even as Nigeria may earn more from higher crude prices. NBS data cited in the report showed diesel rising from N1,420.17 per litre in February to N3,277.47 in May, while petrol rose from N1,051.47 to N1,596.25 over the same period. UNCTAD attributes the global energy shock to Middle East conflict and disruptions around the Strait of Hormuz, but notes that developing countries in Asia and Africa have seen the steepest domestic fuel-price effects. Nigeria’s expanding refining capacity may reduce import exposure, but fuel costs remain tied to global markets.

Read at Nairametrics ↗
07.
FinanceIbadan, Nigeria

SEC DG says credible issuers, not just investors, are Nigeria’s market gap

SEC Director-General Emomotimi Agama warned that Nigeria’s capital-market expansion could simply inflate the prices of existing assets if the market does not produce more credible issuers. Speaking at the University of Ibadan Alumni Association’s public service lecture, he argued that the real constraint is not just the number of investors but the shortage of institutions with governance, transparency and structures strong enough to absorb long-term investment. The warning lands as regulators target 30 million investors by 2030 and a capital market expanding from about N250 trillion to N750 trillion. It is a useful caution for a market enjoying wider retail access, faster T+1 settlement and large offers such as Dangote Refinery’s IPO: liquidity without enough investable companies can raise prices without deepening productive capital formation.

Read at Nairametrics ↗

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