Oluwatosin Ajibade (popularly known as Mr Eazi), the founder of emPawa Africa and Choplife Group, has announced plans to eventually list a technology company on the Nigerian Exchange (NGX). Inspired by prominent business leaders Aliko Dangote, Abdul Samad Rabiu, and his father-in-law Femi Otedola, the artist-turned-entrepreneur stated that listing is a logical "sequence" for his growing digital portfolio, which integrates gaming, sports, entertainment, and media.
This prospective debut aligns with a historic domestic market expansion. The NGX’s total market capitalization has surged over 430%, rising from approximately N30 trillion in 2023 to N160 trillion in 2026, with exchange projections targeting N230 trillion before the year ends. Capital market activity is expected to accelerate further with the highly anticipated $5 billion Dangote Petroleum Refinery IPO scheduled by October 2026, alongside regulatory pushes urging major domestic technology and e-commerce firms to list locally.
To optimize its corporate structure ahead of a listing, Choplife Group has centralized its core operations in Itana, a digital-first special economic zone backed by the Nigeria Export Processing Zones Authority (NEPZA). This relocation is designed to mitigate regional capital lockups, conflicting local banking rules, and fluctuating foreign exchange restrictions. Choplife currently employs over 21 local engineers in Nigeria to build out its digital infrastructure.
Despite the domestic market momentum, substantial operational and systemic risks remain. Regional expansion across Africa continues to suffer from severe regulatory fragmentation, with redundant licensing processes across adjacent borders taking up to two years. Furthermore, local startups face reputational and fundraising hurdles, as global venture capitalists frequently favor offshore holding jurisdictions like Delaware or London over domestic African entities.
Investors should monitor the NGX for a finalized listing timetable, progress on broader African policy harmonization initiatives like the African Prosperity Network, and the regulatory environment governing domestic special economic zones.
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