When OPay heightened intent for a potential US initial public offering (IPO) last week, hiring Citigroup, Deutsche Bank and JPMorgan, it was victory for Nigerian fintech, but crimination of its local capital markets. Three years after launching its dedicated Technology Board in 2022, the Nigeria Exchange (NGX) has recorded zero start-up IPOs as high-growth firms founded on local innovation and millions of Nigerian users chose rather to pursue international listings, condemning domestic investors to the fringes.