By Contributor

A three-month investigation into the operations of Johannesburg-listed fintech company Optasia in Nigeria and elsewhere on the African continent is expected to bring renewed scrutiny to the company as it faces a regulatory battle over its role in Nigeria’s airtime and data-credit market.

South Africa-based investigative journalist Karim Adeyemi said his investigation had uncovered practices that could have serious implications for Optasia and potentially implicate senior Nigerian government officials, including some within the judiciary.

The investigation also raises allegations of bribery, backroom deals and nepotism.

“The three months of investigation have revealed several practices that could indict the company and implicate several top government officials in Nigeria, including some in the judiciary,” Adeyemi said.

The investigation has not yet been published and the allegations have not been independently tested. Optasia and any individuals who may be named in the investigation would have an opportunity to respond to the claims.

The timing is significant for South Africa because Optasia listed on the Johannesburg Stock Exchange (JSE) in November 2025, bringing its performance and regulatory exposure in African markets under the attention of local investors.

The company’s shares have fallen substantially from a post-listing high of R23.60. By August 17, the stock was about 40% below that peak.