President Bola Tinubu has approved a $75 million investment in Flutterwave as the fintech company advances plans for its Initial Public Offering (IPO).
The development was disclosed on Monday by the President’s Special Assistant, Dada Olusegun, via social media post.
The move comes shortly after Flutterwave secured approval to operate banking services in Nigeria, marking a significant expansion of its operations.
However, Flutterwave has denied knowledge of such an investment as announced by the President’s Assistant.
According to a spokesperson of Flutterwave, the company is “not aware of the information being circulated.”
What the President’s Assistant said
Dada Olusegun confirmed that the investment was progressing, although did not provide further details.
- “President Bola Ahmed Tinubu has given approval for the investment of $75 million in Flutterwave, as plans for the deal move closer to completion,” Dada Olusegun stated.
No further specifics were provided regarding the structure or timeline of the investment.
The development follows reports that the government engaged global accounting and auditing firms to review Flutterwave’s financials and operations.
Checks by Nairametrics show that Olusegun’s post (screenshot above) has now been deleted.
Get up to speed
In 2022, Flutterwave announced that it has raised $250 million in Series D funding, valuing the company at over $3 billion.
Flutterwave has maintained that profitability is a key condition before proceeding with its IPO and listing.
CEO Olugbenga Agboola previously stated that the company is focused on delivering long-term sustainable value before going public.
The Federal Government’s investment is expected to be executed through the Ministry of Finance Incorporated (MoFI).
More insights
The planned IPO is expected to broaden ownership and deepen investor participation in one of Africa’s leading fintech companies.
- The investment could enhance Flutterwave’s valuation and strengthen investor confidence ahead of the listing.
- It also reflects increasing government interest in supporting high-growth technology firms.
- Market watchers view the move as a signal of confidence in Nigeria’s fintech ecosystem.
The development positions Flutterwave as a key player in the evolving digital financial services space.
What you should know
Flutterwave recently secured a licence to operate banking services in Nigeria, marking a major milestone in its growth trajectory.
The licence enables the company to expand beyond its previous role as a Virtual Asset Service Provider.
It allows Flutterwave to offer a broader range of financial services through its existing platforms.
The move strengthens its position within Nigeria’s financial services industry.
The combination of regulatory approval and fresh investment support underscores Flutterwave’s ambition to scale operations and solidify its standing ahead of a potential public listing.
Editor’s Note: This story has been updated to include Flutterwave’s denial of the investment and Olusegun’s deletion of the post.
