By Ayo Kehinde
President Bola Tinubu has approved a $75 million investment in fintech company, Flutterwave, signalling increased government backing as the firm moves closer to a planned Initial Public Offering (IPO).
The announcement was made on Monday by the President’s Special Assistant, Dada Olusegun, in a post on social media. According to him, the deal is progressing, although key details such as structure and timeline have not been disclosed.
The approval follows Flutterwave’s recent authorisation to expand into banking services in Nigeria, marking a major step in its operational growth. It also comes amid reports that the Federal Government engaged international accounting and auditing firms to assess the company’s financial health and compliance standards.
The investment underscores growing confidence in Flutterwave’s business model and long-term potential within Africa’s rapidly evolving fintech sector. It is expected to form part of the company’s broader capital-raising efforts ahead of its IPO, through which it aims to raise up to $250 million.
While no official date has been set for the listing, preparations are ongoing. Flutterwave has consistently emphasised profitability as a key requirement before going public, with CEO Olugbenga Agboola reiterating the company’s focus on sustainable growth and long-term value creation.
The government’s stake is expected to be executed through the Ministry of Finance Incorporated (MoFI), with the IPO anticipated to expand ownership and attract a wider pool of investors.
