President Bola Tinubu has reportedly approved a $75 million investment in Flutterwave, as the company’s initial public offer (IPO) plans near completion.
Dada Olusegun, special assistant to the president on social
media, announced the federal government’s capital injection approval in a post
on X on Monday.
“President Bola Ahmed Tinubu has given approval for the
investment of $75 million in Flutterwave, as plans for the deal move closer to
completion,” the post reads.
At the current official foreign exchange rate of
N1,343.64, the $75 million amounts to N100.7 billion. This is about 0.15
percent of the 2026
budget.
The investment forms part of Flutterwave’s efforts to
raise $250 million through an IPO.
The financial technology (fintech) firm had previously
raised $250 million in Series D funding in 2022, valuing the
company at over $3 billion.
According to the company, the new funding will support its
expansion strategy, including accelerating customer acquisition in existing
markets, pursuing mergers and acquisitions, and developing complementary
products to drive innovation.
In February 2025, Tinubu said his
administration would support fintech companies providing payment infrastructure
across Nigeria and Africa, reiterating that the country is open to business and
committed to removing barriers to growth.
The president commended Flutterwave’s role in strengthening
the digital economy, particularly through the contributions of young Nigerians.
Flutterwave had also indicated interest in listing on the
Nigerian Exchange (NGX), seeking government backing for the move.
On October 10, 2025, Wale Edun, the minister of finance and coordinating minister of the economy, met with Flutterwave executives and officials of the Ministry of Finance Incorporated (MoFI) to explore a strategic partnership.
Edun commended Flutterwave’s role in driving innovation and
reaffirmed the federal government’s commitment to investments that promote
financial inclusion, empower small businesses, and position Nigeria as a hub
for digital transformation.
The engagement reportedly concluded with an agreement on a
roadmap for collaboration, with officials noting that the partnership would
boost investor confidence and strengthen Nigeria’s innovation ecosystem once
finalised.
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