Payments company Flutterwave has firmly rejected media reports claiming the Nigerian federal government approved a $75 million investment in the fintech unicorn as a step toward a public listing.
In a statement issued today, the company described the reports as “inaccurate,” explicitly denying that it is preparing for a $250 million Initial Public Offering (IPO).
The clarification comes after widespread local media coverage on Monday, which was triggered in part by a now-deleted social media post from a special assistant to President Bola Ahmed Tinubu.
The initial reports had suggested that President Tinubu authorised the Ministry of Finance Incorporated (MoFI) to inject $75 million into Flutterwave.
Flutterwave’s spokesperson stated categorically: “Flutterwave is not in any way close to an IPO, and we have made no announcements regarding a listing or any fundraising tied to an IPO.”
The denial shows the high level of public interest in the company, which reached a valuation of over $3 billion in its 2022 funding round. Once seen as Africa’s strongest candidate for a major tech IPO, Flutterwave now appears to be adopting a more measured approach to going public.
CEO Olugbenga Agboola has repeatedly emphasised internal strengthening over rapid public market ambitions. Speaking at the Semafor World Economy Summit in 2024, Agboola highlighted “operational maturity” and strong corporate governance as the company’s immediate priorities.
This cautious stance aligns with the broader slowdown in the global tech IPO market. Since raising $170 million in 2021, many high-growth startups have encountered stricter investor scrutiny, tougher regulatory requirements, and more demanding profitability expectations.
While the Tinubu administration has shown strong support for Nigeria’s technology sector as a driver of economic growth, Flutterwave’s rebuttal indicates that a direct state investment in the company is not currently in play.
For now, Africa’s much-anticipated large-scale tech IPO remains on the horizon, with Flutterwave choosing to focus on building a more solid foundation before considering a public debut.
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