President Bola Tinubu has approved a $75 million investment in Flutterwave as the fintech firm advances plans for an Initial Public Offering (IPO).
The development was disclosed on Monday by the President’s Special Assistant, Dada Olusegun, who confirmed that the deal is progressing, although details on its structure and timeline remain limited.
The approval comes shortly after Flutterwave secured regulatory clearance to operate banking services in Nigeria, marking a significant expansion of its operations. The Federal Government’s investment is expected to be executed through the Ministry of Finance Incorporated (MoFI).
The move is seen as a vote of confidence in Flutterwave’s business model and long-term prospects, particularly as the company prepares to raise up to $250 million through its planned IPO. While no listing date has been announced, preparations are ongoing, with the company maintaining that profitability remains a key condition before going public.
Chief Executive Officer Olugbenga Agboola has previously emphasised the company’s focus on building sustainable value ahead of the listing. Market analysts say the government’s backing could strengthen investor confidence, enhance valuation, and deepen participation in one of Africa’s leading fintech firms.
