President Bola Tinubu has reportedly approved a $75 million investment in leading African fintech company Flutterwave as the firm moves closer to preparations for its Initial Public Offering (IPO).
The announcement was made on Monday by Dada Olusegun, Special Assistant to the President, via a social media post, stating that the investment is part of ongoing efforts to strengthen Nigeria’s digital economy and support high-growth tech companies.
According to the presidential aide, the proposed investment is expected to be executed through the Ministry of Finance Incorporated (MoFI), although detailed terms, structure, and timeline were not disclosed.
The development comes shortly after Flutterwave secured approval to expand into banking services in Nigeria, a move that significantly broadens its financial operations beyond payment processing and virtual asset services.
However, Flutterwave has strongly pushed back against the claim, stating that it is not aware of any such government-led investment. A company spokesperson said the firm had “no knowledge of the information being circulated,” raising questions about the status of the reported deal.
The conflicting statements have sparked uncertainty within Nigeria’s tech and investment community, particularly as Flutterwave continues preparations for a potential IPO, which CEO Olugbenga Agboola has previously said will depend on achieving sustained profitability.
In 2022, the company raised $250 million in Series D funding, pushing its valuation above $3 billion and cementing its position as one of Africa’s most valuable fintech startups.
The Federal Government is also reported to have engaged global audit and advisory firms to review Flutterwave’s financial and operational structure as part of broader due diligence processes.
If confirmed, the investment would mark a significant state-backed endorsement of Nigeria’s fintech sector and signal stronger government participation in scaling indigenous technology companies.
For now, however, the situation remains unclear, with no official documentation released and Flutterwave publicly distancing itself from the announcement.
The development highlights growing scrutiny around public-private investment disclosures as Nigeria’s fintech ecosystem continues to expand rapidly.
