Flutterwave Denies Nigerian Government $75m Investment Claim

LAGOS, Nigeria – Flutterwave has denied any knowledge of a reported $75 million investment by the Nigerian federal government, describing the claims as inaccurate.

The payments company pushed back Monday against local media reports that suggested President Bola Ahmed Tinubu approved the stake through the Ministry of Finance Incorporated as part of plans for a public listing. Those reports also claimed Flutterwave was gearing up to raise as much as $250 million in an initial public offering.

In a statement made available to NaijaChoice News, Flutterwave dismissed both the investment figure and the IPO timeline. “We’d like to clarify that the information circulating is inaccurate, including the reported $250 million figure,” the company said. “Flutterwave is not in any way close to an IPO, and has made no announcements regarding a listing or fundraising tied to an IPO as described.”

The denial comes after a now-deleted tweet from a special assistant to the President that first flagged the alleged deal. The episode has drawn fresh attention to one of Nigeria’s biggest fintech success stories and its future plans.

Valued at over $3 billion from its last major fundraising, Flutterwave remains Africa’s most valuable unicorn in the payments space. Chief Executive Officer Olugbenga Agboola has repeatedly stressed that the firm’s priority is building strong internal systems rather than rushing to list.

“Right now our goal is to be IPO-ready, ensuring we have the right corporate governance in place and that we are operating well,” Agboola said in earlier remarks that the company continues to reference. The firm has also secured a microfinance banking licence from the Central Bank of Nigeria in recent weeks to deepen its domestic operations.

Flutterwave has signalled it would likely favour a listing on the Nigerian Exchange before eyeing international markets if it eventually goes public. This cautious approach marks a shift from the more aggressive posture seen in 2021 when it raised $170 million and fuelled IPO speculation.

Global market conditions have since cooled on high-growth tech listings, while the company has faced regulatory scrutiny in some African markets. These factors have reinforced its focus on compliance, profitability and operational maturity.

The federal government has shown growing appetite for backing home-grown technology firms since Tinubu took office in 2023. Any eventual Flutterwave listing would represent a major milestone for Nigeria’s startup ecosystem and could boost confidence in the country’s digital economy drive.

For now, the company says it remains focused on readiness rather than immediate fundraising. Whether and when it taps the public markets stays an open question for investors and policymakers alike.