President Bola Tinubu has approved a $75 million investment in Flutterwave as the fintech company advances plans for its Initial Public Offering (IPO).
The development was disclosed on Monday by the President’s Special Assistant, Dada Olusegun, via a social media post.
The move comes shortly after Flutterwave secured approval to operate banking services in Nigeria, marking a significant expansion of its operations.
The Federal Government confirmed that the investment is progressing, although details remain limited.
No further specifics were provided regarding the structure or timeline of the investment.
The development follows reports that the government engaged global accounting and auditing firms to review Flutterwave’s financials and operations.
The approval signals growing confidence in Flutterwave’s business model and long-term prospects.
The investment forms part of Flutterwave’s broader capital-raising strategy ahead of its planned IPO.
The fintech company is targeting a total raise of $250 million through the public offering.
While no official listing date has been announced, preparations for the IPO are ongoing.
Flutterwave has maintained that profitability is a key condition before proceeding with the listing.
CEO Olugbenga Agboola previously stated that the company is focused on delivering long-term sustainable value before going public.
The Federal Government’s investment is expected to be executed through the Ministry of Finance Incorporated (MoFI).
The planned IPO is expected to broaden ownership and deepen investor participation in one of Africa’s leading fintech companies.
The development positions Flutterwave as a key player in the evolving digital financial services space.
Flutterwave recently secured a licence to operate banking services in Nigeria, marking a major milestone in its growth trajectory.
The licence enables the company to expand beyond its previous role as a Virtual Asset Service Provider.
It allows Flutterwave to offer a broader range of financial services through its existing platforms.
The move strengthens its position within Nigeria’s financial services industry.
The combination of regulatory approval and fresh investment support underscores Flutterwave’s ambition to scale operations and solidify its standing ahead of a potential public listing.
