UPDATED: Flutterwave yet to confirm reports of $75m Nigerian govt investment ahead of $250m IPO

Reports that the Nigerian federal government has approved a $75 million investment in Flutterwave, Africa’s largest fintech company, remain unconfirmed by the company itself, despite widespread media coverage and an initial social media post by a presidential aide that has since been deleted.

• Reports of a $75 million investment by the Nigerian government in Flutterwave have not been confirmed by the company.
• A now-deleted X post by President Bola Tinubu’s aide Segun Dada initially suggested the deal was approved.
• An insider at Flutterwave says talks continue, but there is no official confirmation or announcement.
• The fintech giant, preparing for a potential $250 million IPO, continues to emphasise profitability ahead of its listing.  

Multiple outlets, including Business Insider Africa, reported earlier that Nigeria’s President Bola Ahmed Tinubu had authorised the investment to be channelled through the Ministry of Finance, as Flutterwave prepares for a potential initial public offering (IPO) to raise up to $250 million.

The initial claim gained traction after a now-deleted post on X (formerly Twitter) by Segun Dada, an aide to President Tinubu, which suggested the approval was in place and that plans for the deal were advancing.

However, that statement has been removed, and no official government announcement has followed.

Flutterwave has not issued a public statement endorsing the reports, and the company’s position underscores that any potential investment remains at the discussion stage rather than a finalised commitment.

Banking licence strengthens growth strategy

The fintech firm, founded in 2016 and known for its payment infrastructure across Africa, has been preparing for a possible public listing. Chief Executive Olugbenga Agboola has previously emphasised the need for sustained profitability before proceeding with an IPO.

The company recently received regulatory approval to expand into banking services in Nigeria, broadening its offerings beyond payments.

The initial reports framed the purported investment as a signal of stronger state support for the fintech sector, which has attracted significant international capital amid Nigeria’s large underbanked population and push for economic diversification through technology.

Analysts had suggested such backing could boost investor confidence ahead of any potential listing.

As of now, neither the federal government nor Flutterwave has issued an official confirmation of the $75 million investment.

More details soon….