President Bola Ahmed Tinubu has approved a $75 million federal government investment in African fintech giant Flutterwave, as the company advances preparations for a proposed Initial Public Offering (IPO).
The disclosure was made on Monday by the President’s Special Assistant, Dada Olusegun, via a post on social media, confirming that the deal is moving toward completion.
While specific details on the structure, valuation, and timeline were not immediately released, the investment marks a significant show of government backing for one of Nigeria’s most prominent technology firms.
Sources indicate the investment is expected to be executed through the Ministry of Finance Incorporated (MoFI), the government’s investment vehicle. The move aligns with broader efforts by the Federal Government to support high-growth sectors and expand Nigeria’s digital economy.
The approval comes shortly after Flutterwave secured regulatory clearance to operate banking services in Nigeria — a development widely regarded as a milestone in the company’s evolution from a payment processor to a broader financial services provider.
The new licence enables Flutterwave to expand beyond its earlier designation as a Virtual Asset Service Provider and offer a wider suite of financial services through its existing infrastructure.
The $75 million commitment forms part of Flutterwave’s broader capital-raising plans ahead of its anticipated IPO. The company is reportedly targeting a total raise of about $250 million through the public offering.