President Bola Ahmed Tinubu has approved a 75 million dollars federal government investment in fintech company Flutterwave, as it moves closer to an initial public offering. The announcement was made on Monday by the president’s special assistant on social media, Dada Olusegun.
The investment, estimated at about 100.7 billion naira at the official exchange rate, forms part of Flutterwave’s plan to raise 250 million dollars through its IPO. The company was last valued at over 3 billion dollars after a 2022 funding round.
Flutterwave says the new capital will support expansion across existing markets, as well as mergers, acquisitions and product development. The firm has also indicated interest in listing on the Nigerian Exchange and has sought government backing for the move.
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Finance minister Wale Edun had earlier held talks with the company and officials of the Ministry of Finance Incorporated to explore a strategic partnership. The government says the investment aligns with efforts to promote financial inclusion and strengthen Nigeria’s digital economy.
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