President Bola Ahmed Tinubu has approved a $75 million federal investment in Flutterwave, signaling strong government backing as the fintech firm prepares for a major public offering.
Newsonspot reports that the investment will be executed through the Ministry of Finance Incorporated (MoFI) and forms part of Flutterwave’s broader plan to raise $250 million via an Initial Public Offering (IPO).
Valued at over $3 billion, Flutterwave had earlier approached the Federal Government to participate in the offering, seeking strategic support to boost investor confidence and strengthen its position in the global tech market.
Before granting approval, the government engaged two of the world’s leading accounting and auditing firms to conduct a thorough review of the company’s financial records and operations. This due diligence process was aimed at ensuring transparency and reinforcing trust among potential investors.
Sources close to the deal revealed that the request for government participation aligns with Flutterwave’s strategy to secure sovereign backing, while also showcasing Nigeria’s growing influence in the global technology ecosystem.
The IPO is expected to widen ownership, giving more Nigerians the opportunity to invest in one of Africa’s leading fintech companies. Existing investors have reportedly shown interest in increasing their stakes, while new institutional investors are positioning to participate.
With strong demand anticipated, analysts believe the offering could be oversubscribed, reflecting confidence in Flutterwave’s growth potential and Nigeria’s expanding digital economy.
