Flutterwave has denied reports claiming that Nigeria’s federal government approved a $75 million investment in the fintech company, describing the information as inaccurate.
The clarification follows earlier media reports and a now-deleted social media post suggesting that President Bola Ahmed Tinubu had authorised the investment through the Ministry of Finance Incorporated (MoFI). The reports also indicated that the company was preparing to raise up to $250 million through an initial public offering (IPO).
In a response to Techpoint Africa, Flutterwave dismissed both claims, stating that it has no knowledge of any such government investment and is not currently close to launching an IPO.
The company emphasized that while it has long-term plans to go public, its immediate priority is strengthening internal systems, improving corporate governance, and achieving operational stability.
Flutterwave, valued at over $3 billion from previous funding rounds, has often been seen as a strong candidate for a major African tech IPO. However, shifting global market conditions and increased regulatory scrutiny have contributed to delays in its public listing plans.
Chief Executive Officer Olugbenga Agboola has previously stated that the company is focused on becoming “IPO-ready” rather than rushing into the market, with no specific timeline announced.
The company also noted that any future listing would likely begin domestically before expanding to international exchanges.
While the Nigerian government has shown growing interest in supporting the tech ecosystem, Flutterwave’s latest statement suggests that no formal investment agreement currently exists, leaving its IPO timeline uncertain for now.
