President Bola Tinubu has reportedly approved a $75 million investment in Flutterwave, as the company’s initial public offering (IPO) plans near completion.
Dada Olusegun, special assistant to the president on social media, announced the federal government’s capital injection approval in a post on X on Monday.
“President Bola Ahmed Tinubu has given approval for the investment of $75 million in Flutterwave, as plans for the deal move closer to completion,” the post reads.
At the current official foreign exchange rate of ₦1,343.64, the $75 million amounts to ₦100.7 billion. This is about 0.15 percent of the 2026 budget.
The investment forms part of Flutterwave’s efforts to raise $250 million through an IPO.
The financial technology (fintech) firm previously raised $250 million in Series D funding in 2022, valuing the company at over $3 billion.
According to the company, the new funding will support its expansion strategy, including accelerating customer acquisition in existing markets, pursuing mergers and acquisitions, and developing complementary products to drive innovation.
In February 2025, Tinubu said his administration would support fintech companies providing payment infrastructure across Nigeria and Africa, reiterating that the country is open to business and committed to removing barriers to growth.
The president commended Flutterwave’s role in strengthening the digital economy, particularly through the contributions of young Nigerians.
Flutterwave has also indicated interest in listing on the Nigerian Exchange (NGX), seeking government backing for the move.
On October 10, 2025, Wale Edun, the minister of finance and coordinating minister of the economy, met with Flutterwave executives and officials of the Ministry of Finance Incorporated (MoFI) to explore a strategic partnership.
Edun commended Flutterwave’s role in driving innovation and reaffirmed the federal government’s commitment to investments that promote financial inclusion, empower small businesses, and position Nigeria as a hub for digital transformation.
The engagement reportedly concluded with an agreement on a roadmap for collaboration, with officials noting that the partnership would boost investor confidence and strengthen Nigeria’s innovation ecosystem once finalised.
