FG plans $75m stake in Flutterwave IPO

The Federal Government plans to invest $75m in Flutterwave’s proposed $250m initial public offering, the fintech’s first listing of shares on a stock exchange.

The investment, approved by President Bola Tinubu and to be executed through the Ministry of Finance Incorporated, comes as the government steps up efforts to deepen participation in the country’s technology sector and strengthen confidence in domestic capital markets, The Nation reported on Monday.

The move forms part of Flutterwave’s broader plan to raise fresh capital and widen ownership through a public listing that could value the company at more than $3bn, positioning it among Africa’s most prominent tech firms.

People familiar with the discussions said the government conducted extensive due diligence before approving the investment, including reviews by two of the Big Four accounting firms.

The proposed stake reflects efforts to boost investor confidence in Nigeria’s digital economy and showcase the country’s capacity to back globally competitive technology companies.

“The idea is to show that something good can come out of Nigeria and its promise,” a source familiar with the deal said, adding that sovereign participation could help anchor the offering and attract additional institutional investors.

The deal builds on months of engagement between both sides, including discussions in October 2025 between the Ministry of Finance, MoFI, and Flutterwave on a broader partnership aimed at strengthening Nigeria’s digital economy and expanding financial inclusion through payments infrastructure, SME support, and cross-border trade facilitation.

Flutterwave, founded in 2016, has grown into one of Africa’s leading payments companies, providing cross-border payment solutions for businesses across more than 30 countries. Its IPO is expected to broaden ownership among Nigerian investors while deepening participation in the country’s tech sector.