Flutterwave Disowns Tinubu Government’s Claim Of $75million Investment, Says IPO Claims Inaccurate

Flutterwave, one of Africa’s most valuable fintech companies, has denied reports that the President Bola Tinubu-led Nigerian government approved a $75 million investment in the firm, firmly pushing back against claims that also linked the alleged deal to an imminent public listing.

Earlier on Monday, multiple local reports — amplified by a now-deleted tweet from a special assistant to President Bola Ahmed Tinubu — claimed that the president had authorised a $75 million injection into Flutterwave through the Ministry of Finance Incorporated (MoFI).

The reports further suggested that the payments company was preparing to raise up to $250 million via an initial public offering (IPO), fueling speculation across Nigeria’s tech and financial ecosystem.
However, Flutterwave has now dismissed both claims as false.

In a statement issued to Techpoint Africa, a representative of the company described the circulating reports as inaccurate and misleading, stressing that no such investment or IPO plans exist.

“We’d like to clarify that the information circulating is inaccurate, including the reported $250 million figure,” the company said.

“Flutterwave is not in any way close to an IPO, and they have made no announcements regarding a listing or fundraising tied to an IPO as described.”

The strong rebuttal underscores the lingering uncertainty surrounding Flutterwave’s long-anticipated public listing, which has been the subject of repeated speculation over the past few years.

Valued at over $3 billion during its last fundraising round, Flutterwave has often been touted as a leading candidate for one of Africa’s biggest tech IPOs.

However, timelines for such a move have remained fluid, shaped by shifting global market conditions and evolving internal priorities within the company.

Chief Executive Officer, Olugbenga Agboola, has previously signaled a more cautious approach, emphasising that the company’s immediate focus is not on rushing to the stock market but on strengthening its internal structures.

“Right now our goal is to be IPO-ready, ensuring we have the right corporate governance in place and that we are operating well,” Agboola said at the Semafor World Economy Summit 2024, notably declining to provide any timeline for a potential listing.

Flutterwave also hinted that when it eventually moves toward going public, it may prioritise a domestic listing in Nigeria before exploring international exchanges — a strategy that could align with broader national ambitions to deepen local capital markets.
The company’s current stance marks a notable shift from its earlier posture. In 2021, Flutterwave raised $170 million in a high-profile funding round that cemented its unicorn status and sparked widespread expectations that an IPO could follow within a few years.
Since then, however, global equity markets have cooled significantly, particularly for high-growth technology companies. This shift has forced many startups worldwide to delay or reconsider their listing plans.
Flutterwave has also faced regulatory scrutiny in certain jurisdictions, further reinforcing its focus on compliance, corporate governance, and operational stability before any attempt to access public markets.

While the company did not directly address its relationship with Nigerian government authorities, the reports come amid growing state interest in the country’s technology sector since President Tinubu assumed office in 2023.

Any confirmed government backing of a major fintech player would likely be interpreted as a strategic move to boost investor confidence and attract foreign capital into Nigeria’s digital economy.
For industry watchers, a successful Flutterwave IPO — whenever it happens — would represent a landmark moment for Africa’s tech ecosystem, which has seen rapid growth over the past decade but relatively few large-scale public listings.
In Nigeria, such a milestone could also serve as a symbolic validation of the country’s ability to build globally competitive technology companies despite economic and regulatory headwinds.

For now, Flutterwave’s message is clear: there is no government investment deal on the table, and no immediate plans for a public listing.
Whether those realities change in the near future remains to be seen.(SaharaReporters)