Africa’s largest fintech company, Flutterwave, has firmly denied reports that Nigeria’s federal government approved a $75 million investment in the company, describing the claims as inaccurate and calling speculation about an imminent public listing premature.
The denial came in response to local media reports, including a now-deleted post by a special assistant to President Bola Ahmed Tinubu, which stated that the president had authorised an investment of $75 million in the payments company through the Ministry of Finance Incorporated (MoFI). The reports also indicated that Flutterwave was preparing to raise up to $250 million through an initial public offering (IPO).
In a statement, the company described the reports as “inaccurate,” explicitly denying it is preparing for a $250 million IPO and stating it has made no announcements regarding any listing or fundraising tied to one.
Neither the Presidency nor MoFI has issued a statement explaining the deletion of the original post.
The denial adds a layer of uncertainty around one of Africa’s most closely watched potential tech listings. Flutterwave reached a valuation of over $3 billion in its 2022 funding round and has long been seen as the continent’s strongest candidate for a major tech IPO. Yet the company’s chief executive officer, Olugbenga Agboola, has consistently signalled caution over timing.
Speaking at the Semafor World Economy Summit in 2024, Agboola highlighted operational maturity and strong corporate governance as the company’s immediate priorities, placing those above near-term public market ambitions.
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.
Since raising $170 million in 2021, global equity markets have become less receptive to high-growth technology listings, prompting many startups to delay IPO plans. Flutterwave has also faced regulatory scrutiny in some markets, reinforcing its emphasis on compliance, governance, and profitability ahead of any public debut.
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. For now, however, the company’s message is unambiguous: there is no government investment on the table and no immediate plans for a listing.
