Flutterwave has said it has no knowledge of a reported $75 million investment by Nigeria’s federal government, pushing back against local media reports that suggested the deal had been approved as part of the company’s path toward a public listing.
Earlier reports on Monday, including a now-deleted tweet from a special assistant to President Bola Ahmed Tinubu, 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 the startup was preparing to raise up to $250 million in an initial public offering.
In a statement to Techpoint Africa, a Flutterwave representative disputed both claims, describing the information as inaccurate.
“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 denial highlights the continued uncertainty surrounding one of Africa’s most closely watched potential listings. Valued at more than $3 billion at its last fundraising, Flutterwave has long been seen as a leading candidate for an African tech IPO, though timelines have repeatedly shifted amid changing market conditions and internal priorities.
Chief Executive Officer Olugbenga Agboola has previously indicated that while the company intends to go public eventually, its immediate focus is on strengthening internal systems and achieving operational maturity.
“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 without providing a timeline for a potential listing.
Flutterwave added that if it were to pursue an IPO, it would likely prioritise a domestic listing before considering international exchanges.
The company’s cautious tone marks a shift from earlier years, when it signalled more aggressive ambitions to go public. In 2021, Flutterwave raised $170 million in a funding round that cemented its position as one of Africa’s most valuable startups and fuelled speculation that a listing could follow within a few years.
Victoria Fakiya – Senior Writer
Techpoint Digest
Make your startup impossible to overlook
Discover the proven system to pitch your startup to the media, and finally get noticed.
Since then, 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.
While the company did not comment directly on its interactions with Nigerian authorities, the government has shown increasing interest in the country’s technology sector since Tinubu took office in 2023. Public backing of a high-profile fintech could signal confidence in Nigeria’s startup ecosystem and attract foreign investment at a time when the government is seeking to boost economic growth.
A successful Flutterwave listing would also be a milestone for Africa’s tech industry, which has produced few large-scale public offerings despite rapid growth over the past decade. For Nigeria, it could also represent a symbolic win, showcasing the country’s ability to nurture globally competitive technology firms.
For now, however, Flutterwave appears focused on internal readiness rather than near-term fundraising. Whether and when it ultimately taps public markets remains an open question.
