Reports that the Federal Government approved a $75 million investment in Nigerian fintech company Flutterwave ahead of its planned initial public offering (IPO) have been met with swift denial from the company, creating uncertainty around the deal.
Initial reports indicated that President Bola Tinubu had approved the investment as part of efforts to support high-growth Nigerian tech firms and strengthen the country’s digital economy. The move was also linked to Flutterwave’s anticipated IPO, positioning the government as a potential stakeholder in one of Africa’s most valuable startups.
However, Flutterwave has publicly denied the claim, stating that no such investment agreement exists. The company clarified that it has not received any funding from the Nigerian government and described the reports as inaccurate.
The conflicting accounts have raised questions about the source of the initial announcement and whether discussions may have taken place without being finalised. As of now, there has been no detailed clarification from government officials addressing the discrepancy.
Flutterwave remains one of Africa’s leading fintech companies, providing payment infrastructure across multiple countries, and has long been considered a strong candidate for a public listing.
