Flutterwave gets Tinubu’s blessings for NGX listing

President Bola Tinubu has pledged his administration’s support for businesses in the financial technology sector that provides payment infrastructure services for Nigerians and Africans.

The president gave the pledge on Saturday when he received the leadership of Flutterwave and Alami Capital in Abuja.

Flutterwave, a Nigerian export and brand valued at over $3 billion and with over 1,000 Nigerian employees, is currently seeking to be listed on the Nigerian Exchange Limited (NGX).

BusinessDay gathered that the firm was at the Presidential Villa to seek the federal government and President Tinubu’s backing to be successfully listed on the NGX. The president, therefore, promised to back the company’s efforts to achieve the goal.

The leading fintech company, founded by young Nigerians and headquartered in Lagos, operates in the United States, Canada, Nigeria, Kenya, Uganda, Ghana, South Africa and 29 other African countries.

Olugbenga Agboola, the CEO; Adeleke Adekoya, a co-founder; as well as Oluwabankole Falade and Mitesh Popat represented Flutterwave at the meeting, while .Oluseun Olufemi-White represented Alami Capital as its CEO.

Wale Edun, minister of finance and coordinating minister of the economy, led the delegation to meet President Tinubu. while Armstrong Takang, managing director and chief executive of the Ministry of Finance Incorporated (MOFI), and Inuwa Abdullahi, director-general/ chief executive officer of the National Information Technology Development Agency (NITDA) also attended the event.

President Tinubu said Nigeria is genuinely open to business, and as president, he is determined to remove all obstacles to allow companies to thrive.

He commended Flutterwave’s commitment to building capacity in the digital economy sector, especially as it is being made possible by energetic, young Nigerians. He said he is honoured to be the president of a country with such a youthful and resourceful population.

The firm, Flutterwave, had within the few years of its existence, provided strong leadership in the digital world, which President Tinubu described as “what Nigeria needs today to grow its economy and make life easier for most of its population.”

Edun, in his remarks, said Flutterwave has made significant progress since its establishment 10 years ago. The organisation has also created jobs and helped diversify the Nigerian economy by providing innovative digital platforms and payment services in Nigeria and across Africa.

Agboola, Flutterwave’s CEO, said the company has also made it easy for Nigerians to pay for some global services with Naira and provided payment platforms for Nigerians in the diaspora who are willing to send money to families and relatives in the country.

He said the company seeks to be listed on the NGX and solicited the President’s support.

Armstrong Takang, the CEO of MOFI, stated that as Africa’s biggest economy must demonstrate its economic prowess by strategically positioning products and services by Nigerian companies, such as Flutterwave, in the homes of all Africans.

He said Flutterwave spends millions of dollars monthly on hosting services, but that money goes to other countries.

He suggested supporting Galaxy Backbone’s hosting services to enable it handle companies like Flutterwave.