Tinubu backs Flutterwave with $75m stake ahead of IPO

Nigeria’s President Bola Ahmed Tinubu has approved a $75 million government investment in Flutterwave, marking a major step toward the company’s planned $250 million initial public offering (IPO).

The investment will be made through the Ministry of Finance Incorporated (MoFI). Sources say the deal is close to completion after months of discussions between the fintech firm and the federal government.

Officials carried out detailed checks before approving the deal. Global auditing firms were brought in to review Flutterwave’s accounts and operations, aiming to ensure transparency and build investor trust.

The move is seen as a strong signal of government support for Nigeria’s growing tech sector. It could also help boost confidence among international investors and increase local participation in high-growth companies.

Flutterwave, once valued at over $3 billion, continues to attract strong interest from investors. Market watchers say the IPO could be oversubscribed, given the company’s role in digital payments and cross-border transactions across Africa.

Analysts say the combined focus on fintech investment and housing support shows the government’s effort to grow the economy, support innovation, and improve living standards.