Flutterwave denies $75m government investment, says IPO claims inaccurate

Flutterwave has denied reports that it received a $75 million investment from the Nigerian government, pushing back against claims that the deal was tied to plans for a public listing.

The reports, which circulated on Monday, suggested that the administration of Bola Ahmed Tinubu had approved the investment through the Ministry of Finance Incorporated (MoFI). They also claimed the fintech company was preparing to raise to $250 million in an initial public offering (IPO).

However, in a statement, Flutterwave said both claims were inaccurate.

“We’d like to clarify that the information circulating is inaccurate, including the reported $250 million figure. Flutterwave is not in any way close to an IPO,” the company said.

IPO still distant despite long-standing speculation

Flutterwave, one of Africa’s most valuable startups with a valuation exceeding $3 billion, has long been viewed as a leading candidate for a major tech IPO from the continent. But the company’s latest response suggests such plans are not imminent.

ALSO READ: Have you seen Burma Boy's customised Grammy Wristwatch?

Chief executive officer Olugbenga Agboola has previously stated that the company’s current priority is building internal systems and ensuring operational readiness before going public.

He noted that the focus remains on achieving “IPO readiness,” including strengthening corporate governance and operational efficiency, rather than setting a timeline for listing.

Flutterwave CEO Agboola makes Endeavor Outliers list for sixth straight year

Flutterwave’s cautious stance reflects broader shifts in global markets, where investor appetite for high-growth tech IPOs has cooled in recent years. This has led many startups to delay listing plans.

The company has also faced regulatory scrutiny in some markets, further reinforcing its emphasis on compliance and stability before considering a public debut.

ALSO READ: ‘All subjects are still open to students’ — FG clears the air on new SSCE curriculum

Government interest in tech sector grows

While Flutterwave did not directly address any engagement with government authorities, the speculation highlights increasing interest by the Nigerian government in the country’s tech ecosystem.

A potential investment in a high-profile fintech like Flutterwave would signal confidence in Nigeria’s startup space and could help attract foreign capital.

For now, however, the company maintains that it is focused on internal growth, leaving the timing of any IPO uncertain.