Flutterwave has denied reports of a $75 million investment by Nigeria’s federal government which was revealed a now-deleted tweet from a special assistant to President Bola Ahmed Tinubu, @DOlusegun on X.
Olusegun who acts as Special Assistant to the President on Social Media, 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 to $250 million in an initial public offering.
In a statement to Techpoint Africa, a Flutterwave representative, however, 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.”
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.
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.
