Africa’s leading fintech company, Flutterwave, has denied reports that Nigeria’s federal government approved a $75 million investment in the company, describing the claims as inaccurate and misleading.
The company’s response follows a tweet from a special assistant to President Bola Ahmed Tinubu and earlier reports that the President had authorised the investment through the the Nigerian finance ministry.
The reports also suggested that Flutterwave was preparing to raise up to $250 million through an initial public offering (IPO).
However, in a statement, Flutterwave pushed back strongly, saying it has no knowledge of such an investment and is not currently planning an IPO.
“We would 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 and has made no announcements regarding a listing or fundraising tied to an IPO as described,” the company said.
The clarification adds fresh uncertainty around one of Africa’s most closely watched potential tech listings. Valued at over $3 billion during its last funding round, Flutterwave has long been seen as a top candidate for a major public offering from the continent.
Olugbenga Agboola, its chief executive officer, has previously said the company’s immediate priority is not listing but building strong internal systems and governance.
He explained that the company is focused on becoming IPO-ready rather than rushing into the market. This includes improving corporate governance, strengthening compliance, and ensuring operational efficiency.
Flutterwave also indicated that when it eventually considers going public, it may prioritise listing within Nigeria before exploring international exchanges.
The company’s cautious approach reflects broader global trends. In recent years, technology startups around the world have slowed IPO plans due to tougher market conditions and reduced investor appetite for high-growth but unprofitable firms.
Flutterwave itself has also faced regulatory scrutiny in some markets, which has pushed it to place greater emphasis on compliance and long-term sustainability.
Despite the denial, the reports highlight growing government interest in Nigeria’s technology sector since Tinubu assumed office in 2023. A government-backed investment in a major fintech like Flutterwave would have signalled strong confidence in the country’s digital economy and could have attracted foreign investors.
A future listing by Flutterwave would still be a major milestone for Africa’s tech ecosystem, which has seen rapid growth but limited large-scale IPOs.
For Nigeria, such a move could showcase its ability to build globally competitive technology companies.
For now, however, Flutterwave appears focused on getting its house in order rather than raising fresh capital, leaving the timing of any public listing uncertain.
