Flutterwave denies knowledge of reported $75 million Nigerian government investment

Flutterwave denies reports of a $75 million government investment and says it is not close to an IPO.

Flutterwave has said it has no knowledge of a reported $75 million investment by Nigeria’s federal government, pushing back against local media reports that suggested the deal had been approved as part of the company’s path toward a public listing.

Earlier reports on Monday, including a now-deleted tweet from a special assistant to President Bola Ahmed Tinubu, 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 up to $250 million in an initial public offering.

In a statement to Techpoint Africa, a Flutterwave representative 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.”

The denial highlights the continued uncertainty surrounding one of Africa’s most closely watched potential listings. 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.

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