Tinubu approves $75m investment in Flutterwave ahead of IPO

By Enitan Abdultawab

President Bola Tinubu has approved a $75 million investment into Flutterwave as plans are nearing completion for the company’s initial public offering (IPO).

The FG approval of the investment in the fintech company was made public via an X post on Monday by Dada Olusegun, the president’s social media special assistant.

“President Bola Ahmed Tinubu has given approval for the investment of $75 million in Flutterwave, as plans for the deal move closer to completion,” the announcement partly read.

The investment is approximately N100.7 billion, or 0.15 percent of the national budget for 2026, at the current official exchange rate of N1,343.64 to the dollar.

The investment deal is a component of Flutterwave’s larger strategy to raise $250 million through a first public offering. In 2022, the company raised $250 million in Series D fundraising, valued at more than $3 billion.

Vanguard recalled that in February 2025, Tinubu reaffirmed that Nigeria is open to business and dedicated to removing obstacles to growth by announcing that his administration would encourage fintech companies that provide payment infrastructure throughout Nigeria and Africa.

In order to fulfill the promise of the federal government, Wale Edun, the minister of finance and coordinating minister of the economy, met with the executives of Flutterwave and representatives from the Ministry of Finance Incorporated (MoFI) on October 10, 2025.

The federal government also praised Flutterwave’s commitment to bolstering the digital economy, especially that of young Nigerians.

The company now admits that the investment would assist its expansion strategy, which includes exploring mergers and acquisitions, increasing client acquisition in current areas, and creating complementary products to spur innovation.

Flutterwave had expressed interest in going public on the Nigerian Exchange (NGX), requesting support from the government.

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