Tinubu Approves $75M Investment in Flutterwave IPO

President Bola Ahmed Tinubu has approved a $75 million investment from the federal government in Flutterwave, a prominent African fintech company, to advance preparations for its proposed initial public offering (IPO). The announcement was made on Monday by Dada Olusegun, the President's special assistant, via social media.

While specific details regarding the investment structure, valuation, and timeline have not been released, this move signifies the government's backing of Nigeria's leading technology firm. Sources indicate that the investment is expected to be executed through the Ministry of Finance and will align with the federal government's broader efforts to support high-growth sectors and expand Nigeria's digital economy.

This approval comes shortly after Flutterwave received regulatory clearance to operate banking services in Nigeria, marking a significant milestone in the company's evolution as a payment processor and provider of broader financial services. The $75 million commitment is part of Flutterwave's larger capital raising plan, with the company reportedly targeting a total of $250 million in its public offering.