The Nigerian government has announced plans to invest $75 million in Flutterwave’s planned $250 million Initial Public Offering (IPO).
The proposal was routed through the Ministry of Finance Incorporated (MoFI), and Flutterwave has since made a formal presentation to Finance Minister and Coordinating Minister for the Economy Wale Edun, and MoFI leadership to advance discussions.
No agreement has been signed. But the symbolism of the ask is hard to miss: Africa has one of the most valuable fintechs, and its government wants to have skin in the game.
Sources say Flutterwave’s intent is to “democratise ownership” and deepen Nigerian participation in the company’s growth story, with strong indications that institutional investors are eager to participate and existing investors are looking to increase their stakes.
Nigeria’s Unicorn
Founded in 2016 by Iyinoluwa Aboyeji, Olugbenga Agboola, and Adeleke Adekoya, Flutterwave provides payment processing solutions for enterprises, startups, and small businesses across the continent.
The fintech, valued at over $1 billion, holds a Switching and Processing License from the Central Bank of Nigeria.
Flutterwave has processed over 630 million transactions worth $31 billion across more than 35 African countries, and its clients include global names like Uber.
More recently, the company secured a national microfinance banking licence in Nigeria through its acquisition of open banking startup Mono, allowing it to hold customer deposits and issue loans directly for the first time in its biggest market.
The government’s proposed $75 million stake is, in part, a political signal: a bet that sovereign endorsement can nudge the company toward a domestic listing and send a message to the broader startup ecosystem that Nigeria is serious about keeping its best companies close.
Flutterwave has yet to officially put out a statement on the proposed investment.
Source: The Nation
