Reports that President Bola Tinubu approved a $75 million investment in Flutterwave have been disputed by the fintech company. Flutterwave says it is unaware of the claimed deal as speculation around its IPO plans continues.
Flutterwave has denied reports that the Federal Government approved a $75 million investment in the company ahead of its planned initial public offering.
The claim surfaced after a social media post by presidential aide Dada Olusegun stated that President Bola Tinubu had approved the investment as discussions moved closer to completion.
However, Flutterwave responded by saying it had no knowledge of the announced transaction. A company spokesperson said the firm was not aware of the information being circulated publicly.
The post from the presidential aide was later deleted, adding further uncertainty around the reported development.
No official details were released regarding the structure of the proposed investment, its timeline, or whether it would be made directly by government institutions.
Reports suggested the funding could have been routed through the Ministry of Finance Incorporated, the government’s investment vehicle, though this has not been formally confirmed.
The situation comes at a key moment for Flutterwave as the company continues preparations for a future stock market listing. The fintech giant has repeatedly said profitability and long-term sustainability remain priorities before any IPO move.
In 2022, Flutterwave raised $250 million in a Series D funding round that valued the company at more than $3 billion, making it one of Africa’s most prominent startups.
The company also recently secured approval to operate banking services in Nigeria, allowing it to expand its offerings beyond payments and deepen its presence in financial services.
Analysts say any confirmed government backing would likely boost confidence in Nigeria’s startup ecosystem. But with Flutterwave publicly denying the claim, questions remain over whether discussions ever reached an advanced stage.
The conflicting statements highlight the sensitivity around major fintech deals. Until official confirmation emerges, the reported investment remains uncertain.
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