President Bola Ahmed Tinubu has approved a $75 million investment in Flutterwave, the Nigerian payments company preparing for a potential initial public offering, according to presidential aide Dada Olusegun.
The approval was disclosed as discussions between the government and the fintech firm near completion, though no further details on timing or structure were provided.
The investment is expected to be channelled through the Ministry of Finance Incorporated, the government’s investment vehicle.
This development follows Flutterwave’s recent regulatory approval to expand into banking services in Nigeria, allowing it to broaden its offerings beyond payments and virtual asset-related services.
The banking licence is seen as a significant step in deepening the company’s presence in Africa’s largest economy.
Flutterwave, founded in 2016, has grown into one of Africa’s most prominent fintech firms, providing payment infrastructure across multiple markets.
The company is preparing to raise up to $250 million via an IPO, although it has not confirmed a listing date.
Chief executive Olugbenga Agboola has previously indicated that achieving sustained profitability remains a key condition before going public.
International audit firms were engaged to review the company’s financial position ahead of the proposed listing, according to earlier reports.
The dual momentum of regulatory clearance and public-sector backing could improve investor confidence as Flutterwave approaches the capital markets.
Analysts note the move may influence its valuation at a time when global investors are taking a more cautious approach to technology listings.
More broadly, the decision reflects increasing interest from African governments in supporting high-growth technology firms as engines of economic diversification.
Nigeria’s fintech sector has attracted substantial international capital over the past decade, driven by rising digital adoption and a large, underbanked population.
While key details of the transaction remain undisclosed, the investment positions Flutterwave as a flagship candidate for one of Africa’s most closely watched technology IPOs.
