President Bola Ahmed Tinubu has approved a $75 million investment in Flutterwave, as the payments firm moves closer to launching its Initial Public Offering (IPO).
The investment will be made through the Ministry of Finance Incorporated (MoFI) and forms part of Flutterwave’s broader plan to raise about $250 million from the public offering.
Valued at over $3 billion, the fintech company had approached the Federal Government last year, seeking participation in the deal as part of efforts to strengthen investor confidence and secure sovereign backing.
Before giving approval, the government engaged two of the world’s leading auditing firms to carry out a detailed review of Flutterwave’s financial records and operations, ensuring proper due diligence.
Sources familiar with the discussions said the move is not just about funding, but also about positioning Nigeria’s tech ecosystem on the global stage.
“The idea is to show that something good can come out of Nigeria and its promise,” one source noted.
Flutterwave is also using the IPO to broaden ownership, giving Nigerians an opportunity to invest in the company’s growth story.
There are already strong indications of high investor interest. Existing stakeholders are reportedly looking to increase their stakes, while new institutional investors are also lining up to participate.
“It could be oversubscribed given its strong growth potential,” another source said.
Meanwhile, the Federal Government is reviewing plans to expand the Mortgage Refinancing and Equity Investment Fund (MREIF) following its early success.
According to officials at the Ministry of Finance, the fund has delivered solid returns, generating over ₦25 billion in profit from the ₦250 billion raised so far.
More than ₦105 billion has already been disbursed to over 1,500 beneficiaries since mid-2025, with thousands of additional applications still under review.
The platform backing the scheme is now fully operational, hosting over 4,700 housing units and attracting more than 60,000 expressions of interest from potential subscribers. Over 2,000 developers have also signed up, covering more than 122,000 workers across 178 cooperatives.
To improve access, mortgage rates under the scheme have been reduced from 12 percent to 9.75 percent, while the minimum equity contribution has been cut from 20 percent to 10 percent.
Officials say the adjustments are aimed at making home ownership more affordable and expanding access to mortgage financing for more Nigerians.
