Flutterwave, one of Africa’s leading fintech companies, has denied reports claiming it received approval for a $75 million investment from the Nigerian government, while also dismissing speculation that it is preparing for an initial public offering (IPO).
The clarification comes after multiple local reports suggested that President Bola Tinubu had authorised the investment through the Ministry of Finance Incorporated (MoFI). The claims were further amplified by a now-deleted social media post linked to a presidential aide, which also fuelled rumours of a possible $250 million IPO plan.
Flutterwave has firmly rejected both assertions, describing them as false and misleading.
In a statement shared with Techpoint Africa, the company said the circulating information, including the reported figures, was inaccurate and not reflective of its current position.
It stressed that it has not announced any IPO plans or fundraising tied to a public listing, adding that it is not close to going public at this stage.
The company’s response adds to ongoing speculation about its long-term listing plans, which have been widely discussed across Africa’s tech ecosystem in recent years due to its valuation and market influence.
Flutterwave, valued at over $3 billion in its last major funding round, has long been viewed as a potential candidate for one of Africa’s most significant tech IPOs. However, its leadership has maintained a cautious stance on timing.
Chief Executive Officer Olugbenga Agboola has previously stated that the company’s priority is to become “IPO-ready” by strengthening corporate governance and internal operations, rather than rushing into public markets, and has avoided giving any timeline for a listing.
He has also indicated that when the company eventually goes public, it may consider listing locally in Nigeria before exploring international exchanges, aligning with efforts to deepen the country’s capital markets.
Since its major $170 million funding round in 2021, expectations around a near-term IPO have grown, but shifting global market conditions, particularly for tech firms, have led many startups to delay such plans.
Flutterwave has also faced regulatory scrutiny in some jurisdictions, reinforcing its focus on compliance and operational stability ahead of any public offering.
While the recent reports linked the alleged investment to the Nigerian government’s growing interest in the tech sector, Flutterwave did not comment on any official engagement regarding such a deal.
For now, the company maintains that no government-backed investment exists and that there are no active plans for an IPO.
