Flutterwave has dismissed reports claiming it received a $75 million investment from the Bola Tinubu-led government, describing the information as false and misleading.
According to Techpoint Africa, the claim surfaced on Monday following a now-deleted social media post by a presidential aide, which stated that the federal government had approved the investment through the Ministry of Finance Incorporated (MoFI).
The reports also suggested that the fintech company was planning to raise up to $250 million through an initial public offering (IPO), fueling fresh speculation about its long-anticipated listing.
However, in a statement to Techpoint Africa, a Flutterwave representative rejected both claims, saying the company had made no announcement regarding any government investment or IPO plans.
“We’d like to clarify that the information circulating is inaccurate, including the reported $250 million figure,” the company said, adding that it is “not in any way close to an IPO.”
According to TheCable, the deleted post was made by Dada Olusegun, a special assistant to Bola Ahmed Tinubu.
The development adds to the uncertainty around Flutterwave’s potential listing. The company, valued at over $3 billion in its last funding round, has long been seen as one of Africa’s top candidates for a tech IPO.
Chief Executive Officer Olugbenga Agboola has previously said the company’s focus is on strengthening its operations and corporate structure before going public.
Speaking at a global economic summit in 2024, Agboola said the priority is to ensure the company is fully prepared, without giving a timeline for a possible listing.
Flutterwave also indicated that it may consider a domestic listing first before exploring international markets if it proceeds with an IPO
