Bola Ahmed Tinubu has approved a $75 million government investment in Flutterwave, in a move seen as a major boost ahead of the firm’s planned $250 million initial public offering (IPO).
The investment will be executed through the Ministry of Finance Incorporated (MoFI), with sources indicating that the deal is nearing completion following months of negotiations between the fintech company and federal authorities.
Officials reportedly conducted extensive due diligence before granting approval, engaging global auditing firms to review Flutterwave’s financial records and operations to ensure transparency and strengthen investor confidence.
Analysts say the development signals strong government backing for Nigeria’s expanding technology sector and could encourage greater participation from both local and international investors in high-growth ventures.
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