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Flutterwave
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FG to Invest $75m in Flutterwave IPO

by Nelson Ugwuagbo
written by Nelson Ugwuagbo

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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More Troubles For Flutterwave As Ghanaian, Kenyan Government Probes Operations

by Folarin Kehinde
written by Folarin Kehinde

Nigerian payment company, Flutterwave, is being probed by Ghanaian government, days after Kenyan authority filed a lawsuit against the tech unicorn over card fraud and other financial infractions.

In a letter dated July 13, 2022, the Bank of Ghana mandated financial institutions to submit every Flutterwave records in their possession, stating that it wants to review the Nigerian firm.

The financial institution of the West African country said the probe is part of a continuous surveillance of the financial system, directing financial institutions to submit operational accounts of Flutterwave and details of all financial exposures of the company.

It was gathered that the financial institutions were given until July 20, 2022, to make available the information requested, including the services Flutterwave had stated to be offering.

The statement reads; “The Bank of Ghana is conducting a review on Flutterwave Technology Solutions Limited as part of its continuous surveillance of the financial system.

“To this end, we request you to furnish us with the following information on the above company: Details of services provided by the company to your institution.

“All operational accounts of the company with your institution. Details of all financial exposures to the company. You may also include any other information you have on the company.

“Kindly submit your response to fintech@bog.gov.gh by 20th July, 2022.” The statement, signed by Ismail Adam, Head of Banking Supervision Department, Bank of Ghana, disclosed

FLUTTERWAVE TROUBLES

In the last three months, Flutterwave and its founder, Gbenga Agboola, have been accused of various financial infractions, including insider trading, manipulation of stock price, and creating fake identity to deceive co-founders.

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