Africa’s fintech unicorn, Flutterwave, is preparing to raise $250 million through an Initial Public Offering (IPO), potentially marking Nigeria’s largest technology listing. The Federal Government has been invited to participate by investing $75 million through the Ministry of Finance Incorporated (MoFI).
Sources say the proposal is part of Flutterwave’s strategic effort to secure government backing. While no formal agreement has been reached, the company has already secured commitments from institutional investors, including some board representatives, alongside strong interest from new external investors.
Flutterwave, founded in 2016 by Nigerians Iyinoluwa Aboyeji, Olugbenga Agboola, and Adeleke Adekoya, is headquartered in San Francisco, California. It provides payment processing solutions to businesses of all sizes and holds a Switching and Processing License from the Central Bank of Nigeria (CBN).
In preparation for a possible government investment, two of the world’s largest accounting firms have been engaged to review Flutterwave’s financial statements and operations to ensure its valuation, structure, and long-term viability.
The initiative followed a meeting between Flutterwave executives and President Bola Tinubu, who directed the company to advance discussions with the Ministry of Finance and MoFI. Flutterwave has since made a formal presentation to Finance Minister and Coordinating Minister for the Economy, Mr. Wale Edun, and MoFI leadership.
The fintech company aims to use the IPO to democratise ownership and deepen Nigerian participation in its growth. Analysts say government participation could boost confidence among domestic and foreign investors, positioning Nigeria as a hub for technology and innovation in Africa.
The Ministry of Finance confirmed that Flutterwave showcased its cross-border payment infrastructure during a meeting with the Minister and MoFI. The meeting concluded with an agreement on a roadmap for collaboration, which could strengthen Nigeria’s digital economy and reinforce private sector confidence.
Analysts believe the IPO could serve as a defining moment for Nigeria’s capital market, encouraging more tech-driven companies to list locally and attract broader public investment.
