LAGOS, Nigeria — Flutterwave, one of Africa’s leading fintech companies, has denied reports that the Federal Government approved a $75 million investment in the firm, describing the claims as inaccurate and stating that an initial public offering is not imminent, according to a company statement issued on April 20, 2026.
Okay News reports that the denial follows social media posts from an aide to President Bola Ahmed Tinubu and earlier media reports suggesting the President had authorised the investment through the Ministry of Finance Incorporated (MoFI) .
“We would like to clarify that the information circulating is inaccurate, including the reported $250 million figure. Flutterwave is not in any way close to an IPO and has made no announcements regarding a listing or fundraising tied to an IPO as described,” the company said in the statement.
Also Read: Tinubu Clears $75 Million Government Stake in Flutterwave Before $250 Million Listing
Flutterwave, valued at more than $3 billion during its last funding round, has long been viewed as a leading candidate for a major public offering from the continent. Olugbenga Agboola, the company’s chief executive officer, previously stated that the immediate priority is strengthening internal systems and governance rather than pursuing a listing.
Speaking at the Semafor World Economy Summit in 2024, Agboola said the company is focused on becoming IPO-ready by improving corporate governance, strengthening compliance, and ensuring operational efficiency.
The company also indicated that when it eventually considers going public, it may prioritise a listing within Nigeria before exploring international exchanges.
The clarification adds uncertainty around one of Africa’s most closely watched potential technology listings. Global technology startups have slowed IPO plans in recent years due to tougher market conditions and reduced investor appetite for high-growth firms.
Flutterwave has also faced regulatory scrutiny in some markets, prompting greater emphasis on compliance and long-term sustainability.
