Tinubu Greenlights $75m FG Stake in Flutterwave Ahead of NGX IPO

LAGOS—President Bola Tinubu has approved a landmark $75 million investment in Flutterwave, Nigeria’s leading fintech unicorn, signaling strong government backing as the company finalizes its initial public offering on the Nigerian Exchange (NGX).

The approval, equivalent to N100.7 billion at the official exchange rate of N1,343.64 per dollar, represents just 0.15% of Nigeria’s 2026 national budget. It was announced Monday via X by Dada Olusegun, the president’s special assistant on social media. “President Bola Ahmed Tinubu has given approval for the investment of $75 million in Flutterwave, as plans for the deal move closer to completion,” the post stated.

This stake forms part of Flutterwave’s broader $250 million IPO target. The Lagos-based payment gateway, which processes billions in transactions across Africa and beyond, first signaled IPO ambitions in 2023 and formally approached the NGX in March 2026, per exchange filings. A 2022 Series D round had already secured $250 million, catapulting its valuation past $3 billion—making it Africa’s most valuable startup at the time.

Tinubu’s move builds on his February 2025 pledge to supercharge fintechs driving payment infrastructure across Nigeria and the continent. Finance Minister Wale Edun, also coordinating minister for the economy, advanced the deal during an October 10, 2025, meeting with Flutterwave executives and Ministry of Finance Incorporated (MoFI) officials. MoFI, the government’s investment arm, will channel the funds to fuel Flutterwave’s growth in remittances, cross-border payments, and e-commerce solutions.

Government sources hailed Flutterwave’s role in empowering Nigeria’s youth-led digital economy, which has seen fintech transactions surge 45% year-on-year to over N600 trillion in 2025, per Central Bank of Nigeria data. “This investment underscores our commitment to homegrown innovation,” Edun said in a related statement.

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Flutterwave, in a fresh blog post, confirmed the funds will power mergers and acquisitions (including rumored U.S. and Indian targets), client growth in 34 African markets, and new products like AI-driven fraud detection. CEO Olugbenga Agboola noted: “With NGX listing imminent, we’re poised to deliver massive shareholder value while transforming Africa’s payment landscape.”

The deal arrives amid Nigeria’s fintech renaissance, with rivals like Paystack and Interswitch also eyeing public markets. Critics, however, question the optics of public funds in private ventures, though proponents argue it aligns with Tinubu’s “business-friendly” reforms that attracted $2.5 billion in FDI last year.

Flutterwave’s NGX debut could debut as early as Q3 2026, potentially rivaling Dangote Cement as a top listing. Analysts project it could raise valuations further, cementing Nigeria’s status as Africa’s fintech hub.