Africa unicorn, Flutterwave, is preparing to raise $250 million through an Initial Public Offer (IPO), a move that could become Nigeria’s most significant technology listings.
The Nation gathered that the company has invited the Federal Government to invest $75 million in the proposed offer through the Ministry of Finance Incorporated (MoFI).
The proposal, according to sources, was part of Flutterwave’s strategic effort to secure sovereign endorsement.
Flutterwave is a payment processing company that empowers businesses of all sizes with seamless payment solutions tailored for enterprises, startups, and emerging markets.
It has the Switching and Processing License of the Central Bank of Nigeria (CBN).
Flutterwave was founded in 2016 by three Nigerians-Iyinoluwa Aboyeji, Olugbenga Agboola, and Adeleke Adekoya, but it is headquartered in San Francisco, California. It is regarded as a unicorn, a reference to a privately owned company that has achieved rapid growth and valued above $1 billion.
A source said: ‘The Federal Government is being invited to invest up to $75 million, but no concrete agreement has been reached. However, Flutterwave has already secured institutional investors, some of which are represented on its board, alongside new external institutional investors showing strong interest in the offer’.
In furtherance of the proposed transaction, the Federal Government is believed to have engaged two of the four biggest global accounting and auditing firms to carry out a comprehensive review of Flutterwave’s financial statements and operations.
The source said the government wanted to be certain of the company’s valuation, structure, and long-term viability before committing public funds.
The process, insiders said, was activated following a meeting between Flutterwave executives and President Bola Tinubu.
The source said: ‘To get the government’s buy-in, a delegation from Flutterwave met with President Tinubu. That meeting set things in motion. The President asked them to work things out with the Ministry of Finance and MoFI’.
It was learnt that Flutterwave has since made a formal presentation to the Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, and the leadership of MoFI to advance discussions on the potential investment.
The source further noted that the fintech giant intends to use the IPO as a means of ‘democratising ownership’ and deepening Nigerian participation in its growth story.
The source added: ‘Flutterwave wants to give Nigerians the opportunity to own a piece of the company. There are strong indications that institutional investors are eager to buy into the offer. Existing investors have also indicated interest in increasing their stakes. It looks like it would be oversubscribed because its potential for growth is enormous’.
According to the source, the proposed equity ownership will serve as an opportunity for the Federal Government to consolidate on its ‘Nigeria First’ quest by investing in a homegrown fintech champion that drives innovation, youth empowerment, and financial inclusion.
Analysts said the offer could serve as a litmus test for Nigeria’s burgeoning fintech ecosystem, with government participation likely to boost confidence among domestic and foreign investors.
Confirming part of the development, the Ministry of Finance said that on Friday, 10 October 2025 that the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, ‘held a meeting with Flutterwave Technology Solutions Limited and MoFI to explore a potential strategic partnership’.
‘Flutterwave, Africa’s foremost fintech, showcased how its cross-border payment infrastructure is powering trade, financial access, and entrepreneurship across more than 30 countries’, the Ministry stated in a statement issued after the meeting.
It added that the Federal Government is committed to supporting investments that ‘expand financial inclusion, empower small businesses, and position Nigeria at the centre of Africa’s digital transformation’.
The Ministry stated that the meeting concluded with an agreement on ‘a clear roadmap for collaboration’, noting that once finalised, ‘the partnership would not only strengthen Nigeria’s digital economy but also reinforce private sector confidence in the country’s innovation landscape’.
Analysts said Flutterwave’s IPO could mark a defining moment for Nigeria’s capital market, opening the door for more tech-driven enterprises to list locally and attract broader public investment.
Analysts said if successful, the move would not only affirm Flutterwave’s position as a continental fintech powerhouse but also signal the Federal Government’s willingness to align with the private sector in shaping the next phase of Nigeria’s digital and financial future.
