President Bola Ahmed Tinubu has approved a $75 million Federal Government investment in Flutterwave, signalling strong state backing for the country’s growing technology sector. The investment, to be executed through the Ministry of Finance Incorporated (MoFI), is part of Flutterwave’s ongoing efforts to raise $250 million through an Initial Public……
President Bola Ahmed Tinubu has approved a $75 million Federal Government investment in Flutterwave, signalling strong state backing for the country’s growing technology sector.
The investment, to be executed through the Ministry of Finance Incorporated (MoFI), is part of Flutterwave’s ongoing efforts to raise $250 million through an Initial Public Offering (IPO).
Valued at over $3 billion, the fintech firm had approached the Federal Government in 2025 to participate in the offering as part of a broader strategy to strengthen investor confidence and secure sovereign backing.
Before granting approval, the government engaged two of the “Big Four” global accounting firms to conduct a comprehensive review of Flutterwave’s financial records and operations, ensuring due diligence and transparency in the proposed deal.
Sources familiar with the discussions said the move is designed to showcase Nigeria’s innovation potential on the global stage and attract further investment into the technology ecosystem.
They added that the IPO would also expand ownership, giving more Nigerians the opportunity to invest in one of Africa’s leading fintech companies.
Market interest in the offer is said to be strong, with existing investors indicating plans to increase their stakes, while new institutional players are also positioning to participate.
Analysts suggest the offering could be oversubscribed given Flutterwave’s growth prospects.
Meanwhile, the Federal Government is considering expanding the Mortgage Refinancing and Equity Investment Fund (MREIF) following its strong performance.
Officials at the Ministry of Finance disclosed that the fund has generated over ₦25 billion in profit from the ₦250 billion raised, with returns already distributed to investors.
Data from the programme shows that more than ₦105 billion has been disbursed to over 1,500 beneficiaries since the second quarter of 2025, while thousands of applications remain under review.
Authorities say plans to broaden the scheme, alongside reduced mortgage interest rates and lower equity contributions, are aimed at improving access to housing finance and deepening participation in the property market.
