Flutterwave rejected a $75 million government investment and distanced itself from IPO claims

Flutterwave denied reports that Nigeria’s federal government approved a $75 million investment in the company, casting doubt on claims that the move was part of a broader push towards a public listing.

The payments company said it was “not aware” of any such transaction, contradicting previous reports which stated that Bola President Ahmed Tinubu had authorized the investment through the Ministry of Finance Incorporated (MoFI).

The report, which circulated widely on Monday, was prompted in part by a now-deleted social media post from a presidential aide. They also claim Flutterwave is preparing to raise as much as $250 million in an initial public offering.

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In a statement issued on Thursday, Flutterwave rejected both statements as inaccurate.

“We would like to clarify that the information circulating is inaccurate, including the reported $250 million figure,” the company said. “Flutterwave is nowhere near an IPO, and there have been no announcements regarding a listing or fundraising related to the IPO as described.”

The company did not comment on whether there was any form of involvement with government entities, but its response firmly denied any confirmed investment or short-term listing plans.