President Bola Ahmed Tinubu has approved a $75 million Federal Government investment in Flutterwave, signalling strong state backing as the fintech giant moves closer to launching its Initial Public Offering (IPO).
The investment, to be executed through the Ministry of Finance Incorporated (MoFI), forms part of Flutterwave’s plan to raise $250 million from the capital market.
Valued at over $3 billion, the company had approached the Federal Government in 2025, seeking participation in the offer as part of a broader strategy to attract sovereign backing and boost investor confidence.
Before granting approval, government authorities engaged two global accounting firms from the “Big Four” to conduct a comprehensive review of Flutterwave’s financial records and operations, ensuring due diligence and transparency in the deal.
Sources familiar with the process said the move is designed not only to support Flutterwave’s growth but also to project Nigeria’s technological potential to the global investment community.
“The idea is to show that something good can come out of Nigeria and its promise,” a source close to the discussions said.
Flutterwave’s IPO is also expected to democratise ownership by allowing more Nigerians to invest in the fast-growing fintech firm.
“Flutterwave wants to give Nigerians the opportunity to own a piece of the company,” the source added.
Investor appetite for the offer appears strong, with indications that existing shareholders are preparing to increase their stakes while new institutional investors are lining up to participate.
Market insiders predict the offering could be oversubscribed, citing the company’s growth trajectory and expanding footprint across Africa and beyond.
FG Eyes Expansion of Housing Fund
Meanwhile, the Federal Government is considering expanding the Mortgage Refinancing and Equity Investment Fund(MREIF) following its impressive performance in the housing sector.
Officials at the Ministry of Finance say consultations with stakeholders suggest the fund could deliver even greater impact if extended to accommodate more income groups and social categories.
Since its launch, the fund has recorded strong financial returns, generating over N25 billion in profit from the N250 billion raised—returns that have already been distributed to investors.
Programme data shows that more than N105.06 billion has been disbursed to 1,501 beneficiaries since the second quarter of 2025, while over 2,000 applications remain under review.
The MREIF digital platform is now fully operational, hosting over 4,770 housing units and providing dedicated support channels for users.
Demand continues to surge, with more than 60,000 expressions of interest from prospective subscribers. Additionally, over 2,000 developers have signed up on the platform, offering access to more than 122,000 workers across 178 cooperatives.
In a bid to improve affordability, the government has reduced mortgage interest rates from 12 per cent to 9.75 per cent and lowered the minimum equity contribution from 20 per cent to 10 per cent.
Officials say these reforms are expected to significantly ease access to mortgage financing and broaden home ownership opportunities for Nigerians.
