A social media post from the Nigerian presidency claiming a planned $75 million government investment in Flutterwave has been deleted, hours after it was widely reported by local media, raising fresh questions about the accuracy of the claim.
The post, published on Monday by Dada Olusegun, special assistant to the president on social media, said Bola Ahmed Tinubu had approved a $75 million capital injection into the fintech firm as it advances plans for an initial public offering (IPO).
“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 read.
The claim was subsequently reported by multiple outlets, including BusinessDay, TheCable and Nairametrics, amplifying what would have marked a significant policy move – direct federal government investment in a high-growth private technology company.
However, the original post was later taken down from X, and as of the time of filing, no official clarification had been issued by the presidency.
The reported investment, valued at about N100.7 billion at the official exchange rate, would have formed part of Flutterwave’s broader plan to raise $250 million ahead of a potential IPO. The company, last valued at over $3 billion following a 2022 funding round, has been positioning itself for a public listing, including signalling interest in the Nigerian Exchange.
The deletion has triggered uncertainty around whether the approval was premature, inaccurate, or withdrawn. It also underscores the sensitivity of the claim, given longstanding concerns about the role of government in private sector financing.
Direct state investment in a private, venture-backed fintech firm would be unusual and likely to attract scrutiny over governance, valuation, and the use of public funds—particularly at a time of fiscal pressure.
One user on X question why President Tinubu would have approved a direct investment in the company, given it had high profile backing already.
“It already has Visa, Mastercard, and Tiger Global on its cap table. It just processed over $40B in payments and got a banking licence,” the user asked. “So the question is simple, if the biggest investors in the world are already backing this company, why does the Nigerian government need to put $75M of public money into it?”
The presidency had previously signalled support for the fintech sector. In 2025, Tinubu said his administration would back companies building payment infrastructure across Nigeria and Africa, framing the sector as central to digital economic growth. Government officials have also held discussions with Flutterwave on potential collaboration through the Ministry of Finance Incorporated (MoFI).
Still, there is a clear distinction between policy support and direct equity investment, making Monday’s now-deleted announcement notable.
Pluboard could not immediately reach the presidency or Flutterwave for comment. It has reached out to the company.
Flutterwave has not publicly confirmed any government investment. The company has previously said it is focused on achieving profitability as a condition for listing, while continuing to expand its services and market footprint.
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