Nigeria’s leading fintech giant, Flutterwave, is seeking President Bola Tinubu’s support for its planned listing on the Nigerian Exchange (NGX), marking a significant shift from its earlier ambitions of going public in the United States.
The request was made during a high-profile meeting at the Presidential Villa on Saturday, as revealed in a statement by Bayo Onanuga, Special Adviser to the President on Information & Strategy.
Against this backdrop, Flutterwave’s leadership met with President Tinubu to discuss the prospect of listing on the NGX. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, led the delegation, which also included Dr. Inuwa Kashifu Abdullahi, the Director General of the National Information Technology Development Agency (NITDA).
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Representing Flutterwave were CEO Olugbenga Agboola, co-founder Adeleke Adekoya, and senior executives Oluwabankole Falade and Mitesh Popat. During the meeting, Agboola emphasized that Flutterwave is a Nigerian success story, employing over 1,000 Nigerians and facilitating cross-border payments for millions.
Dr. Armstrong Ume Takang, Managing Director and Chief Executive of the Ministry of Finance Incorporated (MOFI), supported the idea, arguing that Nigeria must leverage homegrown companies like Flutterwave to strengthen its digital economy.
President Tinubu responded by reaffirming his administration’s commitment to supporting the fintech sector, particularly companies that provide critical payment infrastructure for Nigerians and Africans.
The President assured Flutterwave that Nigeria remains open for business and that his government would work to eliminate bureaucratic bottlenecks hindering corporate growth.
“Nigeria is genuinely open to business,” Tinubu promised, signaling a willingness to facilitate the company’s transition to the NGX.
Finance Minister Wale Edun also emphasized that fintech firms like Flutterwave have played a critical role in job creation and economic diversification, particularly in the wake of Nigeria’s foreign exchange challenges.
A Strategic Pivot Toward Nigeria?
This latest development comes after Flutterwave’s CEO, Olugbenga Agboola, hinted earlier this month that the company was suspending plans to list on the Nasdaq stock exchange, stating that it was prioritizing financial sustainability before making any move to the stock market. The sudden shift has reignited discussions about the company’s actual financial health, with critics questioning whether Flutterwave is as robust as it claims.
For years, Flutterwave has been considered one of Africa’s most promising startups, with a valuation reportedly exceeding $3 billion. The company has played a crucial role in transforming digital payments across the continent, enabling Nigerians to make transactions seamlessly in both local and international markets. However, an investigative report raised concerns about the fintech firm’s valuation, alleging that Flutterwave may have exaggerated its worth, casting doubt on the company’s financial transparency.
According to the report, if subjected to scrutiny by the U.S. Securities and Exchange Commission (SEC), Flutterwave would not qualify for an Initial Public Offering (IPO). This revelation has fueled speculation that the company is falling back on Nigeria as an alternative, after realizing that a Nasdaq listing might not be feasible under current conditions.
NGX: A Booming Market Looking for a Fintech Champion
Flutterwave’s potential listing on the Nigerian Exchange (NGX) comes at a time when the local stock market is witnessing unprecedented growth.
In 2024 alone, the NGX saw its total market capitalization surge by 53.37%, climbing from N40.92 trillion to N62.76 trillion. The All-Share Index (ASI) also posted a remarkable 37.65% growth, closing the year at 102,926.40 basis points.
This surge has been driven by a wave of new equity listings, public offerings, rights issues, and private placements, as companies sought to raise capital to comply with regulatory requirements and manage foreign exchange volatility.
However, the fintech sector remains underrepresented on the NGX, making Flutterwave’s potential listing a landmark move. If successful, it could pave the way for other Nigerian startups to follow suit, strengthening the exchange’s tech credentials.
Flutterwave’s Financial Standing Remains Under Scrutiny
Despite its impressive valuation claims, questions about Flutterwave’s financial transparency and regulatory compliance remain unanswered.
The company has previously faced allegations of financial misconduct and regulatory breaches, including investigations by Kenyan authorities over money laundering concerns. By shifting its IPO plans to Nigeria, some industry watchers believe Flutterwave is seeking a more favorable regulatory environment, where scrutiny may not be as stringent as in the U.S. capital markets.
Flutterwave has yet to announce an official timeline for its NGX listing. However, with Tinubu’s backing and the booming Nigerian stock market, the company may fast-track the process to reassure investors and rebuild confidence.