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 investment, which is expected to be executed through the Ministry of Finance Incorporated (MoFI), forms part of Flutterwave’s efforts to raise $250 million through an Initial Public Offering (IPO).

The fintech company, currently valued at over $3 billion, had approached the Federal Government last year to participate in the offer.

Before granting approval, the Federal Government engaged two of the big four global accounting and auditing firms to carry out a detailed review of the company’s financial statements and operations, in a move aimed at ensuring due diligence and strengthening investor confidence.

Sources familiar with the discussions said the request for government participation was part of Flutterwave’s broader strategy to secure sovereign backing and reinforce confidence in Nigeria’s growing technology sector.

According to one of the sources, the move was also intended to project Nigeria’s potential on the global stage.

“The idea is to show that something good can come out of Nigeria and its promise,” the source said.

The company is also using the IPO to widen ownership and allow more Nigerians to invest in its growth.

“Flutterwave wants to give Nigerians the opportunity to own a piece of the company,” the source added.

There were strong indications that both existing and new institutional investors were showing keen interest in the proposed offer.

Already, some current investors have signalled plans to increase their stakes, while new investors are also positioning to participate.

“It looks like it would be oversubscribed because its potential for growth is enormous,” the source said.