President Bola Tinubu has approved a $75 million federal government investment in Flutterwave, as the payments firm moves closer to raising fresh capital through a planned public offering.
The investment, to be executed via Ministry of Finance Incorporated (MoFI), is part of Flutterwave’s strategy to secure about $250 million through an Initial Public Offering (IPO). The company, currently valued at over $3 billion, had earlier approached the government to participate in the offer.
Sources familiar with the process said the federal government conducted a thorough due diligence review before granting approval, engaging two global audit firms to scrutinise the company’s financials and operations.
The move is seen as part of efforts to provide sovereign backing to a leading Nigerian tech firm and boost investor confidence in the country’s growing digital economy.
According to insiders, Flutterwave’s plan is also aimed at broadening ownership by giving Nigerians an opportunity to invest in the company, while attracting both existing and new institutional investors.
“There is strong interest already, and indications suggest the offer could be oversubscribed given the company’s growth potential,” a source said.
Meanwhile, the federal government is reviewing plans to expand the Mortgage Refinancing and Equity Investment Fund (MREIF) to reach more income groups, following what officials described as strong early performance.
A source at the Ministry of Finance said the fund has recorded positive returns, generating over N25 billion in profit from the N250 billion raised, with proceeds already distributed to investors.
Data from the programme showed that more than N105 billion has been disbursed to 1,501 beneficiaries since the second quarter of 2025, while over 2,000 applications are still under processing.
The MREIF digital platform is now fully operational, hosting over 4,700 housing units, with dedicated support channels for users. Interest in the scheme continues to grow, with more than 60,000 expressions of interest recorded and over 2,000 developers registered, covering 178 cooperatives and more than 122,000 workers.
To improve access, the fund 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, measures expected to ease entry into the housing market for more Nigerians.