Presidential aide deletes social media post on FG’s ‘$75m investment’ in Flutterwave as firm declines comment

Financial Technology (FinTech) giant, Flutterwave says it has no official position on the federal government’s plans to invest $75 million in the company, adding that any transaction will be publicly disclosed when finalised.

The clarification follows the now-deleted X post by Dada Olusegun, special assistant to the president on social media, which had suggested that the government approved a $75 million investment in the fintech firm.

One of the company’s officials, Nelly Akpata who spoke with TheCable on Tuesday, said Flutterwave does not have any official statement on the matter and will not comment on the reports.

“Flutterwave has no stance on it. There is no official statements from the company. When Flutterwave is in a position to communicate, it will definitely publicly make any transactions, any deals, anything like that, that it has in the pipeline, it will always make this public, and it will always issue an official press release and statement,” she said.

“In this case, the X commentary has been taken down and Flutterwave has no stance on this.

Olusegun had tweeted that President Bola Tinubu approved a $75 million investment in Flutterwave, as the company’s initial public offer (IPO) plans near completion.

The post was widely reported by local media before it was eventually taken down.

However, Flutterwave said it has no official position on the reported investment, noting that it is not commenting on the matter at this time.

“We don’t have an official statement, we are not commenting on this. But when we do have something to communicate, it will be made public,” Nelly added.

The financial technology (fintech) firm had previously raised $250 million in Series D funding in 2022, valuing the company at over $3 billion.

The federal government is yet to officially speak on the matter.