Flutterwave seeks Tinubu’s support for listing on Nigeria’s NGX
The Chief Executive Officer of Flutterwave, Olugbenga Agboola, has sought the support of President Bola Tinubu for the company’s listing on the Nigerian Exchange (NGX).
This was disclosed in a statement released on Saturday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.
The request was made during a meeting with President Tinubu over the weekend, where a delegation led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, was present.
Also in attendance was the Director-General and Chief Executive Officer of the National Information Technology Development Agency (NITDA), Dr Inuwa Kashifu Abdullahi.
Flutterwave was represented at the meeting by its CEO, Olugbenga Agboola, co-founder Adeleke Adekoya, and representatives Oluwabankole Falade and Mitesh Popat.
During the discussions, Agboola highlighted that Flutterwave has facilitated seamless payments for Nigerians purchasing global services in Naira and has provided payment platforms enabling Nigerians in the diaspora to send money to their families back home.
He underscored Flutterwave’s significance as a Nigerian export and brand, stating that the company, which is valued at over $3 billion, employs over 1,000 Nigerians and requires ongoing governmental support to expand further.
Agboola remarked, “The Company seeks to be listed on the Nigerian Exchange and solicited the President’s support.”
Similarly, Managing Director and Chief Executive of the Ministry of Finance Incorporated (MOFI), Dr Armstrong Ume Takang, emphasised the necessity for Nigeria to strategically position its indigenous companies, such as Flutterwave, in the global financial and technological landscape.
In response, President Tinubu reassured the delegation of his administration’s commitment to fostering businesses within the financial technology sector. He noted that fintech firms play a crucial role in providing payment infrastructure for Nigerians and Africans at large.
The President also affirmed his dedication to ensuring Nigeria remains business-friendly, pledging to eliminate any existing barriers that could hinder companies from thriving.
Furthermore, Wale Edun acknowledged the contributions of Flutterwave and similar companies in job creation and economic diversification. He commended their efforts in providing innovative digital platforms and payment services, both in Nigeria and across the African continent.
The Nigerian Exchange serves as a stock market platform where investors can trade and list securities. The NGX witnessed impressive growth in 2024, as a series of equity listings and capital-raising initiatives drove significant market expansion.
In January, the total market capitalisation surged by 53.37%, rising from N40.918 trillion to N62.76 trillion, while the All-Share Index (ASI) increased by 37.65%, closing the year at 102,926.40 basis points.
This substantial growth was bolstered by the listing of 269.942 billion shares, worth N5.839 trillion, across multiple sectors.
The year’s equity market activity reflected a strategic combination of public offerings, rights issues, and private placements, as companies sought to raise capital to comply with regulatory requirements, mitigate foreign exchange challenges, and support strategic expansion initiatives.
