The CEO of Flutterwave, Olugbenga Agboola, has formally requested President Bola Tinubu’s backing for the company’s listing on the Nigerian Exchange (NGX).
The request was made during a meeting on Saturday, as disclosed in a statement by Bayo Onanuga, Special Adviser to the President on Information & Strategy.
At the meeting, a delegation led by Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, met with President Tinubu to discuss the nation’s economic policies and support for the financial technology sector.
The delegation also included Dr. Inuwa Kashifu Abdullahi, the Director General and CEO of the National Information Technology Development Agency (NITDA). Flutterwave was represented by CEO Olugbenga Agboola along with co-founder Adeleke Adekoya and representatives Oluwabankole Falade and Mitesh Popat.
Agboola stressed that Flutterwave has simplified the process for Nigerians to pay for global services using the Naira and has provided reliable payment platforms for Nigerians in the diaspora to send money back home. He underscored the company’s status as a significant Nigerian export and a reputable brand that employs over 1,000 Nigerians, emphasizing the need for continued government support to maintain its growth trajectory. “The company seeks to be listed on the Nigerian Exchange and has solicited the President’s support,” Agboola stated.
In response, President Tinubu affirmed that his administration will continue to support businesses in the financial technology sector, particularly those that provide essential payment infrastructure for both Nigerians and Africans. He assured the delegation that Nigeria remains open for business and that the government is committed to removing obstacles that hinder companies from thriving. Mr. Wale Edun further highlighted that Flutterwave, along with other innovative fintech companies, has significantly contributed to job creation and economic diversification by offering digital platforms and payment services across Nigeria and the broader African continent.
This initiative comes at a time when the Nigerian Exchange has experienced remarkable growth in 2024. Market capitalization surged significantly, with the total value of listed shares rising across multiple sectors as companies engaged in a robust mix of public offerings, rights issues, and private placements. The expansion of the NGX has been driven by strategic equity listings and capital-raising initiatives aimed at meeting regulatory mandates, addressing foreign exchange challenges, and funding growth strategies.
As Nigeria continues to position itself as a hub for technological and economic innovation, Flutterwave’s pursuit of an NGX listing underscores the government’s broader commitment to supporting local businesses that drive digital and economic transformation.
