- Flutterwave is seeking the Federal Government’s support to list on the Nigerian Exchange
- The fintech company highlighted its contribution in simplifying the process for Nigerians to pay for global services using the naira
- President Bola Tinubu pledged government support for fintechs
Nigerian financial technology (fintech) company, Flutterwave, is seeking the support of President Bola Tinubu to list on the Nigerian Exchange (NGX).
The Chief Executive Officer (CEO) of Flutterwave, Olugbenga Agboola, made the request during a meeting with the President on Saturday, February 22.
According to a statement by the Special Adviser to the President (Information & Strategy), Bayo Onanuga, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, led the delegation to meet the president.
The delegation included 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 CEO Olugbenga Agboola, co-founder Adeleke Adekoya, and representatives Oluwabankole Falade and Mitesh Popat, the statement noted.
Flutterwave’s grounds for seeking NGX listing
In his request for Flutterwave to be listed on the NGX, Agboola stressed the company’s contribution to simplifying the process for Nigerians to pay for global services using the naira.
He added that the company has provided payment platforms for Nigerians in the diaspora who wish to send money back home to their families and relatives.
The request is an off-shoot of the approval for listing tech startups on the Nigerian Exchange Technology Board, a specialised listing and capital-raising platform for technology-based businesses.
Agboola added that Flutterwave, valued at over $3 billion, is a Nigerian export and brand employing over 1,000 Nigerians, necessitating continuous government support.
“Flutterwave, valued at over $3 billion, is a Nigerian export and brand employing over 1,000 Nigerians.
“The company seeks to be listed on the Nigerian Exchange and solicited the President’s support,” he said.
On his part, Dr Armstrong Ume Takang, Managing Director and Chief Executive of the Ministry of Finance Incorporated (MOFI), said Nigeria must strategically position the products and services offered by Nigerian companies such as Flutterwave.
Taking said, “Flutterwave spends millions of dollars monthly on hosting services, but that money goes to other countries.”
President Tinubu pledges government support for fintechs
President Tinubu stated that his administration will continue to support businesses in the financial technology sector that provide payment infrastructure services for Nigerians and Africans.
He assured that the government is committed to ensuring businesses grow, promising to remove all “obstacles” to allow companies to thrive.
President Tinubu commended Flutterwave’s commitment to building capacity in the digital economy sector, especially as it is championed by energetic, young Nigerians.
“The leadership Flutterwave provides in the digital world is what Nigeria needs today to grow its economy and make life easier for most of its population,” he said.
The Minister of Finance lauded the strides recorded by Flutterwave since its inception and commended how the company and other companies have created jobs and helped diversify the economy by providing innovative digital platforms and payment services in Nigeria and across Africa.
Airtel Africa, Dangote Cement, BUA Foods, 6 other stocks above $1 billion at the NGX
Meanwhile, TheRadar earlier reported that of the 160 companies listed on the Nigerian Exchange (NGX) as of November 2024, only a few had $1 billion in market capitalisation, while the NGX had a total market capitalisation of N58.91 trillion ($35.31 billion), with only nine firms accounting for 70.31 per cent of the amount.
The top three companies on the NGX, which are Airtel Africa, Dangote Cement, and BUA Foods, account for 39.77 per cent of the market capitalisation as they have a collective value of N23.535 trillion (approximately $14.046 billion).
