Flutterwave to list N4.5trn shares on NGX  

Flutterwave  has unveiled plan to list N4.5 trillion shares on the Nigerian Exchange (NGX).

Flutterwave disclosed the Nigerian listing plan during a courtesy visit to President Bola Tinubu at the State House, Abuja.

Flutterwave, which is valued at $3 billion, was founded by young Nigerians and it operates in the United States, Canada, Nigeria, Kenya, Uganda, Ghana, South Africa, and 29 other African countries.

With a potential market valuation of more than N4.5 trillion, at current exchange rate, Flutterwave will become the fifth most capitalized and the largest financial services company at the Nigerian stock market, trailing Dangote Cement, Airtel Africa, BUA Foods and MTN Nigeria Communications.

Market analysts expected initial bullish momentum to drive the fintech to the top three chart of the market.

Receiving the Flutterwave team, Tinubu said his administration would support businesses in the financial technology sector that provide payment infrastructure services for Nigerians and Africans.

Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun led the delegation to the meeting with the president. Olugbenga Agboola, Chief Executive Officer; Adeleke Adekoya, a co-founder; Oluwabankole Falade and Mitesh Popat, who represented Flutterwave at the meeting. Ms Oluseun Olufemi-White represented Alami Capital as its Chief Executive Officer.

Dr. Armstrong Ume Takang, the Managing Director and Chief Executive of the Ministry of Finance Incorporated (MOFI), and Dr. Inuwa Kashifu Abdullahi, the Director General and Chief Executive Officer of the National Information Technology Development Agency (NITDA), also attended.

He said 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.

Edun said Flutterwave has made significant progress since its establishment 10 years ago.

According to him, the company has created jobs and helped diversify the economy by providing innovative digital platforms and payment services in Nigeria and across Africa.

Agboola said the company has made it easy for Nigerians to pay for some global services with naira and provided payment platforms for Nigerians in the diaspora who are willing to send money to families and relatives in the country.

He said Flutterwave, valued at over $3 billion, is a Nigerian export and brand employing over 1,000 Nigerians.

He said the company seeks to be listed on the Nigerian Exchange and solicited the president’s support.

In a statement by Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, Takang also said that as Africa’s biggest economy, Nigeria must demonstrate its economic prowess by strategically positioning products and services by Nigerian companies, such as Flutterwave, in the homes of all Africans.

He said Flutterwave spends millions of dollars monthly on hosting services, but that money goes to other countries.

 He suggested supporting Galaxy Backbone’s hosting services to enable it to handle companies like Flutterwave.