Flutterwave, a global fintech company valued at $3 billion, has announced plans to list its shares on the Nigerian Exchange (NGX), a move expected to make it the fifth most capitalized and largest financial services company on the Nigerian stock market.The company’s decision was disclosed during a courtesy visit to President Bola Tinubu at the State House in Abuja. The visit was led by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
Flutterwave was represented by its Chief Executive Officer, Olugbenga Agboola; co-founder, Adeleke Adekoya; and other top executives. Also in attendance were Ms. Oluseun Olufemi-White, CEO of Alami Capital, and Dr. Armstrong Ume Takang, Managing Director of the Ministry of Finance Incorporated (MOFI).
President Tinubu expressed his administration’s support for businesses in the financial technology sector, particularly those providing payment infrastructure services for Nigerians and Africans. The President emphasized that Nigeria is genuinely open to business and committed to removing obstacles to allow companies to thrive. He commended Flutterwave’s commitment to building capacity in the digital economy sector.
Flutterwave’s listing on the NGX is expected to create liquidity for Nigerians and demonstrate Nigeria’s ability to build global companies that can scale and lead. The company operates in several African countries and provides payment infrastructure for merchants and payment service providers. Market analysts predict an initial bullish momentum, potentially driving the fintech to the top three chart of the market. With a potential market valuation of over N4.5 trillion, Flutterwave’s listing is expected to have a significant impact on the Nigerian stock market. Flutterwave’s decision to list on the NGX is a testament to the company’s commitment to Nigeria and its economy. The listing is expected to provide opportunities for Nigerians to invest in a global fintech company and benefit from its growth and success.
President Bola Tinubu has endorsed Flutterwave’s plans to list on the Nigerian Exchange (NGX), emphasizing that Nigeria is open to business and committed to removing obstacles that hinder companies from thriving. The President praised Flutterwave’s leadership in the digital payments space, noting that it’s exactly what Nigeria needs to stimulate economic growth and improve the lives of its citizens. He said the leadership Flutterwave provides in the digital world is what Nigeria needs today to grow its economy.
Minister of Finance Wale Edun highlighted Flutterwave’s significant progress over the past decade, including job creation and economic diversification through innovative digital platforms and payment services.
Flutterwave’s CEO, Olugbenga Agboola, emphasized the company’s commitment to making life easier for Nigerians, including enabling payments for global services with naira and providing platforms for diaspora Nigerians to send money home. Agboola noted that Flutterwave, valued at over $3 billion, is a Nigerian export and brand that employs over 1,000 Nigerians. He solicited the President’s support for Flutterwave’s listing on the NGX, which is expected to deepen the company’s local roots and attract domestic investment.Armstrong Takang, CEO of the Ministry of Finance Incorporated (MOFI), suggested that Nigeria should support local hosting services, such as Galaxy Backbone, to retain more economic value within the country.
Takang noted that Flutterwave spends millions of dollars monthly on hosting services abroad, emphasizing the need for Nigeria to demonstrate its economic prowess by strategically positioning products and services by Nigerian companies, such as Flutterwave, in the homes of all Africans.
Source : https://thenationonlineng.net/
