Federal Government plans $75 million investment in Flutterwave IPO
via Punch Nigeria1 min read
The Federal Government plans to invest $75 million in Flutterwave's proposed $250 million initial public offering, marking the fintech's first listing of shares on a stock exchange. This investment, approved by President Bola Tinubu and to be executed through the Ministry of Finance Incorporated, aims to deepen participation in Nigeria's technology sector and strengthen confidence in domestic capital markets. The move is part of Flutterwave’s strategy to raise capital and broaden ownership through a public listing that could value the company at over $3 billion. Sources indicate that the government conducted extensive due diligence, including reviews by two of the Big Four accounting firms, before approving the investment. This proposed stake is intended to boost investor confidence in Nigeria’s digital economy and demonstrate the country's ability to support globally competitive technology companies. A source familiar with the deal stated that sovereign participation could help anchor the offering and attract additional institutional investors. This initiative follows months of engagement, including discussions in October 2025 between the Ministry of Finance, MoFI, and Flutterwave regarding a broader partnership to strengthen Nigeria’s digital economy and expand financial inclusion through payments infrastructure, SME support, and cross-border trade facilitation. Flutterwave, founded in 2016, is a leading African payments company providing cross-border payment solutions acro
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Suspected armed herders reportedly killed five people in an attack on the Tse Ameen community in Mbapa Council Ward, Gwer West Local Government Area of Benue State. Local residents stated that the suspected armed herders invaded the community on Saturday night. One local, who wished to remain anonymous, informed journalists on Monday that five bodies were recovered on Sunday, and several individuals were still missing. The local specified that the recovered bodies included three males and two females. DSP Udeme Edet, the spokesperson for the state command, confirmed the incident to journalists on Monday, stating that four bodies were recovered. Benue State Governor Hyacinth Alia had previously expressed sympathy for the people of the local government and urged security agents to apprehend those responsible, during an event on Sunday where abducted passengers were hosted at the Government House after regaining their freedom.
Stakeholders in the women's rights movement in Nigeria have called for stronger intergenerational collaboration, inclusivity, and documentation of feminist experiences. This call was made at the launch of the book 'ÀKÀSÒ: Same but Different 65 Feminist Voices Across Generations' in Abuja, an event organized by four Non-Governmental Organizations: BAOBAB, Brave Heart for Youth and Women, Innocent Chukwuemeka Chukwuma Empowerment, and Project Alert. Josephine Effah-Chukwuma, a feminist, described the project as a result of long-standing conversations about mentorship and generational transition within the feminist movement, linking it to the legacy of Innocent Chukwuemeka Chukwuma and his commitment to mentorship. Priscilla Usiobaifo, another feminist, emphasized the importance of Nigerians telling their own stories within the feminist space and raised concerns about class divisions, advocating for inclusivity across social groups. Bunmi Dipo-Salami explained that the partnership aims to bridge generational gaps and institutionalize solidarity among feminists, highlighting the invaluable nature of experience and mentorship. The book also aims to showcase the diversity of feminist identities across various sectors, focusing on celebrating personhood rather than just professional achievements. Other speakers, including Barrister Kemi Okeyodo and journalist Ene Ede, stressed the importance of women's empowerment, intelligence, economic independence, and political engagement. The e
Must ReadA Federal High Court in Abuja has admitted nine documentary exhibits in the alleged money laundering trial of former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, his wife, Hajia Bashir Asabe, and his son, Abubakar Abdulaziz Malami. The Economic and Financial Crimes Commission EFCC is prosecuting the defendants on an amended 16-count charge involving conspiracy, procuring, disguising, concealing, and laundering proceeds of unlawful activities totaling N8,713,923,759.49. The exhibits, primarily banking documents, were tendered through Mashelia Arhyel Bata, a compliance officer with Zenith Bank Plc, who testified as the fourth prosecution witness. Bata confirmed that the bank provided electronic and hard copies of documents related to accounts linked to the defendants and corporate entities, including Rayhaan Hotels Limited, Rayhaan Bustan Agro Allied Limited, Nashab Limited, Golden Age Global Ventures, and Rahamaniyya Properties Limited, in response to an EFCC request. The admitted documents, dated between July 19, 2024, and March 12, 2026, were marked as Exhibits D1 to D9. Defence counsel J. B. Daudu's objection to the dates of some documents was overruled. The witness detailed transactions, including significant credit inflows into one of Malami's accounts, such as N194,791,608 from New Horizons Limited on November 11, 2020, N622.5 million from Rayhaan Bustan Agro Allied Limited on June 24, 2022, and two N250 million inflows from Rayhaan Hotels
The Federal Government's initiative to improve Nigeria's power infrastructure has gained momentum as FGN Power Company Limited engaged with authorities in Ebonyi and Enugu states. These meetings aim to accelerate Phase 1 of the Presidential Power Initiative PPI, a program designed to overhaul transmission and distribution networks and provide more stable electricity across the country. A delegation led by Chief Commercial Officer Babatunde Daramola-Oniru met with Secretaries to the State Governments, commissioners, and other officials to align on key infrastructure projects. Daramola-Oniru emphasized that collaboration with states and host communities is crucial for the initiative's long-term success, stating that technical execution alone is insufficient for sustainable outcomes. In Ebonyi State, discussions focused on the proposed Ugwaji–Okposi 330kV double-circuit transmission line, which is expected to unlock generation capacity and strengthen grid reliability in the South-East. The Secretary to the Ebonyi State Government, Prof. Grace Umezurike, welcomed the project, highlighting its importance for the state's development. Similarly, in Enugu State, officials linked PPI projects to the state's urban renewal and economic transformation agenda. The Secretary to the State Government, Prof. Chidiebere Onyia, noted that reliable electricity is central to Enugu's vision of becoming a modern smart city. FGN Power Company, established to implement the PPI, aims to increase grid