Flutterwave has distanced itself from reports claiming the Nigerian federal government has approved a $75 million investment in the company as a precursor to a public listing.

In a statement released on Tuesday, the payments giant dismissed the reports as “inaccurate,” specifically refuting claims that it is on the verge of a $250 million Initial Public Offering (IPO). The denial follows a flurry of local media reports on Monday, sparked in part by a now-deleted social media post from a special assistant to President Bola Ahmed Tinubu.

The initial reports suggested that President Tinubu had authorised the Ministry of Finance Incorporated (MoFI) to inject $75 million into the startup.

However, Flutterwave’s spokesperson clarified the company’s position stating that, “Flutterwave is not in any way close to an IPO, and they have made no announcements regarding a listing or fundraising tied to an IPO as described.”

The confusion highlights the intense scrutiny surrounding the unicorn, which was valued at over $3 billion during its 2022 funding round. While Flutterwave has long been touted as the torchbearer for African tech on the global public stage, the company appears to have pivoted toward a more conservative timeline.

Chief Executive Officer Olugbenga Agboola has maintained a consistent narrative of internal consolidation over public ambition. Speaking at the Semafor World Economy Summit in 2024, Agboola emphasised that the firm’s current priority is “operational maturity” and robust corporate governance rather than a rushed debut on the stock exchange.

This shift in tone reflects a broader cooling in the global tech IPO market. Since Flutterwave’s $170 million raise in 2021, high-growth startups have faced a more skeptical investment climate and tightened regulatory oversight. For Flutterwave, this has meant a renewed focus on compliance and profitability factors essential for a successful listing, whether on a domestic or international exchange.

The Nigerian government has demonstrated a keen interest in the nation’s burgeoning technology sector under the Tinubu administration, viewing it as a critical engine for economic growth. While a direct state investment in a private fintech leader would be a significant signal of confidence, Flutterwave’s recent rebuttal suggests that such a deal is not currently on the table.

For now, the milestone of a large-scale African tech IPO remains on the horizon. Flutterwave appears content to wait for more favourable market conditions, choosing to shore up its internal foundations before testing the waters of the public market.