The CEO of Flutterwave, Olugbenga Agboola, has requested President Bola Tinubu’s support for the company’s listing on the Nigerian Exchange (NGX).
This was revealed in a statement on Saturday by Bayo Onanuga, Special Adviser to the President (Information & Strategy).
The request was made during a meeting with the President on Saturday.
NGX Listing Request
According to the statement, Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, led a delegation to meet President Tinubu on Saturday.
- The delegation included Dr. Inuwa Kashifu Abdullahi, Director General and Chief Executive Officer of the National Information Technology Development Agency (NITDA).
- Flutterwave was represented at the meeting by CEO Olugbenga Agboola, co-founder Adeleke Adekoya, and representatives Oluwabankole Falade and Mitesh Popat.
- Agboola stressed that the company has simplified the process for Nigerians to pay for global services using the Naira and has provided payment platforms for Nigerians in the diaspora who wish to send money to their families and relatives back home.
- He added that Flutterwave, valued at over $3 billion, is a Nigerian export and brand employing over 1,000 Nigerians, underscoring the need for continuous government support.
- He stated, “The company seeks to be listed on the Nigerian Exchange and solicited the President’s support.”
- On his part, Dr. Armstrong Ume Takang, Managing Director and Chief Executive of the Ministry of Finance Incorporated (MOFI) said that Nigeria must strategically position the products and services offered by Nigerian companies such as Flutterwave.
What the President Said
In response, 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 Nigeria is genuinely open to business, promising to remove all “obstacles” to allow companies to thrive.
Mr. Wale Edun also noted that Flutterwave and other companies have created jobs and helped diversify the economy by providing innovative digital platforms and payment services in Nigeria and across Africa.
What You Should Know
The Nigerian Exchange is a stock exchange that allows investors to trade and list securities.
- The NGX experienced remarkable growth in 2024, as a wave of equity listings and capital-raising initiatives propelled market metrics.
- In January, the total market capitalization surged by 53.37% , climbing from N40.918 trillion to N62.76 trillion, while the All-Share Index (ASI) advanced by 37.65%, closing the year at 102,926.40 basis points.
- This significant expansion was underpinned by the listing of 269.942 billion shares, valued at N5.839 trillion, across multiple sectors.
The year’s equity activities reflected a strategic mix of public offerings, rights issues, and private placements as companies raised capital to comply with regulatory mandates, address foreign exchange challenges, and fund strategic growth initiatives.
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