General
IPO: Flutterwave Refutes Reports of $75m Nigerian Government Investment
By Adedapo Adesanya
Flutterwave has distanced itself from the widespread reports claiming the Nigerian government has approved a $75 million investment in the company ahead of a highly anticipated 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 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 Bola 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, “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.
According to the reports, the fintech company approached the federal government last year to participate in the offer, which has been in motion since it was first touted as far back as 2022.
Flutterwave’s IPO has been delayed by its lack of sustained profitability, earlier governance and misconduct scandals, and unfavourable global market conditions.
Over the years, the company’s chief executive, Mr Olugbenga Agboola, has maintained a consistent narrative of internal consolidation over public ambition.
He emphasised that the firm’s current priority is operational maturity and robust corporate governance rather than a rushed debut on the stock exchange.
In 2o22, Flutterwave raised $250 million in a Series D round that tripled the company’s valuation to over $3 billion after raising $170 million in a Series C round from Tiger Global and Avenir at a valuation of $1 billion in March 2021. It raised a $35 million in Series B in 2020 and a $20 million in Series A in 2018.
At $3 billion, Flutterwave is currently the highest valued African startup, heightening expectations that the next phase would be an IPO. However, the latest dismissal shows that the years-long wait will have to continue before investors can get a piece of the company valued at $3 billion.
By Modupe Gbadeyanka
The I-Fitness Gym centre around Jakande Roundabout, Lekki Peninsula, Eti-Osa, Lagos, has been sealed by the Lagos State government.
The facility was closed on Tuesday, June 23, 2026, by officials of the Lagos State Wastewater Management Office (LSWMO).
The gym centre was accused of indiscriminately discharging raw sewage into public drains via a pipe, thereby causing public nuisance and environmental pollution as well as endangering human health.
Announcing the closure of the premises of the organisation, the Lagos Commissioner for Environment and Water Resources, Mr Tokunbo Wahab, reiterated the need for the public to adhere strictly to proper wastewater management practices.
He emphasised that any individual or organisation found contravening environmental regulations will be meted out with appropriate sanctions and possible prosecution in accordance with the enabling laws.
The Commissioner has come under fire lately because of the poor waste management system in the metropolis, causing the state to look dirty.
A chief of the African Democratic Congress (ADC), Mr Gbadebo Rhodes-Vivour, called for his resignation over the issue.
In a related development, Mr Wahab has clarified that the state government has given members of the National Union of Road Transport Workers (NURTW) the authority to arrest environmental violators.
In a statement, he explained that contrary to the misinformation being circulated by some bloggers and commentators, the recent engagement between the Lagos State Government and transport unions across the State is not intended to replace the statutory responsibilities of the Lagos State Environmental Sanitation Corps (LAGESC). LAGESC, in collaboration with the Lagos State Environmental and Special Offences Task Force, remains the duly empowered environmental enforcement arm of the Lagos State Ministry of the Environment and Water Resources.
“As we are all aware, several environmental challenges persist within parks, garages, and the public transportation ecosystem, including illegal trading activities and the indiscriminate disposal of refuse on road medians and within transport facilities. The State Government’s engagement with transport unions is aimed at fostering collaboration, promoting shared responsibility, and ensuring improved cleanliness and proper waste management within their respective parks and garages.
“This partnership does not in any way diminish, transfer, or replace the enforcement responsibilities of LAGESC and the Task Force. Rather, it is a complementary initiative designed to strengthen environmental compliance, sanitation standards, and stakeholder participation in maintaining a cleaner environment across the State.
“We therefore wish to reassure all Lagosians that environmental cleanliness remains a top priority of the Lagos State Government. We will continue to engage relevant stakeholders and partners in our collective effort to build a cleaner, healthier, and more sustainable Lagos,” he stated.
By Adedapo Adesanya
Active mobile subscriptions in Nigeria increased by 15.1 million or 8.7 per cent year-on-year to 188.0 million in April 2026 from 172.9 million in April 2025, according to the latest data from the Nigerian Communications Commission (NCC).
On a month-on-month (MoM) basis, subscriptions grew by 2.3 million or 1.2 per cent from 185.7 million in March 2026, reflecting continued momentum in subscriber acquisition across the telecommunications sector.
The sustained growth in mobile subscriptions is largely attributable to the easing of key regulatory and operational challenges that previously constrained industry expansion.
Notably, improved compliance with SIM registration and National Identification Number (NIN) linkage requirements has facilitated the reactivation of previously deactivated SIM cards, contributing significantly to the increase in active subscriptions.
Furthermore, enhanced customer onboarding processes and more efficient SIM reactivation procedures implemented by network operators have further supported subscriber growth.
MTN Nigeria maintained its market leadership position, recording a net subscriber addition of 632,209, bringing its total to 96.4 million in April 2026, up from 95.8 million in March.
Trailing was Airtel Nigeria, which delivered the strongest growth among the major operators, adding approximately 1.0 million subscribers, bringing its customer base to 64.7 million from 63.6 million in the preceding month.
Globacom also sustained its recovery momentum, with its subscriber base expanding by 538,704 to 23.2 million from 22.6 million. Meanwhile, 9mobile (T2) recorded modest growth, increasing its subscriber base to 3.54 million from 3.48 million.
There are expectations that subscriber growth will continue as more Nigerians seek favourable rates when it comes to data and voice, while higher smartphone penetration, ongoing investments in 4G and 5G network infrastructure, and expanding broadband coverage continue.
By Modupe Gbadeyanka
Friday, June 26, 2026, will provide an opportunity for some global experts in Public Relations reporting to analyse what need to change in the ecosystem.
The international panel of communications, media intelligence, and measurement professionals is being convened by P+ Measurement Services.
P+ Measurement Services is Nigeria’s leading independent media intelligence and PR measurement agency, helping organizations evaluate reputation, communication performance, and media impact through data-driven insights and globally recognized measurement standards.
At the virtual session themed Why Most PR Reports Fail: How Smarter Insights Can Change That, panellist will discuss how organisations can move beyond reporting outputs and activity metrics toward intelligence that supports business strategy, reputation management, and leadership decision-making.
The session will feature insights from Todd Murphy, Executive Director, Global Media Insights at Infoesearch and President of FIBEP; Paige Lingwood, Insights Consultant at CARMA; Tolulope Akin Aribisala, Managing Director of LSF PR; and Chidimma Ugbojiaku, Assistant Vice President, External and Government Relations, Brand and Corporate Communications.
Drawing from their experiences across communications, research, media intelligence, and stakeholder engagement, the speakers will share practical approaches to building reports that deliver relevance, context, and measurable value to organisations.
The event is open to communications professionals, public relations practitioners, corporate affairs leaders, media intelligence specialists, researchers, and executives seeking to strengthen the role of measurement in strategic decision-making.
A statement from the organisers disclosed that participation is free, but registration is required via https://bit.ly/4uL8tZf.
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