Claims that the Federal Government has acquired a $75 million stake in Flutterwave triggered widespread attention this week, following reports that President Bola Tinubu had approved an investment through the Ministry of Finance Incorporated (MoFI) as part of the fintech’s reported $250 million IPO plans.

But a review of available evidence shows the ownership claim remains unsubstantiated, and Flutterwave itself has publicly pushed back.

The Claim: FG Approved $75 Million Investment in Flutterwave

Reports began circulating on April 20 that the Federal Government had approved a $75 million equity investment in Flutterwave, positioning the state as a strategic investor in what was described as a proposed $250 million public offering.

Some reports suggested the investment would be executed through MoFI and framed it as a sovereign-backed vote of confidence in Nigeria’s tech ecosystem. The claim gained traction after a now-deleted social media post by a presidential aide appeared to support the narrative.

How the Public Support Request Fueled Speculation

Part of the confusion appears linked to reports that Flutterwave had approached the Federal Government to participate as an investor in a possible future raise.

Several publications indicated the fintech sought government participation, and that due diligence may have been considered. But a request for support or even discussions about a possible investment is not the same as a completed transaction or confirmed government ownership.

Is There Evidence FG Holds a Stake?

At the core of the fact-check is a simple question: did the government actually acquire equity in Flutterwave?

So far, no official documentation has surfaced showing that the Federal Government holds shares in Flutterwave. No shareholding records, regulatory filing, MoFI disclosure, or formal government announcement has publicly confirmed that a $75 million investment was executed.

That distinction is crucial: reports of an approved or proposed investment do not, on their own, establish that the Federal Government has an ownership stake.

Flutterwave Disputes the Claim

Flutterwave has directly challenged the reports.

In statements carried by multiple outlets, the company described the circulating information as inaccurate, denied knowledge of a $75 million government investment, and also rejected claims that it is close to a $250 million IPO.

The company said it had made no announcement regarding fundraising tied to a public listing, undercutting a central pillar of the stake narrative.

The Deleted Post Raises More Questions

Complicating the story is the now-deleted post from a presidential aide that appeared to validate the investment claim.

Its removal, without an official explanation from the Presidency or MoFI, has fueled uncertainty rather than resolved it. In the absence of a formal government clarification, the deleted post cannot be treated as definitive proof of state ownership.

Public Support Is Not the Same as Equity Ownership

This distinction matters.

Governments can support companies in many ways — through policy backing, financing discussions, incentives, partnerships, or even proposed investment participation.

None of these automatically translates into a completed equity stake.

Until there is evidence that a transaction closed and shares were issued or acquired, it is inaccurate to state as fact that the Federal Government owns part of Flutterwave.

The Federal Government has instituted a 13-count charge before the Federal High Court in Abuja against six individuals, including two retired senior military officers and a serving police inspector, over an alleged plan to wage war against Nigeria and carry out acts of terrorism.

The defendants, retired Major General Mohammed Gana, retired Naval Captain Erasmus Victor, Inspector Ahmed Ibrahim, Zekeri Umoru, Bukar Goni, and Abdulkadir Sani are expected to be arraigned on Wednesday, April 22, before Justice Joyce Abdulmalik.

Also named in the charge, but reportedly at large, is a former Minister of State for Petroleum Resources, Timipre Sylva.

The charges, filed by the Office of the Attorney-General of the Federation and signed by the Director of Public Prosecutions, Rotimi Oyedepo (SAN), cover allegations ranging from treason and terrorism to failure to disclose intelligence and money laundering linked to terrorism financing.

According to the prosecution, the defendants conspired in 2025 “to levy war against the state to overpower the President of the Federal Republic of Nigeria,” an offence punishable under Section 37(2) of the Criminal Code.

The government further alleged that the accused had prior knowledge of a planned treasonable act involving Colonel Mohammed Alhassan Ma’aji and others but failed to notify authorities.

As stated in the charge, the defendants, “knowing that a treasonable act was intended to be committed, did not give information thereof with all reasonable despatch to either the President… or a peace officer.”

They were also accused of failing to take preventive measures, as the charge noted that they “did not use any reasonable endeavours to prevent the commission of the offence.”

Beyond treason, the defendants face terrorism-related charges under the Terrorism (Prevention and Prohibition) Act, 2022. Prosecutors alleged that they “conspired with one another to commit an act of terrorism in the Federal Republic of Nigeria.”

Inspector Ahmed Ibrahim and Zekeri Umoru were specifically accused of attending meetings connected to the alleged plot, “in a bid to further a political ideology which may seriously destabilise the constitutional structure of the Federal Republic of Nigeria.”

The charge also alleges that the defendants provided support for terrorism, stating they “knowingly and indirectly rendered support” to facilitate such acts.

In addition, the prosecution accused them of withholding critical intelligence, noting that they “had information which would be of material assistance in preventing the commission of the act of terrorism, but failed to disclose the information to the relevant agency as soon as practicable.”

On the financial side, several of the accused were linked to funds suspected to be tied to terrorism financing, in breach of the Money Laundering (Prevention and Prohibition) Act, 2022.

Bukar Kashim Goni allegedly “indirectly retained the aggregate sum of N50,000,000, which forms part of the proceeds of an unlawful act, to wit: terrorism financing,” while Abdulkadir Sani was accused of retaining N2 million from a similar source.

Zekeri Umoru, according to the charge, “without going through a financial institution accepted a cash payment of the sum of N10,000,000,” and also retained an additional N8.8 million suspected to be proceeds of terrorism financing.

Inspector Ahmed Ibrahim was also accused of taking possession of “the sum of N1,000,000, being part of proceeds of terrorism financing.”

The case is expected to test the Federal Government’s resolve to prosecute alleged threats to national security as proceedings begin in Abuja.

Background To The Case

In October 2025, the Federal Government cancelled a ceremonial parade initially planned to mark Nigeria’s 65th Independence Anniversary on October 1.

Shortly after, reports linked the decision to an alleged coup plot, though the Defence Headquarters denied any connection.

Later that month, authorities confirmed that 16 military officers had been arrested in the first week of October over the alleged plot, with two others declared at large.

By January 2026, the Defence Headquarters confirmed that there had indeed been a plan to overthrow President Bola Ahmed Tinubu.

The Director of Defence Information, Samaila Uba, stated that investigations conducted in line with military procedures uncovered the involvement of certain personnel in the alleged coup attempt, adding that those implicated would face appropriate military judicial processes.

In March, relatives of the detained officers appealed to President Tinubu to ensure that the suspects were tried openly in court.

The calls continued into April, with families staging protests at the National Assembly, demanding a speedy trial and improved access to their detained relatives.

Retired officers of the Nigeria Police Force under the umbrella of the Police Retired Officers Forum of Nigeria (PROF) staged a protest at the Presidential Villa in Abuja, demanding that President Bola Ahmed Tinubu sign the Police Exit Bill passed by the National Assembly.

The bill, which seeks to remove the police from the Contributory Pension Scheme (CPS), was passed in December 2025 and transmitted to the Presidency in March 2026.

The protesters, led by CSP Raphael Irowainu, marched from the Three Arms Zone through major streets around the Police Headquarters before blocking Gate 8 of the Presidential Villa.

Carrying placards and national flags, they described the continued inclusion of police retirees in the CPS as unjust and harmful.

According to the group, the system remains unfair compared to other security agencies that have already been exited. CSP Irowainu stated:
“Our major aim here is to prevail on President Bola Ahmed Tinubu to sign our bill, the bill exiting the police from the Contributory Pension Scheme passed by the National Assembly on 4th December 2025 and transmitted to him on 16th March, 2026, into law, nothing more than that.”

He further argued that agencies such as the Army, Navy, Air Force, SSS, and NIA have already exited the scheme, leaving police retirees behind in what he described as an unjust system.

“The soldiers have been exited, the SSS has been exited, the Air Force has been exited, the Navy has been exited, the National Intelligence Agency (NIA) has been exited. The police, who are the father of them all, are trapped in this obnoxious Contributory Pension Scheme,” he added.

The protesters, some accompanied by family members, sat and lay on the ground in front of the gate, singing solidarity songs and insisting on seeing the President. Security personnel at the Villa were unable to disperse them, as they maintained their position peacefully.

As of the time of filing this report, no official response had been received from the Presidency.

This is not the first time retired police officers have taken to the streets over pension-related grievances. Similar protests were held in previous years at the National Assembly and Force Headquarters, where retirees demanded removal from the CPS.

At the time, former Inspector-General of Police, Kayode Egbetokun, acknowledged concerns over welfare but stated that exiting the scheme could not be implemented immediately, while urging calm and caution against misinformation.

Governor Hyacinth Alia of Benue State has appealed to the Joint Admissions and Matriculation Board (JAMB) to reschedule the Unified Tertiary Matriculation Examination (UTME) for eight candidates who were abducted last week but have since been rescued.

The governor made this appeal on Sunday while receiving 13 of the rescued victims at the Government House in Makurdi. He emphasised that the affected students should not be disadvantaged due to circumstances beyond their control.

According to him, the victims were among passengers travelling to Otukpo when the incident occurred. *“Many of the students were travelling to Otukpo. Seven were regular passengers, and 15 were kidnapped that fateful day. One of the victims escaped, and another one escaped the following day.

“Today, all the remaining 13 kidnap victims were rescued by the security agents with the cooperation of the communities.

“I call on JAMB to look into the case of the eight young students and reschedule dates for them to write their examination.”*

Reports indicate that 15 out of 18 passengers on a Benue Links bus were abducted on Wednesday night along the Taraku–Otukpo route in Gwer East and Otukpo Local Government Areas. The students, who were heading to their examination centre in Otukpo, had planned to arrive early due to their scheduled exam.

Following their rescue, the governor directed the state Commissioner for Health and Human Services to ensure the victims receive proper medical attention at the Benue State University Teaching Hospital before being reunited with their families.

Governor Alia also commended the efforts of security agencies, including the Inspector-General of Police, Olatunji Disu, for their role in securing the victims’ release. He noted that several successful rescue operations have been carried out across the state in recent times.

Authorities confirmed that seven suspects have been arrested in connection with the incident, while the governor urged security operatives to intensify efforts in tackling criminal activities across affected areas, stating, “Our people deserve to live in peace.”

Earlier, the state Commissioner of Police, Ifeanyi Emenari, highlighted that the rescue operation was achieved through coordinated efforts between security agencies and local communities.

Meanwhile, JAMB had initially denied that any UTME candidates were among the abducted victims. However, a relative of one of the students criticised the examination body for issuing the statement without conducting thorough verification.