Omololu Oduyoye: Flutterwave's planned IPO and lessons for Nigeria

We older people may not agree with the mannerism of the sorosoke generation, but we lack the momentum to question their ability to work and do the job.

Amidst the chaos, heated politics and uncertainty that bedevils Nigeria day-to-day, the tech space they clearly dominate provides the silver lining that continues to thrive despite any supposed impending disaster.< /p>

The Nigerian tech ecosystem is central to our resilience and capacity as a people, especially the versatility of our youth and their potential.

I remember a few years ago when Paystack was appraised and acquired for $200 million, the whole country went into a frenzy. It opened the authorities' eyes to the potential of the tech industry that many of us discussed and lectured about.

None of those running the business would ever think that any government agency other than the NNPC could pull off such a big number, let alone a small company that started somewhere in Yaba and had less than ten years.

While policymakers were still stunned and ruminating on it, Flutterwave hit the airwaves with a staggering US$3 billion valuation. This is more than the Nigerian non-oil sectors achieved in 2021.

According to various reports, Flutterwave has taken a giant step to go public and list on the NASDAQ exchange. If this is true and they succeed, it will be a turning point for the technology and innovation sector in Africa. Not only in service delivery, but also in ease of payment and testifies to our hidden potential.

According to Tekedia, the company has disclosed its intention to use the proceeds from the listing to expand its expansion into new African opportunities and also into lending. Using his Flutterwave capital, he will provide collateral-free digital loans to business owners in Nigeria.

Through this support, businesses can easily access loans of up to N2 million without collateral, cumbersome documents and other stringent conditions.

What the government should do now is to refocus the revenue generation effort with a well-formulated plan to develop the technology space by allocating grants for the participation in the capital of innovations of talented young people with main objective to export this innovation to the world.

It is not enough to attend the inauguration of these or to visit Silicon Valley. It stands to reason that the ideas we seek abroad are domiciled in our youth here and in abundance.

Persistent failure to do so will result in these brains being exported to countries willing to support them, while we end up paying for the innovations they have developed.

The story of Flutterwave, alongside many players in the tech industry, is very similar to the daily struggle of the average Nigerian: growth without institutional support or a lifeline. All personal work and perseverance.

Let me tell you this: Flutterwave should be a source of inspiration and pride for Nigerians. That no matter what one may think of our country or its people, no matter the shenanigans of some misguided youngsters troubling the streets of Dubai with daggers, the Flutterwave identity is who we are.

Not the cultists who invaded the mafias in Italy or the Nigerians in different gallows in Asia for drug trafficking. It's a sign of the endless possibilities we can achieve and the hope that dreams, no matter how big, can be realized.

Omololu, a chartered accountant and financial adviser, was financial controller at African Capital Alliance (ACA) and audit manager at KPMG.