The National Sports Lottery has finally secured the approval of the Securities and Exchange Commission to float 800 million units of its shares at an offer price of N15.50 per share.



DG SEC, Mr. Musa Al-Faki

The initial public offer, which began on Monday, is seeking to raise N12.4bn through the capital market.

According to the offer document, proceeds from the offer will allow the company to become a platform for the convergence of the processing of lottery and electronic transactions such as debit and credit card payments.
It said, “This offer is unique considering the fact that SEC has approved the allocation of 21.62 million units to each state and the Federal Capital Territory.

“The amount raised will be used to fulfil contractual obligation and finance various network and communication expansion, as well as finance working capital requirements and contingencies of N1.54bn. It will also provide the financing of Point Of Sale terminals.”

The company is projecting a turnover of N10.82bn and N24.26bn, a profit after tax of N3.74bn and N9.63bn in the 2008 and 2009 financial years respectively. These will translate to a dividend per share of 37 kobo and 96 kobo in that order.

Meanwhile, The Nigerian Stock Exchange has imposed a technical suspension on the shares of Eternal Oil and Gas Plc and First Aluminium Nigeria Plc on receiving their applications to undertake supplementary share offering.

Similarly, the N2.46bn special FGN Bond 2012 for local contractors’ debt was delisted from the daily official list. By this action, the number of FGN Bonds and securities dropped to 41 and 316 respectively.