NSL set for IPO

Friday Ekeoba & Sherifat Rasheed, Lagos - 01.02.2008

Mikel (left) in action against Squirrel of
Benin on Tuesday. Photo: AFP

The National Sport Lottery (NSL) Plc has disclosed that its Initial Public Offering (IPO) will be open for subscription in April.

Although the amount to be raised through the issue was not disclosed, the Managing Director, Mr. Odunlami Kola-Daisi, told stakeholders at the company’s facts behind the Figure that financial advisers to the offer were working out details to determine desirable target from the proposal submitted by the company.

On the impending IPO, Kola-Daisi advised the investing public to embrace the offer as its an opportunity for wealth creation for the traders on the floor of NSE as well as for Nigerians.

The company had, in December 2007, listed by introduction, 5.2 billion ordinary shares of 50 kobo each at N2.90 per share. The NSL boss said the company would be employing about 20,000 18550 Point of Sale (POS) terminal model platform adjudged the most advanced in the world in its operations to render air time vending services to its clients.

He noted that prospective users of the platform would be availed the opportunity of the services provided by POS to effectively engage participants in the lottery of the NSL through a well truncated transaction, while granting access through sub-franchising to non-POS terminal lottery operators.