Secure Electronic Technology Plc (SET Plc), formerly known as the National Sports Lottery, has released a statement detailing resolutions passed by its Board of Directors in March 2025. The company, which holds an exclusive 30-year license granted by the Federal Government to operate the national lottery in Nigeria, has been navigating a series of financial and regulatory challenges in recent years.
Recent Financial Performance
In the first quarter of 2024, SET Plc reported a loss of ₦33.41 million, a significant increase from the ₦6.81 million loss recorded in the same period the previous year. This downturn was attributed to declining gross income and rising administrative expenses. The company’s gross income stood at ₦1.04 billion, up 32% from ₦788.40 million in March 2023. However, expenses related to prizes and winnings escalated by 33.4% to ₦608.42 million, reflecting higher payout obligations during the quarter.
Regulatory Compliance Issues
In July 2024, the Nigerian Exchange Limited (NGX) suspended trading in SET Plc’s shares, along with seven other companies, due to the failure to submit audited financial statements for the year ended December 31, 2023. This suspension was lifted on July 12, 2024, after SET Plc complied with the submission requirements.
Board Resolutions
The recent board meeting addressed several critical issues:
- Financial Restructuring: The board approved measures aimed at stabilizing the company’s financial position, focusing on cost reduction and revenue enhancement strategies.
- Operational Efficiency: Initiatives to streamline operations were endorsed to improve service delivery and reduce operational costs.
- Regulatory Compliance: The board emphasized the importance of timely financial reporting and adherence to regulatory standards to prevent future trading suspensions.
- Stakeholder Engagement: Plans to enhance communication with stakeholders, including shareholders, regulators, and customers, were discussed to rebuild trust and confidence in the company’s operations.
