Secure Electronic Technology Plc, also known as SET Plc, initially started out as a gaming/lottery company. It has since diversified, yet online gaming remains of its main focus.
It is a well-known fact that Nigeria has many sports lovers. For many years, millions of citizens have demonstrated their undying love and insatiable demand for all kinds of sports/games. As a result, the country’s gaming industry has continued to thrive, with many companies springing up ever so often to take advantage of the opportunities that abound.
One of such companies is Secure Electronic Technology Plc, which today claims to be the foremost and leading provider of online gaming experience in Nigeria. For over a decade, this company has grown and expanded, changed its corporate identity (albeit for good reasons), and floated its equities on the Nigerian Stock Exchange.
But how much of this company’s story do Nigerians know about? How many people are even familiar with the services it provides? And come to think of it, is SET Plc really a force to reckon with in the Nigerian gaming industry? Let’s find out together, shall we?
Secure Electronic Technology Plc: A Corporate Overview
The corporate story of SET Plc began in 2001 when it was incorporated. It then received a three-decade-long lottery license from the Nigerian Government to conduct national lotteries in the country, backed by the National Lottery Act. It was the first ever company to receive such a license in the history of Nigeria.
Asides lottery and gaming, SET Plc has over the years gone on to explore other business opportunities; all within the ambit of technology and data management. Today, it is involved in the vending of airtime, provision of card payment solutions, trivia promo syndication, provision of central database and information processing services, and treasury/asset management services.
Meanwhile, online gaming remains a major business venture for SET Plc; from that it provides a considerable percentage of its income. Below are some of the gaming products provided by the company:
- 60F49: This is the company’s newest jackpot game in which lucky players could win an average of N24,000.
- 2SURE: Playing this game successfully could guaranty you a whooping N250,000 payout
- 50F90: Virtually all the lottery enthusiasts should be familiar with this game as it is quite a popular one.
- BETWAZOBIA: This mobile and online 24/7 game is said to be a revolution in the industry.
Please note that all the information on how to play and win these games can be found on the company’s website.
On the company’s name change and listing of stocks on the Nigerian Stock Exchange
On December 14, 2012, SET Plc became listed on the Nigerian Stock Exchange. This happened precisely two years after its original name National Sports Lottery Plc was changed to the current one. The company later explained in a statement that one of the reasons for the name change was to “reflect the new business model of the company which, as the name connotes, is the provision of secured electronic platform for lottery and financial and other transactions.”
Recall that as mentioned earlier, SET Plc had by this time transcended the lottery and gaming venture, while exploring the opportunities that abounded in the country’s growing financial technology ecosystem.
A quick look at the company’s Board of Directors
Dr Odulami Kola-Daisi serves as SET Plc’s Chief Executive Officer. He is a trained Medical Doctor, having graduated from the University of Jos in 1989 and completed his residency at the University College Hospital (UCH), Ibadan. He is also an alumnus of the prestigious Harvard University.
Instead of pursuing a career in medicine, Dr Kola-Daisi chose to become a financial service professional, working as both a banker and a stockbroker. His first banking gig was at First City Monument Bank (FCMB) and later the now-defunct Spring Bank Plc where he rose to become an Executive Director.
Note that asides his position as the Chief Executive Officer, Dr Kola-Daisi also serves as the Chairman of Payment Technology Limited, a subsidiary of SET Plc.
Mr Akin Areola is a Member of SET Plc’s board of directors, serving in the capacity of an Executive Director. He has a B.Sc. Political Science from the University of Benin, and later graduated from the same university with a Master’s in Public Administration.
He is an experienced business executive who has worked in different notable corporations, including ABEX Express, DHL International, Trans-Nationwide Express Plc, and Red Star Express.
The company’s target market
Lagos-based SET Plc has a wide target audience. First and foremost, it targets gamers and lottery enthusiasts in Nigeria, providing the platform for them to play and win. The company also targets organisations in need of database and information processing/management. In the same vein, it targets all those in need of trivia promo syndication, providing the infrastructure and technical know-how.
Which companies are in competition with SET Plc?
While SET Plc operates in markets where endless opportunities exist, it also has to contend with other companies that pose as stiff competitors. In the area of gaming and lotto, some of its competition includes the likes of Gamsole, Kuluya, Bestman Games, SUREBET, BETNAIJA, Baba Ijebu Lotto, etc.
The company is also in competition with data management and electronic payment companies such as CHAMS Plc, Courteville Business Solutions Plc, CWG Plc, eTranzact, Cellulant, etc.
The company’s accomplishment over the years
Over the past 17 years since it was incorporated, SET Plc has recorded some interesting accomplishments. Today, it has some of the largest Point-Of-Sales (POS) machines in Nigeria and the entire Sub-Saharan region. Using this wide POS platform, the company has been able to create a convergence of gaming, electronic payments and transaction processes.
How the company has performed financially
By the first quarter of 2018, the company’s revenue plummeted by 11.66%, down by N6.60 billion compared to N7.47 billion year on year. The company also recorded a loss in the period under review. In the same vein, its stock has had the most difficult year yet, having fallen by 54% year to date. It ended last week on the NSE’ losers’ list, having closed at N0.23 even though it started the week with N0.29.
Austin Avuru retires as CEO of Seplat petroleum, to receive huge benefits
According to the notice, Avuru will be considered a “good leaver” on his retirement.
Co-founder and Chief Executive Officer of Seplat Petroleum Development Company Plc, Austin Avuru has retired as CEO of the company, but will remain on the board as a Non-Executive Director.
According to a notice sent to the Nigerian Stock Exchange and signed by the company secretary Mrs Edith Onwuchekwa, the resignation took effect on July 31, 2020.
What this means
According to the notice, Avuru will be considered a “good leaver” on his retirement and receive his remuneration and benefits as such.
The Remuneration Committee has confirmed that Avuru will receive “a lump sum payment in lieu of notice equal to his salary, benefits, and pension allowance until November 18, 2020” as well as other security and travel benefits.
He would also receive a loss of office payment equal to 12 months’ salary, as compensation and in accordance with the Nigerian market practice.
In line with the provisions of the Directors’ Remuneration Policy approved by shareholders of the Company at its 2018 AGM, he will also receive a pro-rata bonus (in cash) to reflect his time as CEO during the financial year, and same “will be provided in the Company’s Directors Remuneration Report for 2020 and subsequent years”.
Seplat will also vest awards made in form of deferred shares in 2019 and 2020 at the normal vesting dates, and subject to the achievement of the relevant performance conditions, and Avuru will be subject to the post-employment shareholding requirement for two years.
The company management and board appreciated Avuru for his ‘excellent leadership’ in growing the company to become a notable player in the Nigerian and wider African hydrocarbon industry.
On November 18 2019, Seplat Petroleum Development Company Plc announced that Mr Austin Avuru will be retiring as CEO at the end of July 2020.
This is in line with Avuru’s earlier plans to retire sometime around his 62nd birthday.
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UBA denies N41 billion NITEL fraud allegations
United Bank for Africa (UBA) has described the alleged N41 billion fraud levied against its Chairman, Mr Tony Elumelu, as untrue, misleading, malicious, and libellous.
The Management of the United Bank for Africa (UBA) has described the alleged N41 billion fraud levied against its Chairman, Mr. Tony Elumelu, as untrue, misleading, malicious, and libellous, and said that it should be disregarded in its entirety.
This was disclosed in a statement issued by the bank to the Nigerian Stock Exchange and signed by the company’s secretary, Bili Odum, on Friday. Media reports in some online blogs alleged the former CEO of the bank was indicted” prompting the bank to issue a denial via a press release.
In the press release stated Statement To The Nigerian Stock Exchange on False Reports in the Media, the bank stated that “it has set in motion all appropriate legal actions to ensure that the misleading reports are retracted and the perpetrators held accountable for their actions”.
It also stated that it will “continue to conduct its business in line with global best corporate governance practices, extant laws, and regulations,” as it has done in over 70 years of operations.
Back story: The counsel to NITEL, J.U Ayofu petitioned the Senate Committee Chairman on Ethics, Privileges and Public Petitions about the alleged fraud. The committee chairman, Senator Ayo Akinyelure, claimed the ”the N41billion alleged fraud was committed against the defunct Telecommunications company and National Carrier, NITEL”
They alleged the amount was withdrawn “systematically from NITEL for nine years” under the leadership of the bank.
Senate Committee Chairman on Ethics, Privileges and Public Petitions, Mr. Ayo Akinyelure, reportedly said, “The N41 billion alleged fraud was committed against the defunct telecommunications company and national carrier, NITEL.
According to the reports, in view of this, the senate committee has summoned the Group Managing Director/CEO of UBA, Mr. Kennedy Uzoka, to appear before it on Wednesday, August 5, 2020.
UBA denies wrongdoing
Despite the allegations, the Management of the Bank denied all the allegations and will use all legal means to clear its name. “We have set in motion all appropriate legal actions to ensure that the misleading reports are retracted and the perpetrators held accountable for their actions.”
UBA’s 2020 second-quarter result is expected to be released next week. The market appears to have shrugged off the allegations as thee company’s share price closed at N6.2 gaining 3.3% week on week.
Airtel Africa’s profit up 12.9%, customer base reaches 111.5 million
Airtel Africa had risen in customers’ base by 11.8% to 111.5 million in spite of the pandemic.
Airtel Africa on Friday posted an impressive Q1 ending June 2020 financial statement with an operating profit of $210 million up by 12.9%which showed a 111.5 rise in customers’ base of 11.8% to 111.5 million in spite of the ravaging COVID-19 pandemic. The Company also reported an operating profit of $210 million up by 12.9%.
Airtel reports its year end March 31st 2020.
Key highlights of Airtel Africa Q1 2020 include;
- Customer base grew by 11.8% to 111.5 million.
- Revenue increased by 6.9% to $851m, with constant currency revenue growth of 13.0%
- Constant currency revenue growth was recorded across all key business segments, with voice revenue up by 2.2%, data by 35.7%, and mobile money by 26.3%.
- Underlying EBITDA increased by 7.9% to $375m, with constant currency growth of 14.6%
- The reported underlying EBITDA margin was 44.1%, up by 40 bps.
- Operating profit increased by 12.9% to $210m, an increase of 21.5% in constant currency
- Free cash flow was $96m compared to $62m in the same period last year.
- Earnings per share (EPS) before exceptional items was $1.0 cents and basic EPS was $1.1 cents.
- Net debt to underlying EBITDA was 2.2x, compared to 3.0x in June 2019.
Raghunath Mandava, chief executive officer, Airtel Africa explained the company’s business was to survive the COVID-19 pandemic amid all odds. He said;
“During the last quarter, our business was impacted by the Covid-19 pandemic, as restrictions on movements of people and ways of socializing were introduced to contain the spread of infection. In these unprecedented times, we have worked with governments, regulators, partners, and suppliers to keep customers and businesses connected as well as supporting the economies and communities.
“We focused on expanding and maintaining our network to ensure it could cope with increasing demand, we kept our distribution up and running by increasing the penetration of digital recharges and stock levels, and we expanded our home broadband solutions to ensure customers could work and access entertainment remotely.”
Raghunath Mandava, chief executive officer, Airtel Africa spoke about growing concerns on the resurgence of COVID-19, but he was optimistic based on Airtel Africa’s present result and investment. He continued by saying ;
“The outlook remains uncertain, particularly regarding a so-called potential second wave of infections and the actions governments will decide to take in that event. However, these results are further evidence of the growth opportunities our markets offer and the effectiveness of our strategy to focus on winning customers, investing in our network and expanding our voice, data and mobile money businesses.”
The stock is presently trading at N348 with a market capitalization of N1.308 trillion, dividend yield at 3.38%, price/earnings ratio at 10.63 at the time this report was drafted.