The National Lottery Authority has signed a Fifty-five Million Ghana Cedis (GHS55,000,000.00) Agreement with KGL Technology Limited for the year 2022.
This agreement gives KGL Technology Limited the License to operate NLA’s 5/90 online Game as a collaborator for the year 2022.
In November 2019, NLA signed an agreement with KGL Technology Limited granting the latter a Provisional License Agreement to operate its 5/90 Game as an online lottery game on a pilot bass for 2 years.
As part of the Agreement, KGL Paid Twenty million Ghana Cedis (GHS20,000,000.00) to NLA in 2020, and paid Twenty-five million Ghana Cedis (GHS25,000,000.00) to NLA in 2021.
A substantive 10-year Agreement renewable every three years thus was to begin in January 2022 between NLA and KGL. With the new direction of management under the leadership of its Director-General, Mr. Samuel Awuku and the Board of Directors chaired by Togbui (Hon.) Francis Albert Nyonyo, NLA has re-negotiated the deal to secure Twenty-five Million Cedis (GHS 25,000,000.00) more for the Authority, bringing the total amount to Fifty-five million Ghana cedis (GHS55,000,000.00) for the year 2022.
KGL will in addition to the Fifty-five Million Ghana Cedis (GHS55,000,000.00) pay a Licensing Fee of One Million, Seven Hundred Thousand Ghana Cedis (GHS1,700,000.00).
The breakdown for the total amount is as follows.
Fifty Million Ghana Cedis (GHS50,000,000.00) will go into NLA’s coffers. Three Million Ghana Cedis (GHS3,000,000.00) million will go into a Stabilization Fund to cushion the Lotto Marketing Companies (LMCs) whose business have seen a downward turn recently while the remaining Two Million Ghana Cedis (GHS2,000,000.00) will go into the NLA’s Good Causes Foundation to support the Authority’s Corporate Social Responsibility projects. The Fifty-five Million Ghana Cedis will be paid in quarterly installments effective 31st January 2022.
For Staff of NLA and the Authority’s other stakeholders, this new deal is a game changer and will shore up the Authority’s revenue, which has declined in the last couple of years.
The Agreement was finally signed after several weeks of tough negotiations between KGL and NLA. The Board of Directors of NLA however commended KGL for their innovation over the last two years during the pilot stages and robust ICT infrastructure put in place.
The Board Chairman of NLA, Togbui (Hon.) Francis Nyonyo at a brief signing ceremony, admonished KGL not to be complacent but work hard to justify the confidence reposed in them.
Source: MyPublisher24.com