The National Lottery Authority (NLA) has set the records straight on some publications which sought to suggest that KGL and NLA Partnership and its attendant Bailout was out of place.
In a Publication dated Wednesday, March 17, 2021, and Article captioned by The Finder newspaper “KGL’S NLA BAIL OUT RAISES KEY QUESTIONS AS 6 YEAR’S REVENUE OF NLA SHOWS POSITIVE BALANCE.”
Meanwhile, a Statement issued by the Public Relations Unit of NLA stressed that the publication is “misleading, manufactured lies, outright fabrications and never represent the true picture of the financial records at the NLA.”
According to NLA, the writer of the said Article in his analysis of the NLA financial records completely failed to factor key financial obligations of the authority in his calculations including “Payment of commission to Lotto Marketing Companies over the last six (6) years., Payment of fees to the Technical Service Providers over the last six (6) years, Statutory Payments to the Consolidated Fund over the last (6) six years, Payment of salaries, allowances and other benefits to the employees of the authority over the last (6) six years, Cost of day-to-day administration and operations of the NLA over the last six (6) years, Payment for contracts executed by individual companies over the last six (6) years and Other financial expenses of the authority over the last six (6) years.
It said Mr. Elvis Darko had clearly limited his analysis to revenue and payments of prizes (wins) which clearly amounted to gross unprofessionalism and deliberate dishonesty.
The NLA therefore urged the general public to totally ignore it and treat it with a pinch of salt adding that, “We are also urging all stakeholders and employees of the authority to remain calm as the authority takes all the necessary steps to address the concerns of the lottery industry. The NLA is assuring the general public and stakeholders that it is taking more pragmatic steps to address all current challenges and bounce back stronger as the leading lottery regulator and operator in Africa.”
Also, the NLA has commended KGL Technology Limited, operators of the official short code of the authority’s *959# for a solid partnership and good working relationship.
The authority is acknowledging the various roles KGL Technology Limited has played in resolving some financial issues recently, which otherwise would have plunged the authority into some level of crisis.
Key among these issues, it said, is the recent financial challenges that were encountered by the authority largely due to High Winning Ratios recorded over a long period of time.
The Win Ratios were exceeding the sales/revenue generated and this brought about some considerable level of liquidity challenges.
However, a licensed partner company, KGL Technology Limited timely offered the authority life-saving antidotes to resolve this situation.
“We are grateful for such help,” NLA stated.
KGL Technology Limited is a leading digital online lotto marketing company, assisting the NLA to fully implement its digitalization programme.
–Prosper Agbenyega