Benin’s National Lottery offers 7 million shares in major public sale

The National Lottery of Benin (LNB) has launched a public offering of at least 7 million shares, running from October 7 to 25, 2024. This sale provides an opportunity for investors to become shareholders in one of Africa's leading lottery companies. The move is part of a larger initiative to list LNB on the Regional Securities Exchange (BRVM), making it the first African company in the gaming sector to go public.

The launch event, held on October 1, 2024, was presided over by the Minister of State for Economy and Finance, Romuald Wadagni, who praised the development. He emphasized that the sale would help generate funds for the Benin government’s Action Program (PAG II) while supporting the country's economic growth. The offering is expected to raise between 33.6 and 43.2 billion FCFA, with shares priced at 4,800 FCFA each.

This initiative is seen as a key step in promoting popular shareholding and boosting transparency and governance in the LNB. Investors will not only gain ownership in the company but also benefit from dividends and potential stock price increases. The Director General of the LNB, Gaston Zossou, expressed confidence in the company’s growth, noting that the lottery recorded a turnover of 101 billion FCFA in 2023, with expectations to reach 120 billion FCFA in 2024.

The Minister of Finance hailed this IPO as a source of pride for Benin, highlighting the strategic importance of the lottery sector in driving national development and economic modernization. With this public sale, LNB is positioned to further solidify its role as a key player in the region’s gaming industry.