Cash flow analysis and financial modelling for a high profile National Lottery IT project

Proprietary know-how to NPL Advisors


Engaged by a Nigerian company (the ‘Client’) operating a Lotto Company where paper tickets were sold across the country and weekly draws were done at a central location in order to pick the relevant winning numbers.

The existing operational procedure of the Client involved the following steps:

Step 1

The physical transfer of relevant ticket stubs to nationwide designated offices/locations two (2) hours prior to the relevant draw. The said ticket stubs monies that had been collected from the sale of the tickets had to be taken to the Client by pre-selected agents (the ‘Agent’).

Step 2

Once the relevant draw had occurred, all valid tickets had to be checked in order to identify the winning ticket thereby allowing the allocation of the relevant winnings to the relevant Agent.

Step 3

The Agent is then obliged to pass on the winnings to the winning ticket holder.

The high degree of operational risk not to mention the inherent embedded inefficiencies and potential misdeeds was clear for all to see fraud.


We were tasked with the following:

  • Strategic “root and branch” overview of the business of the Client.
  • Conducting cash flow analysis including financial modelling in order to determine efficient/optimal structure for tickets to be physically taken to a central location for verification and manual verification to identify winning tickets.
  • Production of detailed Business Plan including how to expand the Client’s market share..


The Technical Details and Solutions recommended for this case study will be made available on request. Please contact NPL Advisors.

See something of interest and would like to know more?