At the start of Babajide Sanwo-Olu’s tenure as Lagos State Governor, a fintech firm, called PAYTECH, pitched to become the sole revenue collector for all the state-owned tertiary institutions (totalling five schools). And the proposal was accepted.
After a controversy bordering on the commission percentage accrued – as the institutions opposed the earlier demanded fee of 10% – the schools accepted PAYTECH and began operations with them.
However, the controversy continues as new findings from Premium Times reveal that behind the management of the school are renowned Nigerian billionaire moguls who also do not appear to have any operational engagement with the firm.
It listed the chief promoters to include Kola Daisi, an Ibadan-born businessman and his children, Kolapo and Odunlami Daisi; billionaire father of Nigerian hip-hop star, Davido, Adedeji Adeleke; businessman Emmanuel Iwuanyanwu, and former senator, Ben Murray-Bruce,
In a series of exclusive stories, Premium Times reported how PAYTECH, Payment Technology Limited, was controversially procured by the Sanwo-Olu administration to be responsible for the collection of revenues accruable to all the tertiary institutions in the state.
Violating Laws and Vested Interests
Apart from the fact that the new deal will enrich the private firm, the company’s engagement has also been found to flout the state’s procurement law.
The individual procurement officials for the affected tertiary institutions were found to have little or no input in the company’s engagement. Bidding processes as required by law were also completely ignored by the government.
PAYTECH is a private unlimited company that was incorporated in 2008. It is a subsidiary of Secure Electronic Technology Plc. (SET Plc), which was formerly known as National Sports Lottery.
Apart from the little details of its ownership, not much is known of Payment Technology Limited. The company has no record of experience, especially in the field of revenue collection, and it is not listed among the payment technology platforms that are recognised partners of Nigeria’s financial transaction institutions.
However, the details of its PATECH’s parent company – SET Plc, constantly prop up when PAYTECH is posted on any search engine. Further searches also showed details of Folake Bank-Anthony as PAYTECH’s managing director.
Founded in 2001 as National Sports Lottery, SET Plc said it secured an exclusive 30-year license from the Nigerian government to operate the National Lottery in Nigeria. It said the business was backed by the National Lotteries Act 2005.
With its board of directors currently chaired by a 94-year-old engineer, Obafemi Olopade, SET Plc’s former chief executive officer (CEO), until 2019, is Odunlami Kola-Daisi, a medical doctor-turned finance expert and son of Mr Daisi, who was also a former chairman of the company.
The young Kola-Daisi also sits on the company’s board as vice-chairman while also serving as the chairman of the board of PAYTECH.
The secretary to the board of SET Plc, Kwesi Obaseki, is also on the board of PAYTECH, with other directors including Babajide Oluwasanmi, Deola Adelanwa, Adeola Akin, and SET plc as an entity.
The Billionaire Board
The Daisi family seems to have the larger interest in the PAYTECH’S parent company with the patriarch of the family, 88-year-old Ibadan chief, Kola Daisi, being a former chairman of the board of SET Plc.
Born on September 14, 1932, in Ibadan, the octogenarian studied Economics and Law at the University of London and worked at the law firm of Ayo Rosiji and Company. He joined the Lagos Chamber of Commerce and Industry (LCCI) where he worked for 11 years and rose to become the chief executive officer. He also served as executive director of the Nigerian Association of Chambers Commerce, Industry, Mines and Agriculture (NACCIMA), and later co-founded the Nigerian-British Chamber of Commerce and served as its first executive director.
The founder of Kola Daisi University, Ibadan, Oyo State, also sits on the board of many other companies.
His son, Kolapo Daisi, who is married to the first child of the immediate past governor of Oyo State, late Abiola Ajimobi, is also a director in the company. Another son, Odunlami Kola-Daisi is the incumbent vice-chairman of the company’s board while also serving as the executive director of the Payment Technology Company (PAYTECH).
Adedeji Adeleke, a director of SET Plc, is a son of a late senator, Raji Adeleke, and a younger brother to the first executive governor of Osun State and former senator, Isiaka Adeleke.
Adeleke, the founder and president of Adeleke University, is also an elder brother to a governorship candidate in the 2018 election in Osun State, Ademola Adeleke.
The billionaire father of the popular musician, Davido, is also the chief executive officer of Pacific Holdings Limited.
Other SET Plc (PAYTECH) directors
Emmanuel Iwanyanwu is a former chairman of Nigerian Sports Development Council and founding chairman of the Nigerian National Lottery. He once worked at the Hardel and Enic Construction Company before he later acquired it from the foreign operators. Mr Iwanyanwu’s business grew into a conglomerate of over 20 companies and has remained a prominent member of the opposition Peoples Democratic Party (PDP) since its formation. He founded the Iwuanyanwu Nationale Football Club which has been renamed Heartland Football Club.
Also, on the list of the directors is a former minister of sports between 1999 and 2003, Damishi Sango, who also contested to be governor in Plateau State under Alliance for Democracy in the 2003 governorship election.
Similarly, a former senator and a businessman, Benedict Murray-Bruce, is a director on the board of the PAYTECH’s parent company. Mr Murray-Bruce is the founder of Silverbird Group, owners of Rhythm 93.7FM and Silverbird Television and Cinemas with stations in Lagos, Abuja and Port Harcourt.
Other directors on the board of SET Plc include another octogenarian business tycoon, Oyekunle Alex-Duduyemi, who also sits on the board of many other companies including Bolex Holdings Ltd., BJ Services Company Nigeria Ltd., Equity Shipping Company Nigeria Ltd., Manucom Fishing Company Ltd., among others.
Meanwhile, apart from another former minister who was in charge of National Planning, late Rasheed Gbadamosi, who is also a director, there are also a few corporate organisations which are shareholders in the company. They include Uppingham West Africa Limited, Africa Gaming Solutions, Action Lake Limited and Daboul Travels.Follow us on social media