Francis Masade’s Journey from Banking to Shaping Nigeria’s Gaming Future

Iyke Bede 

With the Nigerian gaming and lottery sector on an upward trajectory, projected to grow at an annual rate of 3.65 per cent from 2025 to 2029 and reach a market volume of $4.19 billion by 2029, the industry continues to attract professionals from various fields, whose contributions are cementing its status as a key revenue driver for the country.

From legal and media practitioners to the average agent in the field, this diversity has strengthened the sector, ensuring punters are protected, operators maintain sustainability through investors’ confidence, and regulators uphold necessary reinforcements.

This narrative is also shared by Francis Masade, the Managing Director of Velex Advisory, a professional service consortium that provides bespoke services, such as business establishment for the gaming industry, thereby bridging the gap between its various components — regulators, operators, and punters.

At the end of his NYSC programme, Masade’s professional career kicked off after securing a banking officer role in one of Nigeria’s top commercial banks at the time, Oceanic Bank. Climbing the career rungs, he landed the role of senior manager at Guaranty Trust Bank. This role served as his informal introduction to the gaming industry, having worked as an account officer for Velex Advisory, affording him insights into setting up investors to secure licences, training and growing staff numbers in-house, and providing referrals to marketing agencies for clients’ expansion plans.

“It wasn’t easy,” Masade said, clarifying that although he was familiar with some processes, he still had to roll up his sleeves to do the job. “When I came in, despite being the Head of Compliance, I had to learn and put my head down so I could understand the back end of the business, the core values, their services, and what they do for clients. That enabled me to transition from being a banking manager to a gaming advisory partner.”

He added, “When I came in, apart from the fact that I was managing their finance and that of their clients, I also understood what they were doing in terms of compliance. Coming from the banking sector, where we are highly regulated, I was familiar with the documentation processes required for setting up these clients. I understood the documentation needed for a gaming company to operate in Nigeria. I had that knowledge from the banking side. But transitioning from being a financial expert to working in a fintech business required a shift from what I was used to. I had to settle in and learn the business.”

Masade explained that it was “just” a matter of integrating “myself” into the sector “and working with the kind of people I was working with” in Velex. He added, “They were very knowledgeable in the field. When I came in, despite being the Head of Compliance, I had to learn and put my head down so I could understand the core values, their services, and what they do for clients.”

Over the past five years, Masade noted several milestones achieved at Velex Advisory. One of the standout achievements is expanding their clientele to over a dozen — not just in numbers but also in performance, with these clients ranking among the top brands in the country. He attributes this growth to the guiding ethos that shapes Velex Advisory across its branches in Africa and beyond.

“In less than four years, some of the gaming companies we brought into Nigeria have broken into the top 10 and are doing really well,” Masade said, describing one of the outfit’s markers of success.

“That brings us joy,” he added, beaming as he reminisced. “I remember when we started some of these gaming companies—opening a bank account for them, hiring a country manager, and bringing in just one customer service rep. Today, they have a full call centre with about 20 staff running morning and afternoon shifts. That’s success for us—seeing this brand thrive while staying compliant.”

He noted that Velex Advisory’s growth across Sub-Saharan Africa was evident internally as well, with staff members gaining experience and advancing in their roles, just as he had during his own transition, which opened more doors for fresh talent.

As Masade continues his journey in this industry, where he plays a pivotal role in shaping decisions that influence its trajectory, the path he has carved out serves as a blueprint for professionals eager to break into the gaming space, driven by a hunger to disrupt and create new opportunities.

Reflecting on his journey, Masade acknowledged the learning curve that came with his transition.

“I had to learn quickly, and I was fortunate to have capable people guiding me,” he stated. “I just had to merge it all together, and that was it.”

That adaptability, he believes, has been key to navigating and shaping the industry.