Confidential · Friends & Family Round · 6 October 2026

I Sabi Millions

Nigeria's first live mobile game show. Thousands of players compete in real time, every show, for a share of a pot they fund themselves.

The proposition

Knowledge that pays

I Sabi Millions — pidgin for I Know Millions — is a live trivia game show that runs inside a mobile app. Players pay ₦500 to enter a show. Half of every naira taken at the gate goes straight back out as prize money. The rest is the business.

There is no studio audience to fly in, no inventory, no physical fulfilment. The prize pool funds itself from entries, so the company's cost of a bigger show is close to the cost of a smaller one. Every winner is a marketing asset who recruits the next cohort.

Enter

₦500 from an in-app wallet topped up through Paystack. No app-store cut is taken from revenue.

Compete live

A hosted 15-minute show streams to every player at once. Ten questions, seven seconds each, progressive elimination. The grand finale runs twelve.

Win

Survivors split the pot. Winnings land in the player's bank account, with prize withholding tax deducted at source.

The ask

The investment

The round target is ₦85,700,000 — not a round number but the plan's own requirement, set out line by line in the next section. ₦50,000,000 has been received from the founding F&F investors and is credited to BMO Projects Ltd. The subscribed terms are principal plus a 30% premium, repayable in full at eighteen months from close — ₦65,000,000 on the ₦50,000,000 taken so far, scaling with whatever is subscribed. The round remains open to the target and additional subscribers take the same terms.

Settlement falls approximately April 2028 — eighteen months from the October 2026 close. Every figure in this document is modelled against that finance charge, accrued across the three seasons rather than landing as a lump at settlement. The monthly table below shows the closing balance at each point; the cover ratio shows how far trading cash exceeds the obligation through Seasons 2 and 3.

The note is unsecured. There is no charge over assets and no personal guarantee. Investors take performance risk in full; repayment depends on the business trading to something reasonably close to this plan. The risk section on this page sets out what deviations look like numerically.

Why the term is eighteen months and not nine. Season 1 is a proving season and does not generate a repayment. The money comes from Seasons 2 and 3, which close in June and October 2027. An eighteen-month term from close leaves roughly five months of headroom beyond the expected repayment point rather than pricing the note against the tightest possible date.

Use of funds

Where the money goes

Round closes at ₦50,000,000 is in hand and is the default case. The other two are what the round is being raised toward. ₦50M — the account goes negative in November 2026, before the first show, and bottoms at −₦23.1M in March 2027; a bridge of that size has to be arranged separately. ₦85.7M — the full requirement with GLI-19 certification funded. The account never goes negative and bottoms at +₦12.6M. ₦100M — the requirement plus ₦14.3M of genuine headroom; the low point is +₦26.9M. Everything below moves with the figure selected, including the repayment: at 30% the obligation scales with what is taken, so a larger round is easier to survive and harder to repay. Cover at Season 3 close is 4.8× at ₦50M, 2.8× at ₦85.7M and 2.4× at ₦100M.

What "Season 1 operating burn" covers

It is
It is not: Pre-launch spend, which is listed separately above, or the repayment itself.

Deployment

What the money is committed to, and in what order

The LSLGA fee position is now confirmed and is worse than earlier versions of this document showed. Written confirmation on 26 September 2026 puts ISM in the Interactive Games class: ₦1,000,000 application, ₦20,000,000 first-year licence fee against the ₦5,000,000 previously provisioned, ₦10,000,000 on renewal, and a monthly Good Causes Levy of 10% of gross gaming revenue against the 2.5% previously modelled. Every figure in this document already reflects that. Two numbers remain provisions rather than quotes: GLI-19 platform certification is carried at ₦20,000,000 and is funded in this round rather than deferred — the test laboratory quotes per engagement and has not yet been engaged, so the figure is an estimate. Studio rental is a placeholder pending a Lagos quote. Of the three, GLI-19 is much the largest: it is what takes the requirement from roughly ₦62.7M to ₦85.7M — the single largest line in the raise, and the one with no vendor quote behind it.

Platform & governance

What has been built, and who is building it

For a sophisticated investor the relevant question is not the revenue model — it is whether the platform is real, whether the team can execute, and whether the company is governed properly. This section addresses each directly.

Backend

Broadcast engine — 103 assertions, zero failures

The NestJS monorepo has a full test suite against the real-time game engine. 103 assertions have been written and all 103 pass. Redis failure-path scenarios (28/28 passing), Socket.IO event routing, and the question lifecycle are all covered. PostgreSQL, Redis, Amazon IVS Low-Latency Streaming, and Paystack are all integrated on the staging environment.

Streaming

IVS end-to-end proved with a real hardware encoder

Amazon IVS has been tested end-to-end with a real RTMP encoder — not a software simulator. The full pipeline from studio ingest to viewer delivery has been validated. The model's streaming cost assumption uses the published Asia-Pacific tier (the more expensive proxy for Africa) pending a written rate confirmation from AWS, which has been requested.

App

Integration milestone — 3 October 2026

The React Native / Expo app reached a staging integration milestone on 3 October 2026: a real Nigerian WhatsApp OTP was received by the server and a real player account was created on deployed infrastructure at ism-api-staging.onrender.com — server-side integration confirmed; handset end-to-end completion is a pending milestone. Auth is complete across all four routes. LoginScreen and WalletScreen are server-driven. The Socket.IO client is wired into BroadcastContext as of build v119, so a handset can receive a live show; driving one end to end from the producer console is the next step.

Test assertions

103 / 0

Pass / fail — broadcast engine

Redis failure paths

28 / 28

All failure scenarios passing

Studio write validations

73 / 73

All passing — broadcast engine

Staging milestone

3 Oct 2026

Real OTP (server-side) · real account · deployed infra

Operator

BMO Projects Ltd

The operator is BMO Projects Ltd (RC 7824124), incorporated in Nigeria and registered with the Special Control Unit Against Money Laundering (SCUML Certificate SC251833911). Tax Clearance Certificate renewal is in progress; CAC annual returns filing is pending — both are subject to board approval of the first disbursement.

The founding team controls both the technology build and the business. Codebase governance is managed through the GitHub Organisation under Corporate Terms: org-wide two-factor authentication is enforced for all collaborator accounts, and branch deletion and force-push restrictions are active on the main branch. PR review before merge is deferred — a deliberate choice at the current single-committer stage, with no contractors holding write access to production code.

The LSLGA Interactive Games licence application will be filed in October 2026. The gaming counsel engagement — covering application preparation, the due diligence presentation, and grant stage — is in place. The company has a documented compliance posture: an internal operational policy suite (POL/01–08, covering responsible play, privacy, payments and disputes, community conduct, and terms of use) was drafted in September 2026 and is currently being revised before regulatory filing.

The founding team is not drawing a market salary in the pre-launch period. Founder compensation is set at ₦500,000 per month against a Season 1 run-rate that will be higher — the difference is deferred into the business, not taken out.

The market

Why Nigeria, and why now

Nigeria has more than 80 million smartphone users and a population that has already demonstrated, through two decades of sports betting, that it will pay for the chance to win. Somewhere between 15 and 20 million people aged 18 to 45 are banked or mobile-money enabled — that is the directly addressable base.

Live mobile trivia has been proven at scale elsewhere. HQ Trivia went from 89,000 to 1.9 million concurrent players in thirteen weeks in the United States. It was free to play and it never solved monetisation. ISM charges at the door from show one, which caps the growth rate and fixes the business model at the same time.

Our Season 3 target of 100,000 concurrent players is roughly 0.6% of the addressable base. The plan does not require a cultural phenomenon. It requires a show that a small fraction of banked Nigerians decide is worth ₦500 of their evening.

The plan

Three seasons, forty-eight thousand naira a minute

Season 1 opens on Sunday 6 December 2026 with a deliberately small room and a hard cap of 10,000 players. It is a proving season, not a profit season.

Concurrency carries across the inter-season break: a season opens where the previous one closed. Season 1 runs weekly with a double-header finale; Seasons 2 and 3 run twice weekly for thirteen weeks each.

Players per show, Seasons 1 to 3

Paying concurrent players. Each point is one broadcast.

The cap in Season 1 is a choice, not a ceiling — it holds the room small enough that the first thirteen shows are a controlled test of the format, the payment rail and the live infrastructure before real money is at stake.

Season 1

Every show, costed

Fourteen broadcasts between December and February. The season loses money — that is the design — but it turns net-show-revenue-positive at show three and finishes with a room of ten thousand paying players.

How to read this table

Players: Paying entries for that broadcast. One entry is ₦500.
Power-ups: Extra Life at ₦500, assumed bought by 12% of players; Comot at ₦300, bought by 18%. One of each per player per show at most.
Prize pool: 50% of entry fees, paid out to winners that night. Power-up spend does not go into the pot.
Streaming: Amazon IVS, in two parts. Output is charged per viewer-hour: players plus 0.75× free watchers, each watching 15 minutes, at ₦74 per viewer-hour on the opening volume tier. Input is the encoder running for three hours around each show, at ₦2,400. Show 1 works out as 1,000 × 1.75 × 0.25 hr = 438 viewer-hours × ₦74 = ₦32,200 of delivery, plus ₦2,400 of channel time.
Direct cost: Everything that varies with the show: prize pool, the LSLGA Good Causes Levy at 10% of GGR, streaming, Paystack fees, phone verification (OTP), backend compute, the host fee and production crew & set. It excludes studio rental, payroll, marketing and the AWS baseline, which are monthly costs and sit below.
Phone verification: A one-time code through Sendchamp, delivered by WhatsApp with SMS as the fallback. A signed-in player stays signed in on a rolling 30-day window, so this is overwhelmingly a cost of acquiring a player rather than a cost of each game: only new sign-ups, players who have been away more than a month, and device switches generate a code. Sendchamp bills both legs of a verification at ₦7.35 each — ₦16.17 per completed verification once in-session retries are allowed for. Across five seasons the whole line is ₦14.7M, under 0.16% of revenue.
Net show revenue: Gross revenue less direct cost. What one broadcast leaves behind before any monthly overhead.

Why the early shows lose money. The host fee (₦250,000) and production crew & set (₦400,000) are the same whether 1,000 people play or 10,000 — ₦650,000 of fixed cost on every Season 1 broadcast. Show 1 takes ₦614,000 at the gate, so it cannot cover them. Streaming, by contrast, is genuinely small at this scale: ₦34,600 on show 1. Production is the constraint in Season 1, not technology.

Revenue

Two ways the game earns

Entry fees are the spine. Alongside them, two paid items are bought from the same wallet during play: Extra Life, which puts an eliminated player back in, and Comot, a second chance resolved by the server. Both are priced in the low hundreds of naira, both are optional, and the model allows one purchase of each per player per show.

Where revenue comes from

Gross revenue by season, split between the gate and power-up purchases.

Entry fees Power-ups

Power-up revenue scales with players rather than with shows, so it strengthens as the room grows. It is also the more regulator-sensitive half: Comot is paid consideration for a random outcome and is disclosed as such in the licence application.

What happens to a single ₦500 entry, before fixed overheads. Streaming falls as the audience grows because Amazon IVS output pricing is tiered by monthly volume. Payment processing assumes a ₦5,000 average wallet top-up: Paystack charges 1.5% plus ₦100, with the ₦100 waived below ₦2,500, which works out at 3.5% of wallet spend. Phone verification is a WhatsApp OTP through Sendchamp; because a signed-in player stays signed in on a rolling 30-day window, it is mostly a one-off cost of acquiring a player rather than a cost of each game.

Repayment

How the note gets paid

Cash balance, month by month

Closing bank position from the month the round closes to the month the note is settled.

The dashed line is the repayment obligation. The account is funded by the round in September 2026, draws down through the pre-launch quarter and the launch season, and turns the corner once Season 2 reaches scale.

What each column contains

Cash in: Entry fees and power-up purchases from the shows held that month, plus the round proceeds in the opening month.
Show costs: The direct cost of the shows held that month: prize pool, LSLGA gaming tax, streaming, Paystack fees, phone verification (OTP), backend compute, host fee, production crew & set.
Overheads: The monthly cost of running the company: founder salary, team payroll, marketing, studio rental, office rent, legal & compliance, technology & tools, general & administrative, and the AWS baseline. Spread across the calendar days each season occupies, so it continues through the between-season breaks.
Pre-launch: Spend before the first show: LSLGA application and licence fees, share capital and CAC filings, gaming counsel, GLI-19 certification, platform completion and QA, studio set build, and three months of payroll, infrastructure and pre-launch marketing.
Tax provision: Company income tax at 30%, set aside month by month as profit is earned rather than shown as a year-end lump, so the closing balance is never flattered by tax that has been earned but not paid.

Cash basis throughout. The ₦20,000,000 first-year Interactive Games licence fee is paid in the pre-launch quarter and covers the first twelve months from grant, so no second payment falls inside this window — the ₦10,000,000 renewal is due around November 2027.

Sequence

What happens when

Risk

What could go wrong

The licence is the critical path

No paid play may occur in Lagos before the LSLGA grant — unlicensed operation carries up to three years' custody or a ₦5,000,000 minimum fine. The Authority states at least fifteen working days of due diligence after a complete filing, plus a presentation. A December launch requires the application to be filed and cleared on schedule; slippage moves the whole model right rather than reducing it.

Player ramp is modelled, not observed

Every figure in this document is a projection. Season 1 is capped at 10,000 players precisely so that the assumption is tested cheaply. At half the modelled volume the business still reaches positive EBITDA in Season 2; what changes is the size of the Season 2 surplus and therefore the comfort, not the fact, of repayment.

Streaming cost sits on an unconfirmed rate

Amazon publishes no output pricing table for Africa. The model uses the Asia-Pacific ladder, which is the more expensive of the plausible options. If Nigerian viewers bill at North America/Europe rates, streaming falls by about 22%. A written confirmation has been requested from AWS. The exposure is downside-protected because the conservative rate is the one modelled.

Live production is unforgiving

A failed broadcast is a refund event and a reputational one. Mitigation is a bonded connection with mobile failover, a rehearsed fifteen-minute reconnection window, and a documented void-and-refund procedure that returns entry fees in full.

Power-ups carry regulatory weight

Comot is paid consideration for a randomly determined outcome, which makes it the most scrutinised feature in the product. It is disclosed in the application, its probability is published, and its random mechanism falls inside the scope of platform certification. If the Authority restricts it, the model with power-ups switched off entirely still reaches profitability in Season 2, on a longer runway and a larger raise.

Working capital is tight in the launch quarter

The round has received ₦50M so far against a requirement of ₦85.7M with certification funded, and is open to that figure. On that basis the account goes negative in November 2026, before the first show, and bottoms at −₦23.1M in March 2027. With certification deferred the requirement is ₦62.7M, the account holds until January 2027 and the low point is −₦3.1M. The round is self-funding from about ₦73.1M funded or ₦53.1M deferred; below that the difference has to be bridged from outside the round, and at the lower closes the gap opens before the first show, while licensing, certification and build are being paid for and nothing is coming in. At the full ₦85.7M the account never goes negative. Until the round reaches it the company is proceeding on the ₦50M basis and will arrange a bridge separately; the deployment table above sets out the size and timing at each close. The controllable levers if the ramp disappoints are marketing and founder salary, both cuttable in-season without touching the show; the uncontrollable one is a licensing delay, which pushes revenue right while overheads continue.

The app's video player is the last piece of the broadcast chain

The streaming path is proved end to end on the studio side: a real encoder pushing to Amazon IVS, AWS reporting a healthy live channel, and a signed-token player pulling and playing the stream. The piece still to build is the player inside the mobile app, and it is the next item of work rather than a discovered gap. It carries more timing risk than the rest of the remaining build because iOS and Android both review a submission before it reaches users, and that queue is outside the company's control. It is therefore being started ahead of the other open scope, and the platform completion line in this round funds it. The rehearsal path that proves it — a show driven from the producer console to a handset — is already seeded and waiting.

The premium is contingent on performance, not guaranteed

The 30% premium — ₦15,000,000 on the ₦50,000,000 subscribed — is not guaranteed and is not secured. Repayment in full depends on the business trading to something reasonably close to this plan. There is no charge over assets, no personal guarantee, and no redemption mechanism outside of trading cash. A fixed return stated by a pre-revenue, pre-licence company is a promise it has no mechanism to keep independently of the business performing; the risk section sets out the numerical scenarios. Investors must satisfy themselves that the modelled outcomes are plausible before relying on them.

Confidential — for discussion purposes only. This document contains forward-looking projections built on internal modelling assumptions and has not been independently audited. It is not an offer to sell securities nor a solicitation to invest under applicable Nigerian law. It is circulated in confidence to named individuals personally invited to consider a private friends-and-family round, and to the Friends & Family board. It is not a public offer and is not for onward distribution; BMO Projects Ltd is a private company and may not invite the public to subscribe for its shares or debentures. The instrument as subscribed is an unsecured note carrying a 30% premium at maturity; that premium is contingent on the company's ability to pay and is not guaranteed. Financial figures are modelled at a standard operating tier; actual results may differ materially. Cost lines are estimates drawn from published vendor pricing and comparable operator benchmarks — Amazon IVS output pricing for the Africa delivery region is not published and has been proxied from the Asia-Pacific schedule pending written confirmation. Phone verification is carried at Sendchamp's published Verification rate of ₦7.35 per token on each of the send and confirm legs; both are quoted "starts at", so a volume tier may reduce them. Regulatory figures reflect the Lagos State Lotteries and Gaming Authority schedule as currently understood by the issuer; the National Lottery Regulatory Commission has had no Lagos jurisdiction since November 2024 and no NLRC cost is carried. Market reference rates: 364-day Nigerian Treasury bill stop rate 16.62% (10 September 2026), headline inflation 15.39% (NBS, August 2026), CBN MPR 23%. The operator is BMO Projects Ltd (RC 7824124, SCUML SC251833911). Prospective investors should take their own financial and legal advice before making any decision.