How Nigeria Loses Trillions Annually To Illegal Lottery


Mr Bello Maigari, Acting Executive Secretary, National Lottery Trust Fund (NLTF) has said that the Federal Government loses more than one trillion Naira annually due to activities of illegal lottery operators.

Maigari, who made this known to the News Agency of Nigeria (NAN) on Thursday in Abuja, stated that the lottery industry was worth over two trillion Naira.

He said that there were many lottery operators in the country without licence, adding that this has resulted to leakages in terms of what they were supposed to remit to the trust fund.

“Nigerian government is losing more than one trillion Naira every year because of illegal operators. There are a lot of illegal operators in the industry and these are part of the reasons why there are leakages.

“Some are conducting this business without being regulated and there are chances that such proceeds will be channeled towards crime, fraud, and of course, money laundering.

“We also have so many operators that are not performing for reasons best known to them; they have decided not to be moribund.

“And we learnt that some of them lease such licences to third parties to operate and through that there is huge leakage and government is losing revenue, particularly in the last 10 years,’’ he said.

Maigari stated that NLTF was collaborating with the National Lottery Regulatory Commission (NLRC) to develop a strong and robust enforcement strategy to curb leakages and enhance remittances.

He added that the strategy would be an automated form of collecting proceeds from operators.

He explained that the national lottery Act 2005 stated that lottery operators were required to pay NLTF 20 per cent of their proceeds in the first five years of their operation.

“The national lottery Act 2005 section 24, sub section 3 requires an operator to pay to the trust fund at the end of every lottery a percentage of 20 per cent for the first five years of operation.

“Then subsequently 25 per cent, then after 10 years 27.5 per cent, this is the way it is structured.

“We are to use these proceeds to promote good causes for Nigerians in health, sports, water and sanitation and other social services that will impact the social well being of Nigerians.

“But our only challenge is that funds are not coming in as expected,’’ he said.

 

 

 

 

 

Guardian

Tags:

You may also like

LEAVE A COMMENT

Calendar

November 2018
M T W T F S S
« Oct    
 1234
567891011
12131415161718
19202122232425
2627282930  

Fanpage

Subscribe For Latest News

November 2018
M T W T F S S
« Oct    
 1234
567891011
12131415161718
19202122232425
2627282930  

About Us

MISSION STATEMENT
To be a reliable and Trusted source of information for our people.

VISION STATEMENT
To be the most trust worthy source of reliable and first-hand information to the people of Awori land with the view of helping to preserve and protect its core values, tradition, culture, social and political events as it happens across its shores.

Contact Us

Staunch Communications
Block C, Bukola Ojo Street, Alasia,
Ilogbo Road, Ota, Ogun State.
Phone:08032409698, 08103772741
Facebook Page: Voice of Awori
Instagram @VoiceofAwori
E-mail: voiceofawori@gmail.com