Business
FG Loses Trillions Annually To Illegal Lottery -Official
Acting Executive Secretary, National Lottery Trust Fund (NLTF), Mr Bello Maigari, 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 Tide source yesterday 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 channelled 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”, he further stated.
Business
NCDMB, Jake Riley Empower 250 Youths On Vocational Skills
Business
NUJ Partners RSIRS On New Tax Law Education
Transport
Nigeria Rates 7th For Visa Application To France —–Schengen Visa
-
Maritime7 hours agoCustoms Hands Over Seized Cannabis Worths N4.7bn To NDLEA
-
Maritime8 hours agoOver 6,223 Seafarers Abandoned In 2025 – Says ITF
-
News9 hours agoNLC Threatens Nationwide Protest Over Electoral Act Amendment
-
News9 hours agoTinubu Embarks On Two-Day State Visit To UK, March 18
-
Politics7 hours agoI DEFECTED OUT OF CONVICTION …NO ONE COULD’VE IMPEACHED MY LATE DEPUTY ~ DIRI
-
Oil & Energy8 hours agoTake Concrete Action To Boost Oil Production, FG Tells IOCs
-
Politics7 hours agoWe’ve Not Recognized Any PDP Faction — INEC
-
Editorial8 hours agoSustaining OBALGA’s Ban On Street Trading
