Business

The changing face of Lottery and Gaming in Nigeria – By Olumade Akanni

Published

7 years ago

July 8, 2017

Lottery is a legalised and regulated gaming that involves the drawing of numbers for a prize. While lotteries are outlawed by some governments, others endorse it. They even organise national and/or state lotteries.

Unlike betting or gambling which can involve very high stakes, Lottery (Lotto) is mostly a form of entertainment as it involves staking as low as N20 to N100 for very high rewards. It is fun, entertaining and can be very rewarding

It goes without saying that gambling benefits only those directly involved, whereas the proceeds of regulated lottery have been used in many countries for developmental purposes.

As far back as 20BC when the barbarians attacked China and the Chinese Government did not have enough money to build up their defence, they ran a lottery and raised enough money to build up their defences, including the Great Wall of China, one of the Seven Wonders of the World.

Lotteries in colonial America played a significant part in the financing of both private and public ventures. It has been recorded that more than 200 lotteries were sanctioned between 1744 and 1776, and played a major role in financing roads, libraries, churches, colleges, canals, bridges. In the 1740s, the foundation of Princeton and Columbia Universities was financed by lotteries, as was the University of Pennsylvania by the Academy Lottery in 1755.

In South Africa, for instance, 82 percent of the population play lottery, at least, once in a week. In 2012 alone, lottery share of funds to the country’s finances was put at about N141.3 billion.

In Niger Republic, proceeds of lottery were used to build boreholes, fight against desert encroachment, while the many of the lottery winners are sponsored to Mecca to perform the Holy Pilgrimage.

Driven by the spirit of tapping into this viable social economic potential, the Nigerian government via the National Lottery Act of 2000, established the National Lottery Regulatory Commission [NLRC].

According to section 57 of the Act, ‘’Lottery’’ or Lotteries’’ includes any game, scheme, agreement, system, plan, promotional competition or device for the distribution of prizes by lot or chance , or as a result of the exercise of skill and chance or based on the outcome or sporting events, or any other game, scheme, agreement, system, plan, competition or device.

Since its establishment, the commission has issued licences and permits to lottery operators and promoters to grow the market and bring lottery closer to the people.

Lottery is gaining wide acceptance and the huge followership of football in the county has further widened the scope.

This in turn has opened up series of market opportunities in the country for investors, individuals and government. Lottery and other gaming outfits have opened up business and employment opportunities especially for youths. Some open up shops as agents while some are employed to work in these shops. Many unemployed youths who roam the street see lottery and gaming shops as offices. Many of them survive on their little winnings with losers having hope of being winners on subsequent entries.

The global lottery industry is estimated to worth $70 billion. In 2016, it was estimated that Nigerians spent an average of N154bn daily on betting with 7.5 million lottery, and 22 million sports betting players in the country. According to the National Lottery Regulatory Commission (NLRC), projected profit from the promo lottery alone is N45 billion. The SMS lottery can generate about N150 billion revenue, while gaming industry is projected to bring over N300 billion to federal government coffers annually. However, the prospect has not been fully exploited. The industry was only able to yield N7 billion as of 2016.

Today, Nigerians are being advised by the National Lottery regulatory Commission to invest and engage in regulated lottery, as it gives them a platform to contribute to national development while they stand a chance of having a life changing experience via a jackpot.

In the recent past, several betting and lottery companies have acquired licences to operate in the country. One of such is Western Lotto which is entering the Nigerian market with a game changing lottery initiative. The company is introducing pari mutual gaming platforms that offer Nigerians the experience of two of the most exciting lottery brands, namely the Lotto Race and the 6/49, otherwise known as the UK Lotto, among others. Western Lotto is introducing these games as a means of offering adventurous platforms for the gaming public to participate and win big.

While the Lotto Race offers daily winnings, the UK Lotto would have weekly jack pot winners of between N10million to N15million.

Western Lotto’s unique offerings also come with the ease of play. Just pick your six (6) numbers correctly, and you are on your way to winning the jack pot. However, if you match three (3) numbers, you start winning. The games can played via USSD, mobile apps, online, shops and terminals.

On winning, Western Lotto says when anyone wins on any of its gaming platforms, such a person will be notified immediately. He will get a text or email confirming the winning. And a winning code can be paid via the Automated Teller Machine (ATM) of Quick teller (for smaller amounts), or just a walk into any bank branch can redeem such winnings. However, if anyone wins big, he will be given a VIP reception at Western Lotto’s Head Office on Victoria Island, Lagos, where he will be paid or state however he wants to be paid.

The Western Lotto gaming platform is targeted at positive, upbeat, optimistic people who although do not have a lot of money in the now, believe that they are just one game away from making it big.

The increasing acceptance of gaming among Nigerians is an indication that the industry will be one of the major contributors to Nigeria’s economy in the nearest future. And as the government continues to encourage investment in the industry from local and foreign investors such as Western Lotto, the economic horizon will surely continue to broaden, thus providing a fertile ground for social growth and economic empowerment of Nigerians.

Experts have argued that the development of a nation is not only tied to available human capital but equally on its social and economic resources. According to the experts, several developed countries have consolidated on these natural endowments through Lotteries to re-write their history and establish sound economic footing worthy of emulation by the global community.

Lottery, as it has been proved repeatedly, is a social culture that has positively changed the economic fortunes of several nations. These days, the lottery business has also gained acceptance as a growing source of special intervention fund for governments which continue to work out innovative sources of funding alternatives to raising taxes when there are needs to address perceived infrastructural deficits.

***Olumade Akanni is the Director of Strategy at the Citizens Advocacy for Social Emancipation, FCT, Abuja. ***

Business

NIHOTOUR Calls on Hospitality, Tourism, Travel, Allied Sector Professionals for Mandated Registration

Published

2 hours ago

December 24, 2024

Sahara Weekly

NIHOTOUR Calls on Hospitality, Tourism, Travel, Allied Sector Professionals for Mandated Registration

The National Institute for Hospitality and Tourism (NIHOTOUR), the regulatory and standardization authority in the sector, has invited professionals in the hospitality, tourism,travel and allied sectors to register as mandated by the National Institute for Hospitality and Tourism (Establishment) Act 2022.

A statement signed by Aare (Dr.) Abisoye Fagade, FIMC, Director-General/CEO
The National Institute for Hospitality and Tourism reads:

“Enjoy FREE registration from December 1, 2024, to January 15, 2025! This is your chance to register as a professional or practitioner at no cost.

“Don’t miss this opportunity to solidify your presence in Nigeria’s thriving tourism industry. Visit www.nihotour.gov.ng now!

“Hurry—free registration closes on January 15, 2025. Take the first step toward advancing your career in tourism today!”

Business

EGC Homes Unveils Goodness and Mercy Estate, Brand Ambassador

Published

6 hours ago

December 24, 2024

Sahara Weekly

EGC Homes Unveils Goodness and Mercy Estate, Brand Ambassador

EGC Homes, a notable player in the real estate and property development sector, has made waves in the Nigerian market with its recent announcement of the launch of Goodness and Mercy Estate in Ogun, alongside other strategic initiatives.

The company emphasized its commitment to collaborating with the government to alleviate the housing deficit in Nigeria while prioritizing the well-being of residents.

In an interview with THECONSCIENCE NG, Oladapo Jimoh, the Managing Director of EGC Homes and Properties, expressed the brand’s long-term vision to bridge the housing gap and simplify the journey to homeownership.

He stated, “Current data estimates Nigeria’s housing deficit to be around 28 million units by 2024. This figure is among the largest globally and poses significant challenges, contributing to homelessness and various social issues.”

“National statistics indicate that our country faces a pressing need for approximately 700,000 new homes each year to address this deficit. As urbanization continues, these challenges are particularly evident in major cities, where affordable housing becomes increasingly scarce, forcing many into slums and informal settlements.”

The World Bank projects that Nigeria’s urban population could exceed 200 million by 2050, highlighting a potential social crisis as the lack of affordable housing leads to the rise of slums, especially in urban areas.

“As a forward-thinking and solutions-oriented company, we are dedicated to addressing these critical housing issues in partnership with the government.”

Following its successful launch in Lagos, EGC Homes has rapidly expanded its operations, acquiring a significant land bank across the southwestern region of Nigeria and enhancing its marketing strategies to effectively connect with customers.

The firm is committed to providing Nigerians with exceptional value, peace of mind, and simplifying the processes of land acquisition and homeownership.

“Our mission is to make life easier for Nigerians while assisting the government in tackling the housing deficit.”

Recently, the company introduced its premier property, the Goodness and Mercy Estate, located in Arepo and Sagamu Interchange in Ogun State, with more projects on the horizon. Its flexible payment plans and affordable property prices aim to cater to a wide audience.

Additionally, EGC Homes has appointed Titilayo Adebayo-Omotosho as its social media brand ambassador to promote the unique offerings of EGC Homes and Properties Limited to Nigerians both at home and abroad.

In her remarks, she highlighted her commitment to the vision of EGC Homes, stating, “I believe every Nigerian deserves a decent roof over their head. This aligns perfectly with the mission of EGC Homes and Properties, which is why I chose to represent the brand, promoting its exceptional estates and home packages to Nigerians and those aspiring to own homes here.”

Business

Optiva Capital Partners and Loft & Keys LCC Forge Strategic Partnership to Drive $500m Investments in Nigeria

Published

8 hours ago

December 24, 2024

Sahara Weekly

L-R Dr. Jane Kimemia, CEO, Optiva Capital Partners and Chief Austin Ugochukwu Albert, Chairman, Loft & Keys LLC during the partnership agreement signing between Optiva Capital partners and Loft & keys LLC at Optiva's headquarters in Lagos

Optiva Capital Partners and Loft & Keys LCC Forge Strategic Partnership to Drive $500m Investments in Nigeria

Optiva Capital Partners, Africa’s leading wealth management and retention company, has announced a groundbreaking partnership with Loft & Keys LLC, a renowned real estate and investment company with dominant presence in Nigeria and the Middle East.

The ceremony which took place over the weekend at Optiva Capital’s Corporate Headquarters, aims to boost investment in Nigeria’s hospitality and healthcare sectors on the one hand, as well as provide Nigerian investors with opportunities to invest in real estate in the UAE, particularly in Dubai.
Speaking at the signing ceremony, Dr. Jane Kimemia, CEO, Optiva Capital Partners, emphasized the transformative potential of this partnership, “With Loft & Keys’ deep understanding of the Nigerian market and established networks in the Middle East, we are poised to bring $500 million in investments into Nigeria’s hospitality and healthcare industries. These funds will be strategically spread across Lagos, Abuja (FCT), Delta, and Enugu.”

The investment in hospitality will serve as a catalyst for economic growth in Nigeria. Beyond creating employment opportunities, it will spur infrastructure development, enhance regional tourism appeal, and foster business ecosystems in Lagos, the Federal Capital Territory, Enugu, and Delta. Similarly, the healthcare focus will address critical gaps in medical infrastructure, improve access to quality care, and promote health innovation—key pillars for national development.

The partnership According to Dr Kimemia also extends to Nigerian investors seeking opportunities in the UAE. With Loft & Keys’ expertise and extensive networks in Dubai and other Middle Eastern hubs, the collaboration will unlock access to one of the world’s most dynamic real estate markets.
Speaking about the partnership, Chief Austin Ugochukwu Albert, Chairman, Loft & Keys LLC, said “Optiva Capital Partners stands as Africa’s leading wealth retention company, a position that is firmly established and without question. This partnership with Loft & Keys will further solidify their dominance and create even greater opportunities for growth. As Dr. Jane Kimemia has rightly emphasized, Loft & Keys, with our extensive expertise in the Middle East, is a trusted and experienced partner”. We have a strong presence in the UAE and are actively expanding into Saudi Arabia and Qatar in the near future. Together with Optiva Capital Partners, we are committed to capturing significant market opportunities in these regions. I am confident that this partnership will foster substantial growth that will be mutually rewarding for both parties.

Dubai, a city widely known for its opulence and rapid development, is reportedly operating at only 30% of its projected capacity, presenting a significant growth opportunity for investors. According to industry experts, this untapped potential creates a unique window for investors to capitalize on the city’s future expansion and development.
The partnership aligns with the United Nations Sustainable Development Goal 17 as two formidable brands, Optiva Capital Partners and Loft & Keys are committed to leveraging their collective strengths to drive impactful investments that benefit clients and communities alike.

About Optiva Capital Partners
Optiva Capital Partners is a premier wealth management and retention firm offering bespoke solutions in four areas of specialization – investment immigration, investment advisory, insurance, and international real estate.
About Loft & Keys LLC
Loft & Keys is an internationally recognized real estate and investment company with a robust presence in Nigeria and the UAE. The firm is dedicated to connecting investors with high-value opportunities in dynamic markets.