News

April 8, 2024

Boosting Revenue: NLTF Commends EFCC's Role in Enhancing Lottery Fund Inflows

Adaobi Okonkwo
Written byAdaobi OkonkwoWriter
Researched byAishwarya NairResearcher

Key Takeaways

Boosting Revenue: NLTF Commends EFCC's Role in Enhancing Lottery Fund Inflows
  • The National Lottery Trust Fund (NLTF) has seen a significant increase in its revenue base, thanks to the EFCC's intervention.
  • Enhanced remittance inflows have grown from N800 million to between N1.8 billion and N2.1 billion annually.
  • The number of lottery operators has also increased from around 10 to 48, showing a robust growth in the industry.
  • NLTF Executive Secretary, Dr. Bello Maigari, calls for further collaboration with the EFCC to sustain industry growth and recover outstanding liabilities.

In a move that showcases the power of effective oversight and collaboration, the National Lottery Trust Fund (NLTF) has publicly lauded the Economic and Financial Crimes Commission (EFCC) for its instrumental role in significantly boosting the Fund's revenue base. This commendation came directly from the NLTF's Executive Secretary, Dr. Bello Maigari, during a visit to the EFCC Chairman, Mr. Ola Olukoyede, in Abuja.

According to a statement released by EFCC spokesman Dele Oyewale, Maigari highlighted the remarkable growth in the NLTF's financial inflows - a leap from an annual N800 million to an impressive range of N1.8 billion to N2.1 billion. This financial upturn is attributed to the EFCC's diligent intervention, which not only enhanced remittance inflows but also catalyzed a substantial increase in the number of operational lottery businesses within the country.

"Before the Commissionā€™s intervention, remittance inflows could not exceed N800 million annually. However, when the exercise began in 2020, there was a significant increase in remittance inflows between N1.8 billion and N2.1 billion, and the same applied to the number of lottery operators from barely 10, their numbers steadily increased to 48 as at last count," Maigari explained.

This financial windfall has not gone unnoticed, with Maigari extending his congratulations and commendations to Olukoyede and his team for their exemplary leadership. Under Olukoyede's stewardship, the EFCC has played a pivotal role in curbing financial crimes, thereby creating a more conducive environment for the lottery and gaming industry's growth.

The lottery and gaming industry, now valued at over N2 trillion, stands as a testament to the sector's potential for generating substantial revenue. In light of this, Maigari has called for an intensified collaboration between the NLTF and the EFCC to not only sustain this growth but also to recover outstanding liabilities from lottery operators.

A notable point of discussion during Maigari's visit was the Revenue Assurance Platform of the NLTF, a strategic revenue mobilization initiative spearheaded by the Federal Ministry of Finance. Maigari appealed to the EFCC to support the platform's implementation, underscoring its significance in bolstering the Fund's revenue collection efforts.

In response, Olukoyede expressed his appreciation for Maigari's efforts in revenue mobilization and recovery, affirming the Commission's readiness to support the NLTF in achieving higher remittance inflows. He also urged Maigari to provide the EFCC with intelligence on both registered and unregistered betting and gaming platforms, promising to ensure compliance with national laws among unregistered entities.

This collaborative stance between the NLTF and the EFCC marks a positive stride towards ensuring a more transparent, accountable, and prosperous lottery and gaming industry in Nigeria. Through mutual support and shared objectives, both bodies are setting a precedent for how regulatory oversight can stimulate industry growth while safeguarding public interest.

About the author
Adaobi Okonkwo
Adaobi Okonkwo
About

Amidst the hustle of Lagos, Adaobi Okonkwo emerges as Nigeria's preeminent specialist in localizing online casino content. By fusing Nigerian zest with global gaming insights, she's become a household name in the industry.

Send mail
More posts by Adaobi Okonkwo
undefined is not available in your country. Please try:

Latest news

Symptoms Can Affect Our Daily Lives, But Treatment Is Available!
2024-05-20

Symptoms Can Affect Our Daily Lives, But Treatment Is Available!

News