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New Lottery Scheme’ll Fetch FG N50bn Annually – NLRC

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NaijaBillionaire
  • New Lottery Scheme’ll Fetch FG N50bn Annually – NLRC

The Federal Government is set to earn around N50bn annually from a new lottery scheme called NaijaBillionaire.

The Director-General, National Lottery Regulatory Commission, Mr. Adolphus Ekpe, who made the disclosure in Lagos on Thursday during the official launch of the new jackpot, said that Nigeria was losing so much for not fully taping into the gaming industry.

He said that apart from the Federal Government, state governments were also going to benefit financially from the new scheme, which according to him, is Africa’s biggest lottery.

Ekpe said, “Despite the humongous potential of the Nigeria gaming space and its status as Africa’s largest market, the country has not been able to establish itself as a real global player; in fact, it has not even reached 20 per cent of its lottery potential.

“But from what we have seen so far, this is set to change because the potential earning for the Federal Government from NaijaBillionaire will be between N12bn and N50bn each year. The states will also realise same amount from activities in their areas.

“Lottery is a big business in other parts of the world and as the regulatory agency for the industry in Nigeria, we will continue to develop and embrace initiatives that will benefit our economy.”

Speaking at the event, the Founder, NaijaBillionaire, Mr. Lai Olabode, said the e-raffle game was designed to empower Nigerians and complement government’s efforts in providing social amenities in many parts of the country through a robust corporate social responsibility plan.

He said that the lottery, which aims to pay N1bn jackpot per game circle, would also provide hundreds of jobs for citizens across the country.

Olabode said, “NaijaBillionaire is not just another lottery scheme, it is a first of its kind in Africa, because it seeks to empower people and also provide them with badly needed social support through facilities in health, education and also funding of small and medium enterprises.

“Apart from the N1bn that will be won per game circle, individuals who purchase the e-raffle tickets also stand a chance of winning between N200 and N10m daily. It is an ambitious lottery scheme that will not only transform lives, but also have a great positive impact on our economy as a nation.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market.

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Access Bank in Talks to Acquire Cavmont Bank

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Access Bank to Acquire Cavmont Bank in Zambia

Access Bank Plc on Wednesday announced that its wholly-owned subsidiary in Zambia, Access Bank Zambia Limited (Access Bank Zambia) is in talks to acquire Cavmont Bank Limited, a subsidiary of Cavmont Capital.

According to the statement signed by Mr. Sunday Ekwochi, Company Secretary, Access Bank and released on the Nigerian Stock Exchange website on Wednesday, the ongoing discussions is to acquire 100 percent of Cavmont Capital’s interest in Cavmont Bank.

However, the lender said “there can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement.

“The completion of a transaction would be subject to formal regulatory approvals. Access Bank will be updating the market as appropriate and in accordance with its disclosure obligations.”

The lender, therefore, advised shareholders to exercise caution when dealing in Access Bank’s securities.

Investors King Ltd note: This announcement further threw more lights on the recent purchases of Access Bank’s shares by Herbert Wigwe, the Chief Executive Officer and Managing Director, Access Bank.

The CEO/MD purchased 7.532 million of Access Bank‘s shares in the last one month.

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Mohammed Umar is the New Acting Chairman of EFCC

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Buhari Appoints Mohammed Umar as EFCC Acting Chairman

President Muhammadu Buhari has appointed, Mohammed Umar, the director of operations at the Economic and Financial Crimes Commission (EFCC), as the new Acting Chairman of the agency, according to the NAN.

A top official of the commission confirmed to NAN that Umar has taken charge of the agency following the suspension of Ibrahim Magu, the former acting Chairman.

Ibrahim Magu was suspended by the President on Tuesday following series of allegations bordering on frauds, financial misappropriations and abuse of power.

 

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CBN Spends $11.5bn in Q1 2020 to Support the Economy and Dwindling Naira

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CBN Injects $11.5bn Into the Economy in the First Quarter

The Central Bank of Nigeria (CBN) injected a combined $11.5 billion into the nation’s foreign exchange market to stabilise the economy and support the Naira value in the first quarter of the year.

According to the latest report from the apex bank, the central bank injected $2.96 billion into the nation’s forex market in the month of January. Another $3.39 billion was used to support the economy in February while $4.7 billion was supplied in the month of March, the very month the economy was locked and all operations grounded to curb the spread of COVID-19.

A further breakdown of the report revealed that the Investors and Exporters’ foreign exchange window, Small and Medium enterprises and Invisible segments received a total of $7.23 billion of the $11.5 billion, the Bureau De Change segment received $3.6 billion while the Interbank and WDAS/RDAS got the rest in the first quarter.

The report noted that the apex bank injected a total sum of $14.72 billion and $28.55 billion into the economy in 2018 and 2019, respectively.

Meanwhile, the central bank is yet to commence the sales of forex to the bureau de change following the March suspension.

But has commenced partial sales to all commercial banks for onward sales to parents and small businesses across the country.

Mr Isaac Okorafor, the Director, Corporate Communications, CBN, had said, “The CBN has also made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels and other designated retail uses, as soon as international flights resume.”

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