The National Lottery Trust Fund (NLTF) has revealed that two lotto operators, Premier Lotto (a.k.a Baba Ijebu) and KC Gaming (a.k.a Bet9ja), have remitted a total of N1 billion to the federal government.
Mr Dele Oyewale, Head, Media & Publicity of the NLTF said the payments by the lotto company was arrears of debt they owed as a result of “either neglect or refusal to remit 20 per cent of their turnover to the government through NLTF as required by law”.
“Section 24(3) of the National Lottery Act 2005 states that “a licensee shall pay to the Trust Fund, established under Section 35 of this Act, within a period of not more than 90 days after the determination of the result of each lottery, an amount of 20 per cent of the proceeds of the lottery for the first 5 years of the licence, 25 per cent in the subsequent 5 years and thereafter 27.5 per cent.”
Describing the prior act of non-compliance by the lottery companies as “economic sabotage”, Oyewale said; “A breakdown of the payments showed that Premier Lotto (Baba Ijebu) remitted N833,333,494.58, while KC Gaming (Bet9ja) remitted N166,666,827.92, totalling N1billion.”
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