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Legal Framework and Prospects of Lottery Business in Nigeria
What is the legislation regulating lottery business in Nigeria?
The National Lottery Act 2005 and the National Lottery Regulation 2007 regulates lottery business in Nigeria. Nevertheless, some States of the Federation have their own Lottery Law. For instance, the Lagos State Lotteries (Amendment) Law 2008 regulates lottery business in Lagos State.
Which body regulates lottery business in Nigeria?
National Lottery Regulatory Commission (“the Lottery Commission”) regulates lottery business in Nigeria.
What is the requirement for incorporation of lottery Company at the Corporate Affairs Commission?
The Promoters of the Company must obtain an “Approval in Principle” from the Lottery Commission and file same at the Corporate Affairs Commission alongside;
(i) duly stamped Form CAC2 (Particulars of Shareholders) ;
(ii) duly stamped Memorandum and Articles of the Company indicating lottery business in its objects;
(iii) Completed Form CAC2.1 (Particulars of Company Secretary) ;
(iv) Completed Form CAC3 (Particulars of Registered Address of Company) ;
(v) Completed Form CAC7 (Particulars of Company Directors) ; and
(vi) Completed Form CAC4 (Statutory Compliance with the provisions on CAMA)
The minimum share-capital for a lottery business in Nigeria is 100, 000, 000 (One Hundred Million) shares.
What kind of approval is required to carry on lottery business in Nigeria?
A lottery Permit is required to carry on a lottery promo while a lottery Licence is required for lottery business.
What is the life span of a lottery Permit and a lottery Licence?
A Lottery permit last for 12 months while a Lottery licence last for 10 years.
What are the requirements for obtaining a lottery Permit?
The Applicant must submit to the Lottery Commission;
(i) An application addressed to the Director General of the Commission expressing interest in a named lottery business in Nigeria;
(ii) Pay a non-refundable application fee;
(iii) Obtain and fill the prescribed application form and return the completed form along with the following documents;
(a) Certificate of Incorporation
(b) Details of Board of Directors of Company
(c) Rules of the promo which includes the conditions for suitability of participation.
(d) Bank reference
(e) Details of the Company’s human capital base including accounting, administrative and security systems.
(f) Evidence of clearance from relevant regulatory agencies
(g) Duration of promo
(h) Total number of draws
(i) Proposed draw dates and draw intervals
(j) Values of prices to be won
(k) Items to be won
What are the requirements for obtaining a lottery Licence?
(i) An application addresses to the Director General of the Commission expressing interest in a named lottery business in Nigeria with applicable fee;
(ii) Obtain and fill the prescribed application form and return the completed form along with the following documents;
(iii) Certificate of Incorporation;
(iv) Copy of Memorandum and Article of Association of the lottery Company;
(v) Details of Board of Directors of Company;
(vi) Profile of the Lottery Company;
(vii) Detailed Rules of the lottery games.
(viii) Bank reference
(ix) Details of the Company’s human capital base including accounting, administrative and security systems.
(x) Evidence of clearance from relevant regulatory agencies;
(xi) Technological evidence to operate the online lottery business;
(xii) Evidence of share capital which is a minimum of N 100, 000, 000 (One Hundred Million) shares.
(xiii) An operational base for the lottery business.
What are the Prospects of lottery business in Nigeria?
Despite the revenue that lottery business can generate for the government, lottery Companies and Nigerians, the business is still novel in Nigeria. Lottery business in Nigeria is limited to mostly Lotto games and football betting. While online lottery is nascent, Bazaars, Large Society lotteries and Local Authorities lotteries, Exempt Lotteries, Private lotteries and Customer lotteries have not been introduced to the Nigerian lottery market.
Though, the legal framework of lottery business is still rudimentary, the business has huge prospects and rewards for experienced, discerning and daring transnational lottery Companies.
The harvest is indeed rich but the laborers are few!