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FG Urges Lottery Firms to Pay Outstanding Liabilities or Risk Revocation of License
The Federal Government, yesterday warned licensed lottery companies in the country to pay all outstanding liabilities or they risk the revocation of their licenses.
The Minister of Special Duties and Intergovernmental Affairs, Senator George Akume said this at the official launch/flag-off of the ‘Back to school jump start’ project in Lagos.
The empowerment programme with the theme: ‘No school left behind in Surulere, was initiated by the Office of the Speaker, Femi Gbajabiamila and funded by the National Lottery Trust Fund.
Over 40 Junior and Senior Secondary Schools in Surulere Federal Constituency will benefit from the intervention in the 1st Phase of the programme.
Akume, who was represented by Mr Bello Maigari, commended the Speaker and the National Lottery Trust Fund for the initiative, saying the programme is heart-warming and commendable.
He said: “It is an honour to be here this morning at this special occasion of the official launch of the school’s empowerment programme initiated by the Office of the Speaker, Femi Gbajabiamila and funded by the National Lottery Trust Fund.
“I commend the National Lottery Trust Fund for providing the resources to facilitate the implementation of this remarkable initiative, whose idea I was told is to help increase the learning capacity in our public schools currently lagging behind as a result of poor access to digital learning infrastructure and other critical facilities.
“Today’s event is true, a cause for celebration, which underscores the commitment, determination and promise of President Muhammadu Buhari’s administration in improving the capacity of our students to learn and excel in their studies using technology and e-learning facilities to scale-up their performance in age-grade examinations and competitions.”
“We are all aware of the enormous devastation caused to human lives around the world by Corona Virus, Moreso in its revolutionary impact on learning.
“The fact that public schools are lacking in basic teaching and e-learning infrastructure further compounded by the pandemic should be a matter of concern to all policy-makers and leaders, and therefore, it has become imperative to the government to intervene so that children of poor are not left behind in learning.
“It is on the strength of this effort that I encourage the Fund to continue on this laudable path and ensure the full monitoring of the project so that outcomes envisaged for the programme are delivered for the benefit of Nigerians.
“Lottery is a wealth generation, and Nigeria’s gaming market is the fastest growing in Africa with sales revenues approaching 2 Trillion Naira annually.
“Given the potential in this industry and its capacity to generate jobs, increase the nation’s GDP and improve her social wellbeing, the government will not be deterred in pushing for reforms that are critical in shaping the growth of the industry for the benefit of Nigerians.
“Accordingly, the government will continue to work constructively with the National Assembly to put forward legislation that will support the process of revitalizing the industry that hold great promise for Nigeria in raising enormous revenues for national development and creating job opportunities that would help to actualize President Muhammadu Buhari led government’s pledge of lifting 100 million Nigerians out of poverty.
For instance, the effort to repeal the National lottery Act, 2005 and 2017 (as Amended) with the National Gaming Act, 2022 will end inefficiencies in the industry and also strengthen the capacity of the two agencies created under the extant law (i.e the National lottery Regulatory Commission and the National Lottery Trust Fund) to exercise their statutory responsibilities and curtail revenue losses to the government.
“We have a clear vision to transform lottery in this country and the current exercise to automate tax collections through the deployment of a Central Monitoring System is meant to strengthen revenue generation, promote standards and enhance the regulatory oversight in the industry.
“I, therefore, appeal to all stakeholders including the National Assembly to support the effort of government in making this flagship project a reality for the nation.
In the same vein, the government has taken proactive steps by recovering outstanding liabilities due from the sector, whilst also ensuring prompt remittances from operators and permit holders in line with the extant law.
“On this note, let me urge all licenses and permit-holders to without further delay pay up their outstanding liabilities or risk revocation of their licenses and permits.”
Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).
This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.
A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.
However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.
Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.
According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.
Credit: Vanguard
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Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth
Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.
This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.
Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.
With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.
According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”
“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.
Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.
The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.
Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.
In a recent gathering, organized by 234Finance, key stakeholders and HNIs came together to discuss the theme “Fueling Progress in the South East.”
The conversation highlighted the rich heritage, entrepreneurial spirit, opportunities for growth and the potential of the South East to be economic powerhouse.
During the discussion, the Managing Partner of 234Finance, Ezinne Nwazulu unveiled plans for an upcoming event of significant impact: the 4-week intensive SME Bootcamp and Mentor Matchup Challenge South East edition designed to empower SMEs. The program aims to empower SMEs with the knowledge, tools, and capital for rapid expansion and global competitiveness.
This initiative is building on the success of previous Mentor Matchup Challenge events, which equipped SMEs with actionable strategies and one-on-one mentorship, resulting in winners of the pitching competition securing grant funding to scale their businesses by 4x-10x.
The SME Bootcamp will feature an array of activities, including physical and virtual training sessions, onsite industrial training, and a pitching competition.
Ezinne Nwazulu emphasized the rigorous selection process, where the top 100 applicants meeting the criteria will undergo intensive training at two training centres in Abia and Anambra. From there, the most promising 15 participants will have the opportunity to pitch their business for grant funding.
Dr Chima Anyaso, Chairman of Caades Group, expressed his commitment to the region’s development and encouraged entrepreneurs with innovative crafts to seize this opportunity.
Criteria for selection are uncompromising, emphasizing technical expertise in core sectors; Agribusiness, Manufacturing, Supply Chain & Logistics, Fashion & Textile, and Retail, with a particular focus on businesses operating within the South-East region for at least three years and significant growth potential of 4x-10x.
The Bootcamp is set to commence from May 14 to June 14 2024 with Southeast-based entrepreneurs encouraged to visit the 234finance bootcamp to apply.
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