-national lottery trust funds are the administrators of funds while the commission is the regulator.
-reps above board conducting forensic
The competition between the national lottery trust funds and the national lottery commission seems to end soon. The national assembly committee on governmental affairs is working seriously to bring the two agencies to terms.
Mallam Bello Maigari, speaking to nassnews in his office in Abuja,he said the trust fund is a small initiative that has grown into an agency today.
nassnews recall that the house of representatives committee is investigating the activities of defaulting operators and other stakeholders in order to bring to an end over a decade-long of gross under remittance of lottery proceeds to the Federal Government.
Maigari explained that National Lottery Trust Funds is an agency of the Federal Government established under section 35 of the National Lottery Act, 2005 to take custody of a certain percentage of all national lottery operators in Nigeria, and utilize same in the execution of good cause projects across the country for the benefit of the Nigeria people. Section 40 of the act lists the good cause projects covered by this mandate to include , ‘ projects for the advancement, upliftment and promotion of sport development, education, social services, public welfare and relief, and management of natural disasters in Nigeria.” For this purpose, it is required by section 24(3) of the act that every person or company licensed to carry on the business of a national lottery in Nigeria.”shall pay to the Trust Fund 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 of the subsequent 5 years and thereafter 27.5 percent.”
he further said that National Lottery Commission is Saddle with the responsibility of regulating the operators.
Absence of good regulatory framework that enables market entry underpinned by competition, lack of commitment to enforcement of compliance to relevant provisions of the law, have largely been responsible for the current state of affairs in the industry.
The global lottery industry is estimated to worth over $270 billion, with returns to good causes well above $100 billion. Lottery has moved from an activity associated with sin and vice, to a popular form of entertainment and a reputable business regulated by governments globally in an attempt to facilitate economic development and growth, promote stable employment and employment opportunities, help find charities, and furnish a growing source of non-taxed revenues.
Maigari said the attorney general of federation has taken it upon himself to interprets the law that govern the commission and the agency. He said the ideas he has will soon make the trust funds stand out, as every machinery is put in place to stop under remittances or diversion of remittance as it is happening today.