NaijaBillionaire reassures Nigerians of determination to produce more millionaires

Chairman NaijaBillionaire Limited, Adedotun Sulaiman has said the company comes with a national colour and global standard, and is designed by Nigerians for Nigerians.

According to him, “Our mission is to reinvent the entire African gaming industry with a focus on gaming experience that enrich lives and add value to businesses in the environment through integrity and transparency. Our jackpot of N1billion is unprecedented and will transform the lives.”

The Billionaire Jackpot is an epoch-making innovation that will create billionaires across the length and breadth of Nigeria, permeating through every segment of the society.

The gaming service was created by Nigeria’s first National e-Raffle license holders, Naijabillionaire Limited to fill a gap: the absence of a truly national lottery in Nigeria. After a period of extensive research, Naijabillionaire found that all existing games in the country adapt their customers to games that are foreign-inspired.

From left ; Fidelis Ajibogun , NLRC Lagos Coordinator , Bar Oduna , Director , Legal ,NLRC , Lai Labode , Founder & Director , NaijaBillionaire , Mr Adedotun Suleiman MFR , Chairman , NaijaBillionaire , Mr Adolphous Ekpe MNI , DG NLRC , Mrs Titi Masha-Lawuyi , COO , NaijaBillionaire , Mr Sajo Mohammad , Director , Enforcement and Monitoring , NLRC and Mr Precious Puanoni , SA and Head of Business Development , NLRC

On his part, Director NaijaBillionaire Limited, Lai Labode said the Billionaire jackpot is designed to touch the lives of at least 1 million Nigerians directly every year.

He said the vision of the company perfectly fits with what NLRC wants to achieve by putting Nigeria on the global stage.

“We are ready to travel that path with NLRC and every State of the country. We will ensure that the States get the full benefit of every game played in their State. We are going to pay 5% withholding tax to the States on every game played. We therefore encourage the States to open accounts with us so they can get their dues. We have also established the NaijaBillionaire empowerment fund that will ensure we produce benevolent billionaires. The winner will empower 500 people from his home State with 5% of the N1 billion. The jackpot would move from State to State.

“We also have the NaijaBillionaire directly sponsored Corporate Social Responsibility with focus on health and education, to be funded with 1% of our revenue. There’s also the trade partners reward programme. We have establishes 83 Trade Territories across the country with a model that ensure that each Trade Territory is equally profitable. They have been mandated to pay their local taxes to ensure the State Governments get what they deserve,” he said.

Sharing his thoughts on the idea of Naijabillionaires when it was first introduced to the NLRC, the DG (NLRC), Adolphus Ekpe said: “We were not only amazed by the NaijaBillionaire big dreams for Nigerian and African Gaming Space, we were very thrilled by the pragmatic strategies it had created to ensure success and sustainability“.

He congratulated the management of Naijabillionaire Limited for the success of creating Africa’s largest jackpot. He especially appreciated the efforts of Mr. Lai Labode (Founder and Director, Naijabillionaire Ltd) and that of Mr. Folabi Ayoola (Director, Naijabillionaire) for their “extensive creativity and uncanny ability to push things through”.

Naijabillionaire will be partnering with Interswitch, Quickteller and leading financial institutions like GTBank and Zenith Bank in executing the project across the country.

In the same vein, Director General of National Lottery Regulation Commission (NLRC), Adolphus Ekpe, has called for collaboration between the State and Federal Governments for Nigeria to harness the full revenue potential of the gaming industry. The Director General spoke at a press briefing organised by NaijaBillionaire Limited to flag off its unprecedented 1Billionaire jackpot.

According to the NLRC boss, the enforcement tussle between the two major tiers of Government has led to multiple taxation and licensing of operators which also results in excessive operation cost for the operators.

Ekpe said the gaming industry has the potential of bringing about N300 billion to the Federal Government coffers annually, but the ongoing rivalry between the two major stakeholders in the industry has seen it yield less than N7 billion as of 2016. He stated that the Federal Government can earn annual revenue up to N50 billion from Naijabillionaire Limited while projecting that States can also share about same.

To this end, Ekpe disclosed that the commission is out to recalibrate the Nigerian gaming industry to equitable benefit of all stakeholders across the country, with a determination to end the era of conflicts and dispute on licensing and permits.

To achieve this, he said NLRC has set out to guarantee “smooth operation of Federal licensees in every State of the Federation to check multiple licensing and taxation. We are out to ensure all States benefit equitably from proceeds of national lottery operations by national licensees; to ensure that due process and rule of law is followed in conflict resolution; and create channels of communication and cooperation between State Agencies and the Federal Government Agency,’’

On further steps taken to harmonise both parties, Ekpe explained that “the NLRC is establishing an understanding with Federal licensees to pay all local taxes or face Federal sanctions. We are establishing an understanding with licensees to pay 5% withholding tax on every play to each State Government based on activities in their States. We are also working on a National Lottery Operation Harmonisation Stakeholders Forum in partnership with the Nigerian Governors Forum to align all State interests.”

Billionaire Jackpot is projected to create 12-50 new billionaires after the first jackpot payout in a year.

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