Addressing a gathering of business lawyers in Abuja Wednesday December 14, the Director General Mr Adolphus Joe Ekpe, through his Head of Legal Services, Mr Okechukwu Odunna, said: “The lottery and gaming industry holds one of the keys to successful diversification of our economy with potential for attracting over N5.2billion in revenues to annually from ticket sales alone.” Ekpe said the industry represented a huge financial transaction between the operators, players and stakeholders in the lottery and gaming industry, hence the need for the National Lottery Regulatory Commission to remain alert to its statutory responsibility, which it is committed to doing. He cited the provision requiring that a percentage of lottery proceeds go to good causes for the benefit of all Nigerians as one of the industry’s key modes of adding value to society at large, aside of financial benefits, such as revenues and job creation. [caption id="attachment_39456" align="aligncenter" width="560"]Pic1-Chairman, Section on Business Law Committee NBA Abuja Branch, Kachi Okezie Pic1-Chairman, Section on Business Law Committee NBA Abuja Branch, Kachi Okezie[/caption] ’Each time a gamble taken place either of 2 parties win; but each time a lottery is played the Nigerian economy wins’’ Under section 40(a) of the Act, proceeds of lottery funds shall be applied for time to time to fund projects approved by the president recommendation of the Board of Trustees in the interest of ‘’the Nigerian Community and such projects for advancement upliftment of sports development, education, social services, public welfare and relief and management of national disasters in Nigeria’’. The DG identified some of the challenges facing the industry and its regulation as low awareness of the industry; jurisdictional clashes, inadequate technology tools for monitoring and enforcing compliance, as well as the problem of regulating locally an activity increasingly undertaken globally, with parties located in remote places, well beyond the jurisdiction of local regulators. On awareness, the DG stated that the Commission was giving priority to awareness-raising and sensitization activities such as this seminar organised by the NBA Abuja Section on Business Law Committee, aimed at interacting and rubbing minds with lawyers. Mr Ekpe welcomed the suggestion made by the Chairman, Section on Business Law Committee, NBA Abuja Branch, Kachi Okezie in his welcome address, for a lottery industry practice community to be established as a platform for ongoing interaction between lawyers and other industry stakeholders so as to leverage on the skills and knowledge pool for enhanced regulation and improved compliance. In his remarks, the Chairman, NBA Abuja Branch, Mr Ezenwa Anumnu reiterated that the NBA Discussion series, launched in July and already in its 7th run, is an initiative designed to help the bar engage more proactively in the policy process across all sectors of the economy. Photos from the event codecanyon-242431-visual-composer-page-builder-for-wordpress-wordpress-plugin.zip [caption id="attachment_39457" align="aligncenter" width="560"]Pic4-(L-R) Chairman of the occasion, Prof Ernest Ojukwu SAN and NBA Abuja Branch Chairman, Ezenwa Anumnu Pic4-(L-R) Chairman of the occasion, Prof Ernest Ojukwu SAN and NBA Abuja Branch Chairman, Ezenwa Anumnu[/caption] [caption id="attachment_39458" align="aligncenter" width="560"]Pic3-Deputy Director & Head of Legal, NLRC, Mr Okechukwu Odunna, representing the DG Pic3-Deputy Director & Head of Legal, NLRC, Mr Okechukwu Odunna, representing the DG[/caption] [caption id="attachment_39459" align="aligncenter" width="560"]Pic5-A section of participants at the seminar Pic5-A section of participants at the seminar[/caption] ]]>