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Lottery Commission to Introduce General Monitoring System

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The National Lottery Regulatory Commission is set to introduce a central monitoring system that would ensure that all earnings due to government on lottery are collected with precision.

Mr. Lanre Gbajabiamila, the Director-General of the commission, who made the disclosure in Abuja over the weekend, said with the new system, all the loopholes and drains in the lottery business would be blocked so that the entire taxes and revenues payable to the government are fully collected and remitted to government coffers.

Gbajabiamila in a statement issued in Abuja yesterday explained that with all the measures being put in place by the commission, lottery would soon be contributing significantly to the federal treasury, as it is being done in advanced countries like America, United Kingdom and Spain.

The lottery commission boss affirmed that both the management and staff members of the commission are being prepped with training and enhanced welfare package for effective take off of the novel system.

The director general assured Nigerians that in addition to the recently approved peculiar allowance for members of staff of the commission, the enhanced salary structure permitted for them since 2015 would become implementable after the realization of the new monitoring system, as the commission would then have sufficient funds to meet its obligations.

Gbajabiamila also hinted that work had reached an advanced stage on the establishment of an indigenous National Game for all the benefits of higher revenues for the government, greater dividends for stakers and profound growth in the industry generally.

“We are always concerned on improving the capacity and welfare of our staff in all our considerations and projections. We put the issues of welfare and capacity first. We are totally committed to implementing a more robust welfare scheme for them.

“I am upbeat that in a matter of some few years, lottery shall become a major source of revenue for Nigeria. I am glad that I have a highly dynamic and supportive Minister of Special Duties, Senator George Akume, supervising the commission.

“The Governing Board under the chairmanship of Alhaji Fatai Ibikunle too has been awesome, while the management and staff members have shown profound dedication and commitment in the discharge of their duties. For the lottery industry in our dear country, the future is bright,” he said.


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FBNQuest Asset Management Wins Asset Management Award at BusinessDay Banks & Other Financial Institutions Awards

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FBNQuest Asset Management, an investment management firm in Nigeria and a subsidiary of FBN Holdings Plc., is proud to announce that it has been honoured with the prestigious Excellence in Asset Management Award at the recent BusinessDay Banks and Other Financial Institutions Awards.

This recognition highlights FBNQuest Asset Management’s unwavering commitment to delivering exceptional investment solutions and fostering financial growth for its clients.

The award ceremony, celebrated the outstanding achievements of financial institutions across Nigeria, highlighting those that have demonstrated innovation, excellence, and unwavering commitment to quality service.

“We are immensely proud to receive this award, which reflects our dedication to excellence and our focus on creating value for our clients,” stated Ike Onyia, Managing Director, FBNQuest Asset Management. “This achievement is a testament to the hard work and expertise of our team, as well as the trust our clients place in us. We will continue to strive for excellence in all that we do.”

FBNQuest Asset Management offers a range of investment solutions, including mutual funds, discretionary portfolio management, and alternative investments, tailored to meet the diverse needs of its clients.

The firm remains committed to maintaining the highest standards of integrity and professionalism in the asset management industry.

The BusinessDay Banks and Other Financial Institutions Awards are recognized as one of the most prestigious accolades in the financial sector, honouring organisations that excel in performance, innovation, and customer service.

 


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FG Launches Amnesty to Allow Deposits of Forex outside Banking System

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Federal government has unveiled a new policy for Nigerians to deposit dollar bills held outside the formal banking system without scrutiny.

FG Launches Amnesty to Allow Deposits of Forex outside Banking System

Nigerians have nine-month deadline to do this according to Wale Edun, minister of Finance and coordinating minister of the Economy.

Edun who spoke after the Thursday’s National Economic Council (NEC) meeting in Abuja, said that “there will be no penalty; there will be no taxes, and there will be no questions.”

“There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system.

“So therefore it is unsafe, it is unsecure and it is outside of legal limits. They will allowed forbearance to bring dollars cash. Let me emphasize once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, illicit money.

“They just meet the normal ‘Know Your Customer’ criteria of banks and they have an opportunity to bring in those funds, make them safe, make them secure, and make them available through normal, economic activity.”

The minister also stated that 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas initiatives.

 

 

 

 

 

 

 


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NAICOM Sacks African Alliance Insurance Board

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The National Insurance Commission, (NAICOM), on Wednesday, sacked the board of African Alliance Insurance Plc with effect from October 30, 2024.

The Commissioner for Insurance, Mr. Segun Omosehin, disclosed this during a press conference in its Lagos office, that an interim board and management have be appointed.

The new interim board are: Dr Haruna Mustafar, a former director at Central Bank of Nigeria; Anthony Achebe – Non-Executive and Haj. Halimatu M. Khabeeb – Non-Executive Director.

The management team is led by former Managing Director of International Energy Insurance and Cornerstone Insurance Plc, Jacob Erabor, as Managing Director/ CEO; Wasiu Amao – Executive Director, Technical and Ms. Oremeyi Longe – Executive Director, Finance.

He noted that the interim management has up to one year to turn around the company.

He said the decision follows an extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns regarding its ability to continue operating in a safe and sound manner which has for some time now generated a lot of uncertainty over claims settlement and payment to annuitants under the company.

The Interim Management Board, according to him will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.

While noting that the Commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimise disruption and ensure continuity.

”The objective of this takeover is to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, other stakeholders, and the broader insurance industry while ensuring the company’s return to stability and compliance.

“The Commission is committed to maintaining the stability and integrity of the Nigerian insurance industry. Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders and public interest.”

 


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