News
Lottery Act: Operators forum will contribute to the proposed amendment – Onwuka
Chairman of the Nigerian Licensed Lottery Operators Forum, Chima Onwuka has said in Abuja on Thursday that the forum would contribute immensely to the proposed Lottery Act, 2017 amendment in the interest of the industry players.
Speaking after a meeting with the House Committee on Governmental Affairs, Mr Onwuka expressed optimism that the review of the Act, as it were, would not only rejig the industry, but takes care of double taxation and other incendiary levies which operators have been burdened with.
He said: “The essence of the meeting is basically to review the 2017 lottery act as amended to incorporate the new realities, the operators are going through and to remove some of the incessant conflict operators are having with Government regulators for proper means of regulation.
“They have set up a technical committee to review it and make sure that everybody; both the regulator and operators interests can be protected as well as government.
“For a long time, the law did not represent the fact that we are a fixed odd country not a jackpot country; most of the games in this country are fixed odds that is one area we want to look at.
“We also want to the law to recognize the fact that every operator that goes into the market invest billions of aira in the business and there has to be a gestation period.
“There have to be a way the Government can partner through a joint account just like they have with oil companies they call the JB fund. It might not be money but let the Government come out openly to say a particular operator is licensed to be backed up instead of everyday, EFCC calling operators thieves.
“Let us have a complete law, let’s look at the taxation part of it, we pay State tax, local Government and at the Federal level. You also pay a percentage of your entire take which goes to the federal coffers.
“Lottery fund, there is 20%, there is annual subscription, there is good causes.
“Those are the areas we are seriously looking at.
According to him, the law need to be very succint on who regulate activities of operators, saying that the current situation has been a nightmare.
“The issue of who has the authority to regulate, is it Federal or the State. When you pay to the Federal you also pay to the State.
“We have just done an inauguration, in talking about the value of lottery to Government, I think the Government should check with the National Bureau of Statistics to know the number of people the lottery industry is employing.
“Anywhere government can create employment, it is encouraged if lottery and its accessory businesses can employ about one million people directly and indirectly that is contributing a lot to the Government.
“The Government is also generating a lot of revenues, go to the website of the lottery trust fund and see how much what operators have paid to the Government in billions and check out what they have paid to Government in terms of tax to FIRS. Check out also what they have paid to State Governments.
“Late last year from the lottery fund of what they regulate just Lagos State Government. Lagos State lottery fund was able to give the Lagos State security fund N1b because Lagos State as of today has one of the best laws and environment for lottery. There is this conflict of who is to regulate and who not to regulate.
Meanwhile, the Chairman, House Committee on Governmental Affairs Honorable Akin Alabi earlier in the meeting acknowledged that there were inadequacy in the laws that regulate activities of lottery operators.
“The meeting is about amending the National Lottery Act, which is a law that regulate the gambling industry in Nigeria.
“It is an act that a lot of practitioners in the industry from the operators to the regulators feel it is inadequate, not robust enough, feel it is outdated, and obsolete and it is not harnessing the power and the potentials in the industry. So we are forming a technical committee to review the act to come up with a bill that will be more comprehensive, robust and up to date to guard the industry.
…Declares a total dividend of N2.10 per share
Lagos, Nigeria, March 29, 2025: Leading financial institution, Fidelity Bank Plc, released its 2024 full-year Audited Financial Statements, reporting a 210% growth in Profit Before Tax to N385.2 billion.
According to the Bank’s results released on the Nigerian Exchange (NGX) on Friday, 28 March 2025, Gross Earnings increased by 87.7% to N1,043.4bn, driven by 106.9% growth in interest and similar income to N950.6bn. The increase in Interest Income was led by a combination of improved yield on earnings assets and 51.6% expansion in earnings base to N6.3tn. This led to a Profit After Tax of N278.1 billion, representing a 179.6% annual growth.
Commenting on the results, Dr. Nneka Onyeali-Ikpe,OON, Managing Director/Chief Executive Officer, Fidelity Bank Plc said, “We are delighted with our 2024 full-year (FY) performance, which showed strong growth across key revenue lines, improved asset quality, and significant traction in our strategic business segments. Our impressive results led to a triple-digit increase (210.0%) in Profit Before Tax (PBT), rising from N124.3bn in 2023 to N385.2bn in 2024.”
A further review of the financial performance revealed that the bank’s net interest income increased by 127.1% to N629.8 billion, driven by a high-yield environment in 2024. To optimize its margin, the bank sustained its asset yields above funding cost by maintaining a high low-cost deposit profile at 92.6%. This led to an increase in its Net Interest Margin from 8.1% in 2023 FY to 12.0%.
Similarly, the bank continued to deepen its market share in both the corporate and retail segments, with customer deposits increasing by 47.9% from N4.0trn in 2023FY to N5.9trn. The increase was driven by strong double-digit growth across all deposit types. The Retail Banking Business gained significant traction with savings deposits increasing by 28.8% to N1.1trn, marking the 10th consecutive year of double-digit annual growth in savings deposits.
Despite the difficult economic terrain in 2024, the bank has continued to support the real sector of the economy by increasing its Net Loans & Advances from N3.1tn in 2023FY to N4.4tn in 2024FY.
“This remarkable performance demonstrates our capacity to deliver superior returns to our shareholders. In line with our commitment to them, we have declared a final dividend of N1.25 per share, bringing our total dividend for the 2024 financial year to N2.10 per share”, explained Onyeali-Ikpe.
Having consistently paid dividends since 2006, Fidelity Bank will pay investors a total dividend of N2.10 per share for the 2024 financial year, subject to shareholders’ approval at its Annual General Meeting (AGM) on 29 April 2024. The dividend will be paid on 29 April 2025 to shareholders whose names appear on the register of members as of 15 April 2025.
It will be recalled that the bank successfully completed the first phase of its capital raising exercise through a Public Offer and Rights Issue in 2024, which were oversubscribed by 237.92% and 137.73%, respectively. The positive result is a testament to the strength of the Bank’s franchise in the capital market. A total of N175.9bn was recognized as fresh capital in 2024 financial year from the exercise, which had a positive impact on its Capital Adequacy Ratio (CAR) at 23.5%. The bank plans to conclude the second phase by Q3 2025, ahead of the Central Bank of Nigeria’s deadline, which will further strengthen its capital base and reaffirm its attainment of Tier 1 Bank status in the Nigerian Banking Industry.
Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
By Sunday James
The gruesome killing of 16 innocent northern hunters in Uromi, Edo State, over false accusations of kidnapping is yet another damning indictment of the failure of law and order in Nigeria.
Time and again, innocent lives have been lost to the mindless brutality of mob justice, a savage and inexcusable act that has become far too common across the country.
This is not an isolated incident. Nigeria has witnessed several tragic cases of jungle justice where angry mobs, fueled by misinformation and misplaced aggression, have taken the law into their own hands.
The Aluu Four incident in 2012, where four young university students in Rivers State were falsely accused of robbery, beaten, and burned to death in a horrific public spectacle, remains one of the most chilling examples.
In 2022, Deborah Samuel, a young student in Sokoto State, was lynched by fellow students over alleged blasphemy, an incident that sparked outrage but yielded little justice. In Lagos, several suspected petty thieves were set ablaze by mobs in broad daylight without any fair trial.
Across the country, from Anambra to Kano, Port Harcourt to Abuja, numerous cases of public executions by mobs continue to surface, often with little to no legal consequences for perpetrators.
The rise of mob justice is fueled by a cocktail of systemic failures that have left Nigerians disillusioned with formal justice mechanisms.
The breakdown of law and order, where the Nigerian police fail to deliver swift and transparent justice, has led to public distrust, encouraging citizens to take matters into their own hands. Rising insecurity, including the surge in kidnappings, banditry, and violent crimes, has left many communities in perpetual fear, triggering knee-jerk reactions to perceived threats. Ethnic and religious tensions have also played a major role, with deep-seated biases making certain groups more vulnerable to targeted attacks.
The proliferation of unregulated local vigilante groups and security outfits has further emboldened extrajudicial actions against innocent civilians. Additionally, the slow pace of criminal trials and the failure to punish perpetrators of jungle justice have normalized impunity.The Edo killings, like many before them, must not be swept under the rug.
The government must ensure immediate arrest, prosecution, and conviction of all those involved in this heinous act. Strengthening law enforcement agencies to curb vigilante excesses and restore public trust is paramount.
There must be massive public enlightenment campaigns to educate citizens on legal redress rather than mob action. Strict penalties must be enforced against communities and groups involved in jungle justice to deter future occurrences.The Nigerian government must wake up to its responsibility of protecting lives and ensuring justice for all.
If mob justice continues unchecked, no one is truly safe. This latest atrocity in Edo should be the final warning: justice delayed is justice denied. The killers must be held accountable, and a nationwide crackdown on jungle justice must begin immediately. Enough is enough. The rule of law must prevail.
The National Chairman of the All Progressives Congress (APC), Dr. Abdullahi Umar Ganduje, has congratulated the Muslim Ummah across the country on the occasion of Eid-el-Fitr.
The celebration marks the successful completion of the holy month of Ramadan.
In a message signed by his Chief Press Secretary, Edwin Olofu, Ganduje rejoiced with Muslims for the spiritual renewal and discipline attained during the sacred month of fasting, prayer and devotion to Almighty Allah.
He urged the faithful to uphold the virtues of piety, selflessness, and compassion that Ramadan represents while also extending love and kindness to one another, especially to the less privileged in society.
The APC National Chairman further called on Muslims and all citizens to remain steadfast in promoting unity, peace, and national progress in the country.
He emphasized that the lessons of Ramadan—patience, sacrifice, and perseverance—are essential in fostering harmony and strengthening the nation’s democratic institutions.
The two-term Kano State Governor also urged the Muslim Ummah and Nigerians to pray for President Bola Ahmed Tinubu to succeed in his efforts to lift the country from economic doldrums and resolve lingering security challenges.
He assured Nigerians of the APC-led government’s commitment to improving the welfare and well-being of all citizens, noting that Nigerians will not regret voting for President Tinubu after his first tenure.
-
Foreign1 week agoHouthis declare Ben-Gurion Airport ‘no longer safe’ after renewed Gaza fighting
-
News1 week agoWhy Christ Embassy’s Pastor Chris holds Abuja mega crusade – Fisho
-
Security2 days agoNew Commissioner of Police in Niger, Elleman sends strong warning to criminals
-
News2 days agoKogi Governor, Ahmed Usman Ododo salutes Tinubu at 74
-
News1 week agoUmeh denies receiving $10,000 with other 42 Senators to support state of emergency in Rivers
-
News20 hours agoAbia: LG Chairman, Iheke accused of using soldiers to detain IRS agent, claims Governor Otti’s support
-
News2 days agoPlateau LP stakeholders endorses Barr Gyang Zi’s defection to APC
-
Sports1 week ago2026 World Cup Race: Ekong says Eagles feel great to be back in contention