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General

Plans to finish unlawful lottery operations

We laud the Federal authorities’s plan to remove operators, particularly these concerned in Ponzi schemes from the nation. The Everlasting Secretary for Particular Duties within the workplace of the Secretary to the Authorities of the Federation, Mr. Festus Dauda, disclosed this to journalists in Abuja after a two-day specialised coaching organised for members of the Nationwide Regulatory Fee.

He additionally revealed that many individuals fall victims of the Ponzi scammers as a result of many Nigerians regarded as playing. In line with him, the sport turned standard with sports activities betting and promotion actions embarked upon by producers and cell community service suppliers.

As a result of fraudulent actions of the operators, the federal government has empowered the regulatory fee with trendy know-how to apprehend all operators and quacks and prosecute them. The federal government’s plan to make sure that the operators and quacks within the business are eradicated is an effective growth.

We imagine that the initiative will reposition lottery to its rightful place and allow authorities faucet from the good points within the business. It’s unhappy that the federal government is shedding billions of naira to the operators. Subsequently, it’s commendable that the Director-Basic of the NLRC, Mr. Lanre Gbajabiamila, has said the fee’s readiness to implement the legal guidelines guiding lottery within the nation.

We welcome the brand new plan to sanitise the business in order that the Ponzi scheme scammers won’t proceed to defraud Nigerians. We recall that many Nigerians had fallen victims to those Ponzi schemes. In March 2017, the Nigeria Deposit Insurance coverage Fee (NDIC) revealed that Nigerians misplaced N18billion to the MMM scheme in 2016.

MMM was a Russian firm that perpetrated one of many world’s largest Ponzi schemes of all time, within the 1990s. It was launched in Nigeria in 2016. The scheme had over three million contributors earlier than the organisers suspended fee to buyers. Additionally, just lately, the Financial and Monetary Crimes Fee (EFCC) recovered over N200 million from one other ponzi scheme, the Swiss Golden funding.

This was after the fee acquired petitions from many complainants that invested within the fraudulent scheme with out receiving the income or recovering their capital. Altogether about seven ponzi schemes had operated in Nigeria within the final 5 years. These schemes function like surprise banks and are usually not regulated.

Regardless of the disappointments related to the ponzi schemes, they’re nonetheless standard within the nation. However the crash of the MMM ponzi scheme, others corresponding to Twinkar, Final Cycler, Pennywise and Assist Colony loved commensurate patronage. There isn’t a doubt that ponzi schemes are fueled by the greed and excessive expectations of those who patronise them.

We urge Nigerians to be cautious of fraudulent investments, particularly these which promise excessive returns. They need to be circumspect in investing in any scheme. They need to keep away from uncertain investments, particularly these from ponzi schemes, unregistered corporations and people with out fastened handle.

Some monetary specialists have attributed excessive patronage of the ponzi schemes to the prevailing financial hardship within the nation. Authorities ought to diversify the financial system and appeal to extra international investments. It also needs to create extra consciousness on the actions of the ponzi schemes and real lottery operators.

Apparently, the Nationwide Communication Fee (NCC) has been ordered to close down the unlawful lottery operators. Whereas applauding the initiative, we urge the federal government to make sure that solely real ones are allowed to function. Authorities ought to ensure that unlawful lottery operators are apprehended and prosecuted because it promised. These discovered responsible should be given condign punishment.

The proliferation of unlawful lottery operators within the nation is condemnable. The federal government ought to create extra jobs in order that it will possibly scale back the patronage of those ponzi schemes by Nigerians. The lack of over N1 trillion to the scheme yearly is mind-boggling.

We urge the NLRC to enlist the providers of the Central Financial institution of Nigeria (CBN) to observe the fee settlement within the lottery business. The NCC ought to ban unlawful lottery and playing actions on all GSM networks. There are fears that the proceeds of unlawful lottery operation could also be used for cash laundering and terrorism.

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6 Comments

  1. Good

  2. Thanks for sharing

  3. I agree that the Federal government should flush them out But they should also create jobs and pay salaries because the level of poverty is too much. As such, many are easily deceived.

  4. Hmmm

  5. Ok

  6. Good

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