Tag: Lottery

  • Lottery to generate N500bn in 5 years – Minister

    Lottery to generate N500bn in 5 years – Minister

    The Minister of Special Duties, Alhaji Taminu Turaki, over the weekend said the nation’s lottery industry could generate a minimum of N500 billion within five to 10 years.

    Turaki made this known to newsmen in London at the end of a three-day visit to various UK lottery agencies.

    He said that lottery had a potential of creating jobs, and generating huge revenues for the country if properly articulated, while citing the success story of UK.

    The minister, who led a 12 man delegation, further said that monies derived from lottery could fund thousands of good projects that would benefit the public.

    The News Agency of Nigeria (NAN) reports that the UK Lottery industry which ranks among tops in the world has generated 31 billion pounds for good projects since it was established in 1994.

    The sector also creates six millionaires weekly from different games of play.

    Turaki, who noted that the “perception of lottery as gambling” was a challenge to the industry in the country, adding that if Nigerians understood the concept of lottery, the percentage of players would surpass that of the UK, put at 70 per cent of its population.

    “There is a world of difference between lottery and gambling, even in the UK there are agencies handling each of them. If you consider the immeasurable benefits derived from lottery, it is clear that it’s different from gambling.

    “We embarked on this trip to share in the UK experience of lottery so as to enable us tighten loose ends in our own system.

    “We want Nigerians to benefit from what others around the world are getting from lottery.

    “In so doing, we are committed to unbundling the sector and liberalising the landscape for investors and players to have confidence in the industry,” Turaki added.

    In the same development, Mr Shaun Walsh, the Deputy Director UK’s Big Lottery Fund, who had earlier briefed members of the delegation, said that lottery funds were spent on charitable projects and not invested.

    “We give grants from 300 pounds to multi million pounds to organisations ranging from small local groups to major national charities.

    “Funds are given through programmes tailored to the specific needs of communities across the UK and these are mainly in health, education, environment and charitable purposes,” he said.

  • UK plans reform to end pension system, lottery

    Retired workers would be allowed to switch to better paying pensions under government plans to tackle “murky” practices among insurance firms.

    Steve Webb, the pension’s minister, wants pensioners to be able to switch to better annuities regularly in the same way that home owners can change their mortgage deals every few years.

    The proposal would end the current “lottery” in which many pensioners are trapped in potentially poor-value schemes until they die.

    In an interview with The Telegraph, Webb sets out his blueprint for an overhaul of the private pension system.

    He also plans to help the long-term sick and introduce curbs on the hidden fees that can cost customers thousands of pounds.

    The intervention comes before a report from regulators that expected to accuse pension firms of making excessive profits from millions of people converting their lifetime savings into annuities.

    Currently, most people are forced to use their pension savings to buy an annuity, paying an annual income for the rest of their lives. For many people, it is the biggest financial decision they will make. However, in recent years annuity rates have plunged, trapping many people in poor-value schemes that have destroyed the value of their lifetime savings.

    The ability to switch annuities after retirement would trigger a revolution for savers and kick-start an industry catering for people who are shopping around to boost the value of their pension.

    Webb, a Liberal Democrat, said the Government must tackle “the whole issue of cost” for people buying annuities, as well as the “hidden charges” from insurers.

    “When you take out a mortgage, in a few years if rates change you can switch your mortgage. But when you take out an annuity, that is it for life. This could easily be for a quarter of a century. Why shouldn’t you be able to change your annuity provider so a few years later somebody else could offer you a bigger pension?

    “Why shouldn’t you be able to shop around?”

    The annuities market has been attacked for exploiting people’s confusion about the complicated arrangements and putting people off “shopping around” for the best deal when they retire – a decision that cannot be reversed.

    The problem has become particularly acute after the demise of final-salary pensions in the private sector, which do not require people to buy annuities.

    Webb accused insurance firms of engaging in “murky” practices when selling annuities to retiring workers, with extra charges that can add up to thousands of pounds.

    “There are almost murky things at the point where you buy an annuity,” he said. “There are odd percentages going in funny places for no good reason.”

    He called for greater clarity in the charges insurers make when selling annuities.

    “We need to ensure it’s transparent,” he said. “This is a complicated transaction for many people. The industry understands this stuff, the public don’t.

    “I think lottery is a fair word. We are worrying about charges, but if the outcome at retirement can differ by 15 to 20 per cent or more just because of whom you go to, that’s a huge difference and so there can be an element of a lottery in that.”

    Last month, a consumer watchdog warned that regulators were failing to stop insurers and pension brokers from ripping off elderly people when they buy annuities. Mr Webb said the 400,000 people who buy annuities every year “need value for money”.

  • Lottery board decries members’ harassment

    The Lagos State Lottery Board has urged the police and local government officials to stop the “undue harassment” of lottery operators agents who are doing legal business.

    Its Chief Executive Officer, Mr Lanre Gbajabiamila made the appeal yesterday during a stakeholders’ meeting with Lagos State Lottery Principal and Super Agents at the Adeyemi Bero Auditorium at Alausa in Ikeja, Lagos.

    Lottery agents at the meeting said they were often being harassed by policemen and council officials to extort money from them. They urged the board to look into the situation.

    Gbajabiamila said the board would investigate the allegation and come up with amicable resolution of the problems.

  • Lottery: Nigeria loses N2b monthly to project delay

    Nigeria is losing revenue in excess of N2billion monthly as a result of the delay in the implementation of the Lottery Platform As a Service (LPAAS) Project by the National Lottery Regulatory Commission (NLRC), it was learnt yesterday.

    The Chairman and Chief Executive Officer of the Systems Numeric Nigeria Ltd, Athan Achonu, while appearing before the House of Representatives Committee on Public Petitions, said the Lottery Commission and the Bureau for Public Procurement (BPP) shunned due process in the bidding process for the LPAAS contract.

    The Systems Numeric Ltd petitioned the committee on February 25, accusing the Lottery Commission and BPP of violating due process in the bidding process for the contract as contained in the Act establishing the Lottery Commission.

    “But for the delay in the launching of the project, by now, Nigeria ought to be making about N2billion monthly from lottery. Unfortunately, we are faced with this delay as a result of the flawed process in the award of the contract,” Achonu said.

    To support his claims, Achonu, in the petition to the committee, said his firm met the biding requirements prescribed by the BPP.

    He said: “For instance, in compliance with the requirement, my company submitted a technical proposal in which the financial proposal was a section. But the other company submitted its technical and financial bids as separate documents in violation of Section 13 Page 17 of the Lottery Commission’s request for proposal, RFP.

    “In addition, the rival bidder failed to submit the performance bond as required, whereas he provided performance bond of N500,000,000.00 that was sourced from a bank. Unfortunately, the facility is still accumulating interest to the detriment of my company.”

    He, however, expressed concern over the inability of the BPP and the NLRC to adhere to due process.

    Said he: “With the foregoing, we expected that in compliance with all international best practices for bids of this nature, our company would have been awarded the contract.

    “To our amazement, instead, the SGF directed the Lottery Commission, BPP and the ICRC to further review the bid, which unnecessarily gives our rival bidder an opportunity in the LPAAS bid.”

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

  • National Lottery Trust Fund unveils logo

    National Lottery Trust Fund unveils logo

    The National Lottery Trust Fund (NLTF) witnessed a stamp of endorsement that would catapult the organisations and individuals to another level of wealth creation, when it unveiled its new logo last week in Abuja.

    In the words of the Director-General, National Lottery Trust Fund (NLTF), Mr Habu Gumel, this step by the lottery fund management “is geared towards ensuring that the pace of progress and activities in the lottery sector is in line with the transformation agenda of the Federal Government.”

    Secretary to the Government, Pius Anyim who was represented by the Permanent Secretary, Ministry of Special Duties, Henry Akpan said the significance of the new brand outlook “symbolises the awakening of a sleeping giant.”

    Anyim said the unveiling of the emblem indicates that “the NLTF is telling Nigerians that it is now ready to rise up to its statutory mandate, and consequently that Nigerians should also get ready for a new dimension of the Federal Government’s transformation agenda.”

    Minister, Special Duties, Kabiru Turaki said: “The decision by the management of the trust fund to unveil its iconic logo, a website and an in-house information brochure is very strategic.”

    He assured that the government will ensure that new regulatory framework and polices that deepens competition and growth of lottery market in Nigeria are pursued and implemented.

    The NLTF was established eight years ago under the National Lottery Acts 2005 to take custody of government’s share of the proceeds generated from national lottery operations in the country.

    Project consultant and Chief Executive Officer of Visage PR Limited, Afolabi Andu said the design framework of the logo captured the essence of the NLTF’s mandate as a remittance receiving entity whose primary source of fund is lottery and what it seeks to achieve with the funds as provided under the lottery Act. He explained that ‘sports’ was chosen as the main theme because of “its unifying power which transcends religion, ethnicity, race and politics.”

    Andu reiterated that “the new NLTF brand outlook is not just about grant-giving; it is about an emblem that could be a stamp of endorsement that succinctly fits in the transformation agenda of President, Goodluck Jonathan, in facilitating the achievement of set national development goals.

    “The new brand draws on what the NLTF intends to achieve in its vision of becoming a world-class transformational lottery intervention funder of sustainable social investments in a broad, distinctive and integrated approach firmly grounded in Nigeria’s development agenda,” he noted.

    The public relations specialist said the jagged symbol or emblem seen on the logo is reflective of an aerial view of a stadium when viewed from the air adding that the logo is finished in national colours with shades of lemon green and white signifying elegance and freshness, which “will easily connect with partners and stakeholders in the industry.”

    Gumel said: “Our new logo reveals a brand that will be familiar, instantly recognisable by Nigerians and associated with our projects and outreach activities as we commence investments in good causes projects nationwide. The logo remains our voice and messenger that resonates with our valuable customers, development partners and stakeholders.”

  • The lottery of life

    It is the tradition of the ECONOMIC INTELLIGENCE UNIT of the weekly British Magazine,THE ECONOMIST, to make a global survey of values of life in countries.

    A month ago,the unit published the result of its survey for the year 2013 in eighty countries.

    According to the UNIT, it was aware that despite global economic crises, times have in certain respect, never been good owing to decline in output growth rate.

    On page 85 of THE WORLD IN 2013, printed by THE ECONOMIST, Nigeria is listed as the worst place for a baby to be born in 2013.

    It was an article written by LezaKekic on the verdict of the ECONOMIC INTELLIGENCE UNIT. It earnestly attempts to measure which country will provide the best opportunities for a healthy, safe, and prosperous life in the years ahead.

    Switzerland is the best country to be born in 2013,according to the UNIT, followed byAustralia, Norway, Sweden, Denmark, Singapore, Newzealand, Netherland, Canada, Hong Kong, Finland, Ireland, Australia, Taiwan, Belgium, Germany and United States of America.

    South Africa is ahead of Algeria, Egypt, Tunisia, Iran, Morocco and Jordan, while Nigeria is below Kenya, Pakistan and even Syria, which is at present at war.

    ‘Its quality-of-life index links the results of subjective life-satisfaction surveys- how happy people say they are- to objective determinants of the quality of life across countries. Being rich helps more than anything else, but it is not all that counts; things like crime, trust in public institutions and the health of family life matter too. In all,the index takes 11 statistical significant indicators into account. They are a mixed bunch: some are fixed factors, such as geography; others change only very slowly over time (demography, many social and cultural characteristics); and some factors depend on policies and state of the world economy.

    A forward-looking element comes into play,too. Although many of the drivers of the quality of life are slow changing, for this ranking some variables, such as income per head, need to be forecast. We use the EIU’S economic forecast to 2030, which is roughly when children born in 2013 will reach adulthood’,Mr.Kekic declared.

    By co-incidence,the same magazine on page 81, published the Economic predictions of Nigeria’s Finance Minister,NgoziOkonjo-Iweala on Africa, Nigeria included.

    In the article titled,’EMERGING FROM THE FRONTIER’, Mrs.Iweala said Nigeria, Ethiopia and Angola will have a robust economy in 2013.

    She used all the economic jargons,typical of World Bank officials, which had never worked so far, to project Nigeria’s economic future in 2013.

    Reading the two articles,I got addled and befuddled on who is credible and plausible.

    If Mrs.Iweala, whom we regard as our economic miracle woman here, could be precise in her prediction, how come THE ECONOMIST,was able to regard Nigeria as the worst place to be born in 2013, If she can not convince THE ECONOMIST, how can she convince us all here.

    Anyway time will tell whether Mrs Iweala’s projection is a mere fantasy or day-dream typical of her or whether the findings of THE ECONOMIC INTELIGENCE UNIT could be precise and exact.

    As they say, NAPOLEON IS ALWAYS RIGHT.

    But morning shows the day.

    No American President has cared and loved Nigeria more than BILL CLINTON. In and out of office he has visited Nigeria several times.

    In his 953 page book titled ’MY LIFE’ which he wrote in 2004 after he left office, he revealed his hope for Nigeria while in power.

    On page 856 of that book, he wrote,’ I got up at four in the morning to watch the inaugural ceremonies for Nigeria’s new president, former general Olusegun Obasanjo, on TV. Ever since gaining independence, Nigeria had been riddled by corruption, regional ad religious strife, and deteriorating social conditions. Despite its large oil production, the country suffered periodic power outages and fuel shortages. Obasanjo had taken power briefly in a military coup in the 1970s, then had kept his promise to step aside as soon as new elections could be held. Later, he had been imprisoned for his political views and, while incarcerated, had become a devout Christian and had written books about his faith. It was hard to imagine a bright future or sub-Saharan Africa without a more successful Nigeria, by far its most populous nation. After listening to his compelling inaugural address, I hoped Obasanjo would be able to succeed where others had failed’.

    That was vintage Bill Clinton on Nigeria in 2004.

    Has there been any improvement so far?

    We are now in 2013, a fresh year and the year should offer us new opportunities and new challenges. Certainly 2013 should be a judgment year for Nigeria so as to avoid jumble and clutter in this country. Things can not go on as they are now.

    Our situation is near lamentable and our plight and agony was even mentioned by the Pope in his last Christmas message.

    My hope for Nigeria is the same hope you have for Nigeria too.

    May 2013 bring new light into our dark chambers of pessimism.

    May 2013 lift us from the mid-night of desperation to the day break of joy.

    May 2013 lead us through life’s dark valleys into sunlit pathways of hope and fulfilment.

    • Teniola is a retired Director in the Presidency, now lives in Lagos.

  • Firm launches scratch card lottery

    Firm launches scratch card lottery

    ISIS Gaming Limited has launched the first-ever scratch card lottery that offers players a variety of gaming options in Lagos.

    “Unlike other conventional lotteries, what you see under the silver panel on the scratch card is what you win, thus eliminating the stress of forecasting and waiting for results to be announced,” the firm said.

    ISIS is entering the lottery market on three exciting platforms namely – C money + which sells for N50 and players stand a chance to win from N50 to N50, 000, Money-Rain which goes for N100 and winners have the chance to win from N100 to N200, 000 and the Big-Boy selling for N500 where winners could win from N500 to N500, 000.

    In his address at the event, the Chief Executive Officer, Lagos State Lottery Board, Mr. Lanre Gbajabiamila, commended the initiative, saying “it is the first of its kind in the country.”

    He further stated that the members of the public who patronise the product are spending their money on a good cause as against the “general gambling” belief people hold against lottery, explaining that revenue generated from the lottery will be channeled to infrastructural development in Lagos State.

    The company’s Marketing Executive Officer, Okharedia Otibho, in a chat with journalists, said the company is committed to promoting good cause and enrich lives by developing new games with the high winning chances and payout ratios, adding that the lottery’s winning will also include scholarships awards.