13 May NLRC Enhances Regulatory Measures Through Physical KYC Sessions with Prospective Operators

NLRC Enhances Regulatory Measures Through Physical KYC Sessions with Prospective Operators

In a bid towards promoting integrity within the lottery and gaming sector, the National Lottery Regulatory Commission (NLRC) recently hosted Know Your Customer (KYC) sessions for new entrants into the lottery industry.

Led by Mr. Lanre Gbajabiamila (OON), the Director General of the Commission, the interactive sessions focused on the paramount importance of KYC protocols, and the thorough understanding of all companies registered with the Commission as imperatives for effective regulation.

NLRC DG, Mr. Lanre Gbajabiamila addressing the aspiring Permit Holders

During the session held at the Commission’s headquarters in Abuja, Mr. Gbajabiamila stressed the significance of ensuring that technical partners are duly registered with the Commission. He emphasized that this measure was essential for the welfare of both the companies and the players involved.

While urging new lottery companies to adhere strictly to regulatory guidelines and promptly remit funds to the government, Gbajabiamila harped on the need for full team participation from all applicants. He urged companies to ensure their offices had physical locations accessible to the Commission, further asserting the Commission’s authority to access company applications and websites.

“We must delve deep into the KYC because it is crucial for proper regulations in the interest of both the companies and the players. This is not a one-man business for only one person to be present during presentations, as we want to meet and know all those involved in the companies applying for a permit. Please ensure that your full team is available while the Commission processes your permit/license. Make sure your office has a physical location that the Commission can visit at any time. And now also that the Commission has full authority to access your apps and websites,” stressed the DG.

The DG further reiterated the imperative of meticulous scrutiny for all Gaming Permit applicants, particularly in assessing critical details such as company leadership, operational strategies, technical affiliations, and proposed operational sites.

The event spotlighted three prospective companies: Bid Entertainment Limited, Goal-Tie International Limited, and Umican Network Technology Co. Limited. Each company presented their operational plans and commitment to compliance with NLRC regulations.

Representatives of Umican Network Limited during the KYC Session

Goal-Tie International Limited showcased an innovative blueprint for interactive gaming experiences, signaling a proactive approach to engaging users. Umican Network Technology Co. Limited underwent thorough evaluation following recent changes in its shareholder structure, demonstrating NLRC’s commitment to maintaining regulatory alignment amidst industry developments.

By Ifeoma Eze and Garos Gyang