09 Mar NLRC Holds KYC Session with Operators … Stakeholders to Strengthen Anti-Money Laundering Measures

The Director General of the National Lottery Regulatory Commission, Lanre Gbajabiamila, OON has emphasized the importance of stringent checks during the lottery License and Permit registration process as a crucial step in implementing the Federal Government policy that aims to strengthen efforts against money laundering and illicit financial activities.

DG, NLRC , Mr. Lanre Gbajabiamila (OON)

He said this on the occasion of Know Your Customer (KYC) session which took place at the National Lottery Regulatory Commission (NLRC) headquarters in Abuja recently, where 12 new lottery companies, namely; Blockdance Africa Limited, PGP Limited, Emerald Distribution Limited, Fortune House Network Limited, GO Lottery Limited, Wowbet Limited, YellowDot Africa Nigeria Limited, International Gaming & Entertainment Limited, Pisi Integrated Services Limited, Global Entertainment &; Integrated Arena Limited, FavourBet Limited, Rockswood Security Limited, were present, fulfilling a part of the requirement for obtaining a National Lottery License or Permit.

The DG welcomed the applicants and acknowledged their compliance. He stressed the significance of not only providing a comprehensive overview of all shareholders and directors of their companies but of reporting in person to be known by the Commission, reiterating the NLRC’s commitment to upholding the highest standards of integrity and fairness in the licensing process.

The DG reviewed documentation, and detailed information about their shareholders and directors, including their identities, financial history, and any relevant affiliations.

NLRC DG, Mr. Lanre Gbajabiamila (OON) speaking to applicants for the National Lottery License at the KYC session

“We have to go through this process because there are companies that apply, send documentation, and their shareholders never show up. This government policy ensures the transparency and integrity of the lottery industry. Compliance is the first step in showing us that you are fit and proper to run this business.”

“All stakeholders in this industry are required to maintain high ethical standards; it is not only about revenue generation but also about giving back to the community, and providing jobs to Nigerians. Look into retail and online employment for Nigerians”, DG stated.

Representatives from the twelve companies expressed their commitment to comply with the regulations and to work collaboratively with the NLRC to ensure a transparent and accountable lottery sector.

While they affirmed their commitment to contribute valuably to the gaming industry by working in accordance to the Terms and Conditions, they expressed gratitude for the opportunity the KYC policy has allowed the NLRC to know its shareholders in person and promised to submit all required documents and seek assistance where needed.

By Garos Gyang