06 Jun NLRC Undertakes KYC Evaluation on Four Companies; Tasks on Integrity, Compliance, Accountability

NLRC Undertakes KYC Evaluation on Four Companies; Tasks on Integrity, Compliance, Accountability

By Tony Udoka

In an effort to bolster transparency and accountability within Nigeria’s lottery industry, the National Lottery Regulatory Commission (NLRC) recently carried out a comprehensive Know Your Customer (KYC) exercise on Four companies.

The scrutiny, conducted at the NLRC’s headquarters in Abuja recently, aimed to validate the authenticity of these companies ‘ operations and ensure their compliance with regulatory standards.

DG NLRC Lanre Gbajabiamila OON addressing prospective operators during KYC session

Led by the Director-General of the NLRC, Lanre Gbajabiamila (OON), the rigorous KYC process examined the standings of Ruby Prospects Limited (Mobile Gaming), Playsphere Studios Nigeria Limited, Vasimos Consults Nigeria Limited, and 247 Comcare Limited (Mobile Gaming).

This meticulous examination, which spanned several hours, delved into each company’s corporate structure, financial records, operational procedures, and adherence to regulatory protocols.

Moreover, the Director-General tasked PlaysphereStudios Nigeria Limited with providing updated record soft heirkey stakeholders, along with their Corporate Affairs Commission (CAC) documentation, as prerequisites for the NLRC to proceed with their licensing process.

He also ensured that every aspect of the companies’ operations aligned with the statutory requirements prescribed for lottery operators in Nigeria, emphasising the importance of maintaining integrity and accountability in the sector. He stressed the necessity of stringent regulatory oversight to safeguard the interests of stakeholders and the public alike.

“The Know Your Customer process is paramount for preserving the integrity of the lottery industry”.

“Through thorough evaluations of lottery operators, we can identify irregularities and ensure compliance with the law, thereby protecting consumers and fostering trust in the lottery system,” remarked Gbajabiamila.

All Four companies fervently pledged their compliance with the established rules, while also acknowledging the Commission’s professional guidance and support.