Abuja — The Managing Director of a leading sports betting firm, Ismaila Yusuf Atus, has highlighted the crippling effects of multiple taxation on Nigerian businesses, identifying it as a major obstacle to growth and sustainability.
While briefing journalists in Abuja, Atus noted that both federal and state governments impose exorbitant taxes on businesses, exacerbating financial burdens and threatening their survival.
He pointed out that this situation has raised concerns among entrepreneurs and industry stakeholders.
The entrepreneur explained that the betting industry, in particular, has been hardest hit, with firms struggling to cope with dual taxation.
Atus noted that this has led to increased costs for subscribers, ultimately affecting the industry's overall viability.
Despite these challenges, he stated that the betting industry has created employment opportunities, demonstrating its potential for job creation.
He said, "The government taxes the company, and the company, in turn, passes all the taxes onto the subscribers. The regulations are not effective.
"The government is looking at it from the perspective of the population, knowing that people are desperate to make money. Companies are also desperate to make money, and that is the fake life we live in this country.
"Despite these challenges, we've made progress. At the moment, we have created about 100 jobs."
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Atus also welcomed the Supreme Court ruling empowering states to issue betting licenses, citing it as a positive development for the industry. This move is expected to streamline regulations.
According to him, the Supreme Court ruling has been a game-changer.
He said, "It is not about the National Lottery Commission anymore. We have states that issue licenses.
"This ruling has brought significant changes to the sports betting landscape in Nigeria. Now, states with betting companies can issue licenses, giving them more autonomy. Betting firms can obtain licenses from states like Lagos, Cross River, Imo, and Oyo, in addition to the National Lottery Commission."
Atus made these comments ahead of the premium gaming company's October 4 launch in Abuja, which is expected to contribute to the industry's growth.
Nevertheless, the betting industry's reputation remains a concern to many stakeholders due to issues of addiction and unfulfilled pledges.
