The nation of Nigeria is poised to unveil a novel remote operator permit, enabling enterprises already authorized in other regions to provide online gaming services within Nigeria’s borders without the necessity of establishing a physical presence locally.
This permit will empower operators to offer a range of gaming experiences, encompassing casino games, bingo, slot machines, sports betting, and poker, with a five-year validity period. To secure this license, operators will be required to remit an initial payment of $100,000 and an annual fee of $50,000 for the subsequent four years.
The National Lottery Regulatory Commission of Nigeria will be responsible for outlining the terms and conditions that licensees must strictly adhere to. Operators who successfully obtain this new license will be granted the privilege of providing their services within Nigeria and engaging in advertising within the country through print media or affiliate programs.
At the core of this new framework lies an advanced tax collection system, powered by Sentinal, a cutting-edge product developed by E-Technologies Global Limited, a prominent UK fintech firm. This innovative system will empower payment providers to deduct taxes at the precise moment of each transaction and promptly transfer these funds to the treasury.
Mohammed Nami, the head honcho of Nigeria’s Federal Inland Revenue Service, declared that the new system is crucial for boosting tax income, a top priority for governments across the globe these days.
“The world is facing a tough period, and governments are obligated to raise tax revenue as a portion of their GDP to finance essential local infrastructure and public services.
“Nigeria needs to be inventive and utilize technology to ensure the taxation and accounting of online transactions.
“We are impressed with the Sentinal system, which not only enables us to tax at the source but also provides real-time tax reporting and monitoring tools. This system will be incorporated into our own TaxPro Max portal.”
Lanre Gbajabiamila, the chief executive of Nigeria’s National Lottery Regulatory Commission, stated that the nation welcomes any foreign operators that pass its vetting process.
“Online gambling is experiencing rapid growth in Nigeria, particularly on mobile devices, and the adoption of E-Technologies’ Sentinal National Payment Gateway is a key initiative to allow us to collect gambling taxes at the source,” he said.
“We welcome all responsible foreign gambling operators to apply for remote operator licenses, as long as they meet all relevant standards, including thorough anti-money laundering screening and responsible gambling practices.”
We are delighted to be the first nation to implement the Sentinal system. It will be a significant advantage for Nigeria.
David Keekes, the leader of E-Technologies, stated that the agreement is a major stride for authorities to combat the illicit gambling industry.
“This is a major development. It will open up new markets for reputable gambling businesses, as the unlawful market is spiraling out of control,” he remarked.
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