The Managing Director of a leading sports betting firm, Ismaila Yusuf Atus, has highlighted the detrimental impact of multiple taxation on Nigerian businesses, identifying it as a significant barrier to growth and sustainability. During a press briefing in Abuja, Atus noted that both federal and state governments impose heavy taxes, further straining businesses financially.
He explained that the betting industry has been particularly hard hit by dual taxation, leading to increased costs for subscribers and threatening the viability of many firms. This issue has raised concerns among entrepreneurs and industry stakeholders, with companies passing the financial burden onto customers.
Despite these challenges, Atus acknowledged the sector’s potential, pointing out that the betting industry has created about 100 jobs, demonstrating its capacity for job creation. He emphasized the need for more effective regulation, noting that the government’s approach, driven by population and economic desperation, exacerbates the issue.
Atus also welcomed a recent Supreme Court ruling granting states the authority to issue betting licenses. He described this as a positive development that is expected to streamline regulations and give states more autonomy in managing the industry. States like Lagos, Cross River, Imo, and Oyo can now issue licenses alongside the National Lottery Commission.
Atus made these comments ahead of his company’s October 4 launch in Abuja, which is anticipated to further contribute to the industry’s growth.