News
Reps Move To Ban Sports Betting In Nigeria
Approximately, 60 million Nigerians aged between 18 and 40 that are engaging in sports betting will be affected, as the House of Representatives has resolved to stop sports betting in the country and urged the National Lottery Regulatory Commission (NLRC) to comply with the Lottery Regulatory Commission Act, 2005.
According to reports, the resolution followed the adoption of a motion by Rep. Kelechi Nwogu (PDP-Rivers) at plenary in Abuja on Thursday, saying weak or neglected regulations of sports betting have given rise to mental health problems such as depression, anxiety, and addiction.
He further explained that it had also led to strain or broken relationships due to lying or stealing from friends and family, financial problems, legal issues, and job loss due to excessive loss or debt.
“Betting has given rise to an increased crime rate and eventual suicide,” he said.
He harped on the need for campaigns to prevent the negative social impact of lottery and underage participation.
While adopting the motion, the House urged the Federal Ministry of Information and National Orientation to conduct a comprehensive nationwide campaign to raise public awareness about the negative impact of youth participation in sports betting.
The House also mandated the Committee on Inter-governmental Affairs to conduct a public hearing on the dangerous effects of sports betting in Nigeria.
It urged the committee to report back to it within four weeks for further legislative action.
Statistically, Nigerians spend an estimated 975 million dollars daily on online sports betting, which amounts to about 356 billion dollars annually.
(NAN)
News
IFC, CBN Partner On Private Sector Growth Through Naira Financing
The International Finance Corporation, IFC, a member of the World Bank Group, and the Central Bank of Nigeria, CBN, have signed an agreement to increase local currency financing to enable private businesses in Nigeria to grow and thrive.
The partnership will allow the IFC to manage currency risks and increase its investments in the Naira across priority sectors of the economy, including agriculture, housing, infrastructure, energy,
small and medium enterprises and the creative and youth economy.
A statement jointly issued by Hakama Sidi Ali, on behalf of the CBN in Abuja, and Hlazo Mkandawire for the IFC, said the global financial institution aims to significantly scale up its financing of critical sectors in Nigeria, with a goal of providing over $1billion in the coming years to shore up the Naira.
The statement added that many of the sectors of the economy to be impacted require local currency financing, and as such the IFC’s partnership with the CBN is a key tool in expanding access to finance.
“Ths pioneering initiative between the IFC and CBN will unlock the much-needed long-term local
currency fnancing for private businesses in Nigeria at economically viable rates,” stated Governor Yemi Cardoso of the Central Bank of Nigeria.
“This collaboration marks a significant progress in the CBN’s commitment to deliverng innovative development initatives through reputable third-party
service providers, moving beyond traditional intervention programs.
“It will serve as a catalyst for
economic growth and advance the Federal Government’s agenda for economic diversification”, the apex bank governor stated.
“Expanding access to affordable local currency financing for small businesses in Nigeria is essential for the IFC to address the increasing demand for diverse funding options and to better
manage currency risk,” said Makhtar Dop, the IFC managing director.
“Our partnership with the
Central Bank of Nigeria will enhance lending in Nigerian naira, fostering economic growth and
creating jobs across the country.”
With an active portfolio of investments in Nigeria of up to $2.13 billion—the second highest in Africa—local currency financing is a key priority for the IFC.
“We will continue to leverage innovative financial instruments and strengthen partnerships to meet the growing demand for more local currency financing in emerging markets”, he added.
The IFC, a member of the World Bank Group is the largest global development institution focused
on the private sector in emerging markets.
Operating in more than 100 countries worldwide, the IFC uses its capital, expertise, and influence to create markets and opportunities in developing countries.
In fiscal year 2024, the IFC committed a record $56billion to private companies and financial institutions in developing countries, leveraging private sector solutions and mobilizing private capital to create a world free of poverty on a livable planet.
News
EU Supports Dialogue On Increased Women’s Participation, Representation In Governance
News
BREAKING: APC Suspends Rauf Aregbesola Over Anti-party Activities
By Kayode Sanni-Arewa
The Osun State chapter of the All Progressives Congress (APC) has suspended former Minister of Interior, Ogbeni Rauf Aregbesola, over alleged anti-party activities. According to Vanguard, in a resolution submitted to the APC National Secretariat and directed to National Chairman Dr. Umar Ganduje, Osun APC accused Aregbesola, who previously served as governor, of fostering divisions within the party by creating a rival faction. The APC claims that this act has disrupted party unity, especially during a sensitive time in Osun politics. Party leaders believe Aregbesola’s influence over certain groups has deepened internal rifts, which the state chapter sees as detrimental to the party’s unity. This suspension represents a bold step by the Osun APC to address internal issues and refocus leadership priorities as they prepare for upcoming elections. Responses from Aregbesola’s camp are expected as the situation develops.
Details later…
-
News14 hours ago
Hon. Ikwechegh tenders public apology, for humiliating delivery driver, seeks professional counseling on behavioral change
-
News13 hours ago
Northern govs move against President Tinubu’s proposed Reforms
-
News8 hours ago
Just in: Again, NNPCL Increases Fuel Pump Price To 1,025 In Lagos
-
Sports14 hours ago
Man City’s Rodri Beats Vinicius, Bellingham To Win 2024 Ballon d’Or
-
News7 hours ago
Many terrorists killed after NAF airstrikes in Borno
-
News14 hours ago
FG moves to teach mathematics in Yoruba language
-
Politics4 hours ago
Protest in INEC over demand for Ondo REC redeployment
-
News7 hours ago
OAU Students Chase Out ex-Vc’s Reps Over 1999 Allegations