Ismaila Yusuf Atus, the Managing Director of a leading sports betting firm, has voiced concerns over the detrimental impact of multiple taxation on Nigerian businesses, describing it as a significant hindrance to their growth and sustainability.
Speaking to journalists in Abuja, Atus highlighted how federal and state governments impose high taxes on businesses, creating severe financial strain and jeopardizing their survival. This issue has become a major concern for entrepreneurs and industry stakeholders.
Impact on the Betting Industry
Atus pointed out that the betting industry, in particular, has been severely affected, with firms struggling to cope with dual taxation. He explained that these excessive taxes have forced companies to pass on the costs to their subscribers, ultimately raising consumers’ expenses and threatening the industry’s overall viability.
Despite these challenges, Atus acknowledged the sector’s potential for job creation, stating that the betting industry has already contributed to employment opportunities. “Despite these challenges, we’ve made progress. At the moment, we have created about 100 jobs,” he noted.
Atus also praised the recent Supreme Court ruling empowering states to issue betting licenses, calling it a positive development for the industry. This decision is expected to streamline regulations and provide more clarity for betting firms operating across Nigeria.
“The ruling has been a game-changer. 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 like Lagos, Cross River, Imo, and Oyo can issue licenses, giving them more autonomy,” he explained.
Upcoming Launch and Industry Challenges
Atus made these remarks ahead of the premium gaming company’s scheduled launch in Abuja on October 4, which is expected to further contribute to the industry’s growth. However, he acknowledged that the betting sector still faces reputational challenges due to concerns about addiction and unfulfilled promises, which remain a concern for many stakeholders.
In summary, Yusuf Atus emphasized the urgent need for a more favourable tax regime to support Nigerian businesses and enable them to thrive, particularly in the betting industry, which has the potential to contribute to employment and economic growth significantly.
