Fakoyejo Olalekan
The House of Representatives have moved a motion directing the National Lottery Regulatory Commission (NLRC) to require gambling companies integrate the National Identity Number (NIN) into their gaming business.
The lawmakers voted in favour of the decision on Thursday, after Ogun State representative in the lower chamber, Ibrahim Isiaka, who sponsored the motion, asked for the backing of his colleagues during the plenary session.
Join our WhatsApp ChannelIsiaka said billions are moved within the system of the gambling business, which is estimated to generate between $400 billion to $500 billion yearly He said the gaming industry can be used to launder money due to its significant cashflow.
With the lawmakers backing his motion, betting companies like BetKing, Nairabet, Sportybet and Bet9ja will require their customers to submit NIN before they are allowed to bet on their platforms.
During his presentation to the green chamber, Isiaka said, “The global gaming market is undoubtedly a huge one estimated to generate between $400 to $500 billion yearly and with the consistency of the current trends, by 2022, it is set to be worth around $565 billion with increasing amounts of revenues coming from online gaming in its many forms.
“When such large amounts of money are exchanged and transacted quickly through relatively anonymous interactions, there is a significant risk that criminals will be tempted to use the situation for money laundering.
“With age-restricted businesses like casinos and online gaming platforms, the critical barrier to entry for customers is age and identity verification, therefore there is an increased need for such verifications in virtual situations in order to secure both the customers and the operators.
“One of the basic purposes of the national identity Number is for identification, as it not only serves to identify the individual holder but also curbs duplication of identities.
“It is imperative for regulators to place a premium on data security of gamers and gaming operators and one readily available way to achieve this is to integrate the National identity Numbers (NIN) into the data collection of both new and existing customers.” Isiaka said.
