Abayomi Nurain Mumuni, chief executive officer of MorRich Lottery Limited, has declared that the Supreme Court judgement that nullified the National Lottery Act has raised several legal uncertainties that pose substantial risks for stakeholders in the industry.
Mumuni, an investor, made this declaration in separate letters addressed to President Bola Ahmed Tinubu and Chief Justice of Nigeria, Justice Kudirat Kekere-Ekun.
The letters, which were made available to journalists in Ibadan told Justice Kekere-Ekun that the Supreme Court’s decision has raised several legal uncertainties that pose substantial risks for stakeholders in the lottery business.
Recall that the Supreme Court nullified the National Lottery Act 2005 enacted by the National Assembly sequel to the suit filed in 2008 by Lagos and other states.
The Supreme Court in a unanimous judgement consisting of seven members in its ruling held that the National Assembly has no power to legislate on issues relating to lottery and games of chance.
Mumuni, who is a chieftain of the ruling All Progressives Congress (APC) in Lagos State, in the letter, however, added that these stakeholders, including local and international investors, have made significant investments predicated on a stable regulatory environment.
The renowned security expert revealed that the current situation may led to potential litigation, both domestically and internationally, which could undermine the confidence of investors and affect the economic contributions of the lottery sector.
” I am writing to bring to your attention a matter of significant importance concerning the gaming and lottery sector in Nigeria, particularly in light of the recent Supreme Court judgment regarding the Nigeria National Lottery Commission,” he said.
While addressing President Tinubu, Mumuni said, “As you may be aware, the Supreme Court’s decision has raised several legal uncertainties that pose substantial risks for stakeholders in the lottery business. These stakeholders, including local and international investors, have made significant investments predicated on a stable regulatory environment.
“The current situation may led to potential litigation, both domestically and internationally, which could undermine the confidence of investors and affect the economic contributions of the lottery sector.
“In the interest of promoting growth and stability within this industry, I respectfully urge you to engage with the Attorney General of Nigeria to consider a review of the Supreme Court judgment. A collaborative dialogue involving relevant stakeholders could help devise a comprehensive solution that addresses the concerns of all parties involved, while preserving the integrity of our judicial system.
“Such proactive measures will not only safeguard investments but will also enhance the revenue generation capabilities of the government through a well-regulated lottery system. It is crucial to reassure investors that Nigeria remains a viable and appealing option for their business endeavors.
” I am optimistic that with your leadership, we can navigate these challenges effectively and foster an environment conducive to growth and development in Nigeria’s lottery industry.”
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