Investor decries multiple taxation challenge to businesses in Nigeria

The Managing Director of Woskybet, Ismaila Yusuf Atus, has expressed concerns over the impact of multiple taxation on betting businesses in Nigeria. According to him, both state and federal governments impose taxes on the same businesses, creating financial strain within the industry.

Atus explained that the taxation burden is compounded by public perceptions of the betting industry. He noted that the sector often faces challenges due to issues such as addiction and the actions of certain companies, which may fail to meet their promises. However, he emphasized that these challenges should not overshadow the positive aspects of betting, particularly in terms of job creation and financial rewards.

Speaking ahead of the upcoming launch of Woskybet on October 4th in Abuja, Atus highlighted the opportunities that betting has provided for many Nigerians, including meaningful employment and significant financial gains.

Atus stated, “The government likely views betting as a way for individuals to capitalize on the desire to earn money quickly. However, as companies, we also face pressure to remain profitable, which can create challenges. In some cases, taxes imposed on companies are ultimately passed on to the customers, making the regulatory environment difficult for everyone.”

Regarding the nature of the business, Atus explained, “Betting involves various forms, including football predictions and virtual games. One of the virtual games accessible via mobile phones is also a type of betting. If a player wins, we pay them; if the house wins, we keep the funds.”

Atus also noted that Woskybet has already generated about 100 jobs, with a significant workforce focused on managing customer wallets and other betting operations.

Welcoming a recent Supreme Court ruling that empowers states to issue licenses to betting companies, Atus commented, “It’s encouraging to see that states like Lagos, Cross River, Imo, and Oyo now have the authority to issue licenses. This allows betting companies to operate under clearer regulations and ensures that proper checks are in place.”

He also provided insight into what customers can expect from Woskybet: “We aim to offer a unique betting experience, including competitive odds, generous bonuses, wide sports coverage, real-time score updates, secure payment systems, instant payouts, and a dedicated customer support team. Our goal is to provide a safe, secure, and exciting environment for Nigerian sports bettors.”