A few months a go I wrote an short story about the possible impact of lottery banking in Nigeria. Well, it appears things are even about to get worse as the National Lottery Commission has now approved the Promo some banks have been carrying out more recently. If anything the statement by the commission proves the point that the promo being embarked upon by the banks are nothing but a lottery all in a bid to woo deposits.

 

The National Lottery Regulatory Commission (NLRC) has cleared the promotional campaigns of banks . The banks, it said, complied with the guidelines for the exercise.

The banks are Sterling Bank Plc, Keystone Bank Plc, First Bank of Nigeria Plc, United Bank for Africa Plc, Union Bank of Nigeria Plc, Mainstreet Bank Limited, and Access Bank Plc, First City Monument Bank Plc, Unity Bank Plc, Fidelity Bank Plc Guaranty Trust Bank Plc, Wema Bank Plc, Zenith Bank Plc, Unity Bank Plc, Skye Bank Plc and Ecobank Nigeria Plc.

Speaking to The Nation, NLRC’s Assistant Director, Enforcement and Compliance, Mr Henry Uwadiae, said the commission took time to evaluate the promotional campaigns and found that they were not fake.

He said: “So far, no bank has flouted the rules of organisng lottery. We have not found any of the bank wanting. Therefore, the issue of placing embargo on the promotional campaigns of banks does not arise. The banks cannot be sanctioned because they have not committed any offence.  Punishments can only be applied when an operator is deemed to have committed offence relating to the launching of a promo.”

“At the venue of the promos organised by banks or any other operators in the economy, we ensure that our staff and those of consumer protection council know the true winners. Also, we make sure that the gifts are not fake. Besides, we get in touch with the winners to know whether they received their gifts or they are lost in transit.

“Though no bank has been indicted for not complying with promotional rules, that does not mean banks cannot made mistake.  If we found out that a bank contravenes the rules, we would first disclaim the bank. This implies that we cannot guarantee the sincerity of the promos that was organised.  In serious cases, we seal off the premises of the bank. Based on this, the bank would not be allowed to open to customers. The aim is to instill discipline, and make offenders know that fake promos are criminal offence,” he said.

There you have it guys…beware.

Lottery commission okays banks’ promos