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Sport betting companies enrich themselves at the expense poor customers – Tayo Oyedeji

Nigerian entrepreneur and business leader, Tayo Oyedeji, believes that many sport betting companies in Nigeria and elsewhere are enriching themselves at the expense of their mostly impoverished customers. 

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Sports betting companies

Nigerian entrepreneur and business leader, Tayo Oyedeji, believes that many sport betting companies in Nigeria and elsewhere are enriching themselves at the expense of their mostly impoverished customers.

According to Oyedeji, companies like SportsPesa, Betway, Nairabet, and Bet9ja, etc, harvest millions of naira by encouraging people to predict the future which is impossible.

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He then went further to argue that it is better to invest one’s money instead of placing it all in a bet. According to him, it is unreasonable for anybody to have the mindset that sports betting equates investment.

You can see Mr Oyedeji’s Twitter thread below:

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The owners of SportsPesa, Betway, Ladbrokes, Nairabet, Bet9ja, BetKing etc make millions by selling poor people a pipe dream.
They harvest millions from sport fans who think they can predict the future. Nobody can. 
Did you think Spurs would win at Ajax?Invest, don’t bet.

It takes a special level of financial naivety to think that sports betting is a form of investment. It’s NOT. You will eventually lose your capital and continue “investing” in a bid to break even.

They make the million; you lose your shirt.
Don’t do it.

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This sports betting nonsense is all over England; it’s on every billboard in Kenya; it’s big in South Africa; it’s everywhere in Nigeria too.

It targets the poor and keeps them poor while a bunch of billionaires harvests capital from the ghetto. Please don’t fall for it.

Save your money in a high yield savings account. Invest it in a money market fund once it’s big enough for the minimum investment threshold. You can invest in Stanbic Bank mutual fund with N5000 or Equity Bank with Ksh 1000 or FNB with R1000. 

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Don’t bet your life away. Invest.

I wrote this thread because a significant percentage of the men at the Village Fire seminar in Nairobi mentioned sport betting as one of their investment vehicles.

Please note: it’s not an investment. It’s gambling. You will eventually lose everything.

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Nairabet’s Founder’s swift response: Meanwhile, Mr Oyedeji’s perspective was not taken likely by Akin Alabi, the entrepreneur and politician who established Nairabet. In a brief tweet, Alabi told Oyedeji that sports betting is a form of entertainment and not a form of investment. He went further to accuse Oyedeji of merely seeking attention with his thread.

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Patricia
8 Comments

8 Comments

  1. Emarinamie

    May 11, 2019 at 2:45 pm

    Where they fored to bet. It is greed that is making them throw away the little they have. Stop blaming the spot betting company they are in business like every other businessman

  2. Olawuyi adewale

    May 11, 2019 at 5:50 pm

    Mr oyedeji is very rite. This people make a lots of money from d poor becos they are ignorant of it. U can’t get it rite at all. Liv to beat Barca ah. Pls my fellow brothers and sisters think twice and invest ur money wisely.

  3. Anthony Chibueze

    May 11, 2019 at 8:16 pm

    Mr Tayo. You’re 100% right, via poor people to stop investing in betting. Practically the way things are going in Nigeria have a lot of people to believe in bet9ja. As a graduate No work, nothing nothing, bet seems to be an option. Mr Tayo, if you have a better way to invest or solution, please send me a [email protected]! Wish all nigerians will listen to you. Remain bless

  4. blue73

    May 13, 2019 at 1:16 am

    Did u just say d poor? Lol even d rich do sport betting. U do not spoil other people’s business to make urs grow. Poor advert.

  5. Rollex

    May 13, 2019 at 11:31 am

    I think it’s the hard way and only for youths

  6. Enez nna

    May 13, 2019 at 12:31 pm

    Is it your money? Oga the country and our leaders has failed the youths.! What investment are u talking about in Nigeria? U don’t spoil another man’s business.

  7. Yunus

    May 14, 2019 at 9:36 am

    He actually provided alternatives in his tweets.

    This saying should be apt to you: When in a ditch, stop digging. You cant be complaining of unemployment and then throw the little you have away sport betting.

  8. Ouida

    June 10, 2019 at 1:20 am

    Online keno websites generally supply guaranteed jackpots of various shapes in their regular games.

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Business

CITN issues rejoinder to ICAN’s claim over court case

The rebuttal claims that there are some ‘critical misinterpretations’ contained in ICAN’s claims concerning the judgment.

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CITN

The Chartered Institute of Taxation of Nigeria (CITN) has issued a rebuttal to the “critical misrepresentations” that are supposedly contained in a notice to members sent out by the Institute of Chartered Accountants of Nigeria (ICAN) over a court case, as reported by Nairametrics.

Recall that ICAN had informed its members that Justice S. A. Onigbanjo of the High Court of Lagos State ruled in their favour by striking out “Suit No. LD/3288GCM/19 – CITN VS ICAN” which was filed by CITN. In the suit, CITN had, among other things, prayed the court to restrain ICAN members from filing tax returns with the Federal Inland Revenue Service (FIRS) unless they have a CITN license.

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CITN’s position: Now, in its rebuttal to ICAN’s claims concerning the court case, a copy of which was sent to Nairametrics, CITN clarified the following points:

  1. The Ruling of the Hon. Justice S. A. Onigbanjo of the 2/7/2020 in LD/3288GCM/19 did not invalidate the MOU and TOS because it did NOT address the issues in the substantive suit, itself. However, since ICAN has resiled from the MoU and ToS it freely entered with CITN, the CITN will not stop ICAN from walking away.
  2. The Judge only struck out the suit based on the Preliminary Objection of ICAN to the effect that the suit was an abuse of court process because the issues in it were the same as the issues in FHC/L/CS/125/2019 – ICAN VS FIRS & 1 OTHER which was earlier decided in favour of CITN.  However, the issues in the two suits are completely different and distinct as has now been explicitly admitted by ICAN in its Notice under reference when it said: “The earlier ruling at the Federal High Court in Suit No. FHC/L/CS/125/2019 did not make pronouncement on the memorandum and terms of settlement between ICAN and CITN.”ICAN having admitted  that the judgment in FHC/L/CS/125/2019 did not make any pronouncement on the MOU and TOS (and this is a fact), how then could issues in that suit be the same as those in LD/3288GCM/2019 (decided by Justice Onigbanjo) which only asked for judicial pronouncement on the MOU and TOS?
  3. Regulation 5 of the Tax Administration (Self-Assessment) Regulations, 2011, was categorically annulled by the Hon. Justice Liman in the judgment delivered in FHC/L/CS/125/2019 on 21/11/2019.  None of the lawyers to the parties (including ICAN) can deny hearing the annulment of Regulation 5 during delivery of the judgment. It is unfortunate that ICAN is jumping the gun in a case with a pending post-judgment application.
  4. In the judgment delivered in FHC/L/CS/1480/2018 – CHIEF IGBAROOLA & OTHERS VS FIRS & OTHERS on 21/5/2019, the Hon. Justice A. O. Faji, declared: “CITN Act is thus superior to ICAN Act on the issue of tax practice.  The Self-Assessment Regulations being in conflict with the CITN Act is null and void.  The Plaintiffs cannot practice as tax agents without first being members of the 2nd Defendant.”
  5. In the Court of Appeal judgement of 2013 between ICAN v. CITN, it was held that the power to regulate and control the tax profession, to the exclusion of any other body, in Nigeria lies with CITN.
  6. It is, therefore, now firmly settled from all the relevant judgements at the Lagos High Court, Federal High Court and the Court of Appeal, which have all upheld the primacy of the CITN Charter, that no member of ICAN can practice taxation without first being a member of CITN.
  7. For the avoidance of doubt, no ICAN member, who is not registered with CITN, has been permitted by any law or court decision to practice taxation. The law has made it clear about the professional body that can regulate tax profession in Nigeria and CITN reserves the right to invoke the relevant provisions against any person that violates the provisions of its charter.

The backstory: The disagreement between ICAN and CITN dates back to 2015 following a misinterpretation of a Memorandum of Understanding (MoU) and Terms of Settlement (ToS) between the two organisations. Due to the disagreement, CITN took legal actions in a bid to basically make the MoU and ToS binding on ICAN members.


You may read CITN’s full rejoinder by clicking here and follow up on ICAN’s notice to its members here.

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Patricia
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UPDATED: Court rules ICAN members do not need CITN license to file tax returns

The suit, which was filed some years ago by CITN, was basically struck out for lacking merit.

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ICAN

Justice S. A. Onigbanjo of the High Court of Lagos State has ruled that members of the Institute of Chartered Accountants of Nigeria (ICAN) do not need to be licensed by the Chartered Institute of Taxation of Nigeria (CITN) before they can file tax returns.

The ruling on July 2nd followed a suit filed by CITN trying to restrain ICAN members from filing tax returns for their clients unless they have a practicing CITN license.

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A notice to ICAN members regarding this development, as seen by Nairametrics, noted that Justice Onigbanjo struck out the suit after describing it as “an abuse of court process and an embarrassment to the judiciary.”

The backstory: Nairametrics understands that the disagreement between ICAN and CITN stemmed from the misinterpretation of a 2015 Memorandum of Understanding (MoU) and Terms of Settlement (ToS) between the two organisations. Consequently, CITN had filed a suit before the High Court of Lagos State, seeking the following:

  • A declaration that the Memorandum of Understanding and Terms of Service both dated February 12, 2015 between the CITN and ICAN are valid, subsisting, and binding on the CITN and ICAN.
  • An injunction restraining ICAN whether by its agents, privies, assigns, or whosoever called, from repudiating, resiling from or acting in any manner or doing anything that is inconsistent with, contrary to or is a violation of the Memorandum of Understanding and the Terms of Settlement dated February 12, 2015, between the CITN and ICAN.
  • Determine whether the Memorandum of Understanding and Terms of Settlement both dated February 12, 2015 between the CITN and ICAN are valid, subsisting, and binding on CITN and the ICAN.

However, last week’s ruling by Justice S. A. Onigbanjo which, by the way, was delivered virtually due to COVID-19, has made it impossible for the CITN to implement the terms of the 2015 MoU and ToS. The ruling also aligned with ICAN’s earlier objection to the MoU and ToS.

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The status quo: In view of this development, ICAN has informed its members that they do not need to obtain any license from the CITN before they can file tax returns for their clients with the Federal Inland Revenue Service, FIRS.

ICAN members were also informed that an earlier ruling by the Federal High Court on the case does not affect the status quo. This is because “the earlier ruling by the Federal High Court in Suit No. FHC/L/CS/125/2019 did not make pronouncement on the memorandum and terms of settlement between ICAN and CITN.” More so, regulation 5 of the FIRS Act was not reflected in the earlier judgment of the Federal High Court.

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Patricia
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China more willing to restructure Africa’s debt than private creditors

Agreements have been easier to reach with Chinese lenders than with private creditors.

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A recent study by John Hopkins University reveals it may be easier for African Nations to raise debt and also get debt relief from China than private creditors.

The report of the study comes a day after China promised to cancel interests from loans to African nations and restructure debt to Africa. The study also revealed that China has restructured $15 billion of African debt and written off $3.4 billion in the past ten years.

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After 1,000 Chinese loans, including restructured Mozambican and Republic of Congo debt, were analysed, the researchers concluded that “the agreements have been easier to reach with Chinese lenders than with private creditors”.

The Paris Club recently agreed to pause debt payment valued at $11 billion for the poorest 73 nations freeing up capital to tackle the coronavirus pandemic. However, not all eligible nations signed up citing fears of default ratings if debt obligations are not met.

The study discovers difficulties in renegotiating terms on International Bonds for African countries due to the disparate ownership structure making private creditors unwilling to grant complete debt relief, citing warnings on rating downgrades.

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China accounts for about 20% of Africa’s external debt and lent over $150 billion to the continent between 2000-2018 the study reveals. Chinese President, Xi Jinping has urged global leaders to be more pragmatic with debt suspension for Africa.

The study says much of the terms of Chinese debt to Africa has not been transparent and the relief negotiations may follow the same path.

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Patricia
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