ABUJA – Ismaila Yusuf Atus, Managing Director of a prominent sports betting company, has raised alarm over the adverse effects of multiple taxation on Nigerian businesses, emphasizing that it poses significant challenges to growth and sustainability.
During a press briefing in Abuja, Atus expressed concerns that the combination of federal and state taxes is creating an untenable financial environment for companies, particularly in the betting sector.
Atus stated that the high tax rates imposed by both levels of government are escalating operational costs and creating a burden that many businesses struggle to bear.
“The government taxes the company, and the company, in turn, passes all the taxes onto the subscribers. The regulations are not effective,” he explained. This cycle, according to Atus, is threatening the very survival of many firms within the industry.
The betting industry has emerged as one of Nigeria’s rapidly growing sectors, yet Atus highlighted that it is among the hardest hit by dual taxation, leading to increased costs for subscribers. This situation not only impacts the businesses but also the consumers, who are ultimately left to shoulder the financial burden.
“We are in a fake life in this country where everyone is desperate to make money,” Atus remarked, pointing out that while entrepreneurs strive to generate profits, excessive taxation is stifling their potential.
Despite these challenges, Atus emphasized the positive impact of the betting industry on employment.
He noted that his company has successfully created around 100 jobs, showcasing the sector’s potential for job creation even in a difficult economic landscape. “Despite these challenges, we’ve made progress,” he added, illustrating the resilience of businesses in navigating the harsh economic climate.
In a move welcomed by industry stakeholders, the Supreme Court recently ruled that states can issue betting licenses, a decision Atus views as a progressive step for the industry. He believes that this ruling will lead to more streamlined regulations and enhance the operational framework for betting firms in Nigeria.
“This is a positive development for the industry. It allows for better oversight and regulation, which can help in addressing some of the issues we face,” Atus stated.
The call for more equitable taxation and better regulatory frameworks comes at a time when many businesses are facing increased scrutiny and operational challenges.
As entrepreneurs and industry stakeholders voice their concerns, there is hope that government authorities will take heed of these issues and work towards creating a more conducive environment for businesses to thrive.
Atus’s comments highlight the broader challenges faced by the Nigerian business community, where the interplay of taxation and regulation can make or break a company’s viability.
With a call for collaborative efforts between the government and business owners, the future of Nigeria’s betting industry—and indeed its broader economy—may hinge on addressing these critical concerns.
This article was created using automation technology and was thoroughly edited and fact-checked by one of our editorial staff members
