The authorized minimum share capital for online sports betting companies in Nigeria is 30 Million Naira.

Yes it does. The license fee for a sports betting company in Lagos state currently is 50 Million Naira (subject to regulatory review).

No you cannot because betting companies in Nigeria are not allowed to have 100% foreign ownership. So you need to find Nigerian citizens to partner with.

Yes,this is possible and is known in Nigeria as a remote operator permit. This permit lasts 5 (Five) years and comes with a license fee of $100,000.00(One Hundred Thousand US Dollars) apart from legal and related costs.

The law is very clear on this. The National Lottery Regulatory Commission has overriding jurisdiction regarding licensing and any company licensed by it can operate anywhere in the country. However , there is no harm in registering your company at the state level if you wish to have no semblance of any regulatory problem.

Licensing applications are typically acted on within 10-15 working days.

The law firm of I.OGBUKA LEGAL charges negotiable hourly fees, one-off fees, percentage fees and continuous or segmented fees for services rendered based on a fee scale that is strictly in keeping with the boundaries set by the Legal Practitioners Remuneration Order 2023 as well as other considerations such as:

• The complexity, difficulty or novelty of a brief.
• The level of skill,labour, experience, specialized knowledge & responsibility required on the part of a legal practitioner.
• The amount, diversity, technicality & importance of documentation prepared or perused.
• The location & circumstances in which a legal service is rendered.
• The turnaround time required by a client for the completion of a brief.
• The monetary value of a brief ‘s subject matter(such as the monetary fee value of a regulatory license).

The firm of I.OGBUKA LEGAL in addition to the above operates different legal fee categories for Nigerians resident in Nigeria, Nigerians residing abroad, and foreigners. The firm’s fees are always quoted as being separate from costs and disbursements associated with carrying out a brief.

To have an idea of the fee scale prescriptions by the Legal Practitioners Remuneration Order 2023 for lawyers of at least 10 years standing at the bar for a range of services relating to betting/gaming license procurement & renewal, click HERE. Note that the fee prescriptions contained in this link do not constitute an inducement or solicitation, are not reflective of the exact fees charged by the firm for services and are in fact in some cases,subject to review depending on each client and within the boundaries of the Legal Practitioners Remuneration Order.

Yes they are . The Money-Laundering (Prohibition) Act Of Nigeria classifies  betting, lottery and gaming companies as Designated Non-Financial Businesses (DNFBs) requiring the rendering of Anti-Money Laundering compliance returns which starts with procuring a SCUML (Special Control Unit On Money-Laundering) registration certificate.