Lagos State Law Enables Transfer of Gaming Licenses
The Lagos State Lotteries and Gaming Authority Law, 2021 establishes a framework for transferring gaming licenses in Nigeria, which can enhance investment opportunities and facilitate mergers and acquisitions. According to Section 45, a person wishing to transfer a license must apply with the current holder's consent.
The Lagos State Lotteries and Gaming Authority (LSLGA) is authorized to approve these transfers upon application and payment of fees. The law mandates that if an application is denied, the LSLGA must provide reasons for the refusal, and applicants can rectify issues within 30 days.
Importantly, the liabilities of the existing licensee are also transferred to the new applicant, making due diligence crucial for prospective investors. Once approved, the license holder's name is updated in the LSLGA records.
Similar provisions exist in the Enugu State Gaming and Lottery Commission Law, 2025, indicating a broader trend in Nigeria's gaming regulatory framework.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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