You Create Wealth From Capital Market, Not Sports Betting—Omofaye

By Aduragbemi Omiyale

A foremost Nigerian business journalist and anchor of Arise Xchange, Mr Boason Omofaye, has emphasised the importance of the capital market to the nation’s economy.

In a chat with SportsBoom, Mr Omofaye lamented the rise in the interest of youth in sports betting, emphasising that sustainable wealth cannot be created through the avenue.

“I’m not a fan of betting, I’m against betting as a principle,” he pointed out, saying “We need to find a way to ensure that our youth are meaningfully engaged and I don’t think it’s fair that our youth will have to depend on looking for a small amount of money just to go engage in sports betting, hoping that they will make more money.”

“Where is the sense of dignity of labour? Can we stand up in the committee of nations and say that we have a population of youth that can lead this country forward through sports betting?” he queried.

“Sustainability of wealth comes from capital market investment, from companies going to the capital market, from people creating wealth. How do you create wealth through sports betting?

“How do we descend to such a level in which some government officials will begin to promote sports betting as a way of job creation in their environment? It’s appalling, to put it mildly.

“Take a look at inflation! We’re talking about food inflation at 40% in a country that has one of the highest levels of arable land on planet Earth, not just in Africa,” he stated.

When asked if he’s fine with the government earmarking a portion of the tax revenue from sports betting for specific social or economic development programmes, he said, “As long as we have unfixed water, unfixed classrooms and insufficient hospitals, for these young people with young brains plus agility born into the 21st century, the government has failed in its duty to provide. Diverting attention that should go into these necessities is recycled armed robbery.”