The CEO of Faso Energy Limited, Onoh Chukwuma Richard, has committed suicide after ingesting a toxic chemical that was thought to be Sniper.
News About Nigeria gathered that Richard borrowed N2.5 million, and he lost that money in a bet.
Richard announced his plan to leave the world live on Facebook earlier on Tuesday, December 12.
Friends worried about him immediately, but they could not help him. Finally, they discovered that he was in great pain, so they hurried him to Madonna Hospital in Umuahia.
Sadly, the Abia-born businessman did not survive.
Richard, who regularly shared posts about his elderly mother on Facebook, had spoken just weeks ago about his mother encouraging him to find a wife and get married.
This tragic incident sheds light on the challenges associated with the betting industry.
The betting sector in Nigeria has experienced significant growth, with millions of Nigerians participating in various forms of online gaming and betting.
During a national gaming conference in Lagos earlier in October, Bello Maigari, the Executive Secretary of the National Lottery Trust Fund (NLTF), pointed out the industry’s resiliency and its effect on the country’s economic landscape.
The global online betting market, valued at over $50 billion in September 2021, continues to expand, and Nigeria, in particular, has witnessed exponential growth in its online betting sector.
Reports from March 2023 by Orange Business Intelligence Technology (ORBIT) revealed that Nigeria’s betting industry generated over $2 billion in revenue in 2020, with more than 60 million Nigerians aged between 18 and 40 spending approximately $5.5 million daily.
The National Sports Industry Policy, also from 2023, estimated that the betting industry had the potential to generate up to $4.7 billion in annual revenue, create ten million jobs, and contribute 1.5-3% of the GDP over the next decade.
