The Nigeria Football Federation (NFF) on Wednesday, April 26 announced that they have signed a new sponsorship deal worth N2.9b with Nigerian Oil and Gas Company Aiteo
With the new deal, Aiteo is now the exclusive ‘official optimum partner’ of the NFF.
The signing was completed at a ceremony that held at the Eko Hotels on Wednesday with the NFF leadership and Aiteo officials present.
How Much Is The Deal Worth?
According to details provided by the NFF and Aiteo, the energy company finance Nigeria’s football body with N2.9b for five years. There is, however, an initial option of a one-year extension when the five-year-contract ends. Aiteo will pay the NFF N500m annually for the whole duration of the deal.
What The Money Will Be Used For
The N2.9b will be used to pay salaries of Super Eagles boss Gernot Rohr and coaches of all NFF’s national teams. The NFF for years have been plagued with non-payment of national team coaches. The current Super Eagles boss, Rohr is reportedly being owed over five months’ salaries by the NFF. The new deal with Aiteo kicks off on Monday, May 1.
The chairman of the NFF marketing committee Shehu Dikko has assured that the federation will be transparent with the money they receive from the deal. The money Pulse Sports understand will be overseen by Financial Derivatives, a Lagos-based financial institution that acts as the financial consultants of the NFF.
“There is a clear transparency process that has been set-up with our financial consultants to deal with the money we will receive from Aiteo,” Dikko said at the ceremony on Wednesday.
“NFF will also open their books to Aiteo, so they can be aware of what we will spend the money.”
Who Negotiated The Deal?
The deal was negotiated by Barr. A. U. Mustapha, a longtime associate of the NFF.
According to Dikko, the discussions and negotiations over the deal held over the Easter holidays between April Friday 14 to Monday 17.
What Are The NFF Giving In Exchange?
With the NFF receiving N2.6m from the deal, Dikko revealed that they have in return given Aiteo the right to use the imagery of the national teams while marketing their company.
Other NFF deals
Before the deal with Aiteo, the NFF’s only sponsorship deal was with sportswear giants, Nike. The NFF in April 2015 signed a kit sponsorship deal with Nike after ending their contract with Adidas.
The deal was extended in December 2016 due to recent impressive performance of the Super Eagles. The Super Eagles are currently in command of the 2018 FIFA World Cup qualifying group after winning their first two matches, against Zambia and Algeria.
Aiteo Group describes themselves as one of Africa’s fastest –growing energy leaders.“We are an integrated energy group with a clear vision for the future and the experience and assets necessary to provide oil and gas on a regional and global scale. We discover, produce, store and deliver energy resources to marketplaces worldwide,” a statement on their website says.