Nigerian Football
Nigerian Football Fund will speed up development, says GTI Group
BY KUNLE SOLAJA.
The management of GTI Asset Management & Trust Limited, which has launched The Nigerian Football Fund (TNFF) on Wednesday threw light on the noble idea.
In an interactive session involving sports and business journalists, the company’s Executive Director on fund management, Nelson Ine explained that the project is the tonic that Nigerian football deserved to leapfrog into higher level.
Already, the GTI Group has set up a N5 billion football facility through the instrumentality of the capital market to mobilise private sector investments into football and other sports projects.
The facility is tagged: ‘The Nigerian Football Fund (TNFF)’, is a collective investment scheme and mutual fund that combines the regular advantages of a mutual fund with unique propositions of a structured fund.
The application list for the offer was opened about a year ago and it was resgisterd by the Securities and Exchange Commission (SEC) as an open-ended fund. It is envisaged to fill the missing link in the development of Nigerian sports.
According to Nelson Ine, the N5 billion is being raised through an initial public offering (IPO) of 5.0 billion units at a par value of N1.2 kobo per unit. The minimum subscription to the fund is 100,000 or N100,000 and thereafter in multiples of N100,000.
Ine explained further that when the project becomes fully operational, it will be yielding revenue to the point that a reversal in sports funding in Nigeria will occur.
Now sports bodies, especially the football clubs and the various association run to government for funding , but soon, the reverse will be the case.
He wondered why football as an entertainment cannot the same acclamation that music as part of the industry in Nigeria has attained worldwide.
Right now, Nigerian musicians are well sought for in the world, taking over the earlier American dominance.
Nelson explained that football in Nigeria can do the same and only need the right tonic which the TNFF will be providing .
He described the scheme as a mutual fund that will enable Nigerians to invest in the football industry. He emphasised on investing as he pointed out that money put in the scheme is not regarded as donation.
“We are not sponsors of the Nigerian Football League, rather, we are strategic partners”, he said pointing out that the Nigerian professional football clubs will move from being financially loss oriented to ones that will generate returns.
“We are like burden-bearers on rescue mission of Nigerian football”, he emphasised. “The sports properties should not diminish. Rather they should grow”, he pointed out.
Using the English Premier League as an example, Ine pointed out at the growth tragetory as the league over 30 years grew from a £192 million value to £10.5 billion in 2022.
He pointed at the changes that have happened in FIFA and IOC to support his assertions. Prior to the advent of Joao Havelange’s tenure in 1974, FIFA had no asset of note.
But the bunsinessman and business-oriented Havelange opened a new vista. Now FIFA is one of the richest international organisations in the world.
Ine also noted that the before Los Angeles Olympics in 1984, IOC frowned at ventures that are profit oriented. But the American changed that perception. So from a net worth of $250 million in 1984, the IOC worthed $7.6 billion as at 2021.
He believes if the right structures are put in place in Nigeria coupled with trusted corporate governance
The miserable run of Akwa United and Ikorodu City came to an end after six games in the Nigerian Premier League this season. Both teams were initially glued at the bottom of the league table.
They now got respite as Akwa United beat Kano Pillar by 2-0 while Ikorodu City even did what could be considered an upset, beating Bendel Insurance 3-0.
Remo Stars bounced back to the top of the log after a 3-0 defeat of Nasarawa United. Shooting Stars are yet to get their rhythm this season, playing a barren draw with Enyimba in Ibadan.
Kwara United who got their first full points of the season last week after a 1-0 defeat of Remo Stars could not consolidate as they were beaten 1-0 by Abia Warriors.
Heartland under Emmanuel Amuneke are gradually recovering as they got a valuable away draw against El-Kanemi Warriors.
BY KUNLE SOLAJA.
It is 75 years since Nigeria’s national football team first played an international match. That was on 8 October 1949 when the first set of Nigeria’s assembly on their return voyage stopped over in Freetown and engaged Sierra Leone in an international football match. Nigeria won 2-0, setting a chain of positive results on 8 October.
The country never lost any competitive duel on that date. More significantly, the Super Eagles first qualified for the World Cup on an 8 October date.
That was in 1993 when they were held to a 1-1 draw by Algeria in the quest for USA ‘94 World Cup.
Nigeria became the first English-speaking African country to qualify for the World Cup. Another significance of the October 8 match at the July 5 Stadium, Algiers is that Nigeria were unbeaten for the first time by Algeria at home.
The only deviation from the 8 October Magic was in 2015 when Nigeria lost 2-0 to Congo in a friendly match.
Twenty-six years after Nigeria’s debut international match, one of Africa’s biggest football nations, Egypt fell to the October 8 magic, losing 4-0 to Nigeria in the last stage of the triangular World Cup qualifying series for Argentina ’78.
Up till October 15, 2013, when Ghana beat Egypt 6-1 in Kumasi, the October 8, 1977 duel with Nigeria remained Egypt’s biggest loss in a World Cup qualifying match.
Before the 1977 duel, Nigeria in 1963 played a friendly match with Liberia in Monrovia. The October 8 magic was active, even in an away match. Nigeria drew 2-2 in their very first encounter with Liberia. It was shortly after the team had, through a protest, upturned a victory by Guinea to pick Nigeria’s very first African Nations’ Cup ticket.
Little wonder then that when FIFA suspended Nigeria in 2010, the world governing body provisionally lifted the ban on October 8!
Nigeria on 8 October
- 1949 – Freetown (Friendly) Sierra Leone 0-2 Nigeria
- 1963 – Monrovia (Friendly) Liberia 2-2 Nigeria
- 1977 – Lagos (World Cup qualifier) Nigeria 4-0 Egypt
- 1993 – Algiers (World Cup qualifier) Algeria 1-1 Nigeria… qualify for USA ‘94.
- 2005 – Abuja (World Cup qualifier) Nigeria 5-1 Zimbabwe
- 2010 – FIFA, in apparent respect to the 8 October magic, provisionally lifted a ban imposed on Nigeria.
- 2011 – Abuja (African Nations Cup qualifier) Nigeria 2-2 Guinea. Although undefeated, Nigeria failed to make it to the 2012 African Nations Cup.
- 2015 – D.R. Congo beat Nigeria 2-0 in Visé, Belgium. The ‘October 8 Magic’ is finally broken.
Rivers United have launched themselves to the top of the log at the end of the match day 5 of the Nigeria Premier League. The Port Harcourt side beat Akwa United 2-1 to go afloat after initial leaders, Remo Stars crumbled to a 1-0 defeat at Kwara United in Ilorin on Sunday.
It was Remo Stars’ first defeat in the season. Rivers United are now with 13 points. Stephen Mayo put Rivers United ahead after 31 minutes. But it turned a temporary lead as Akwa United bounced back almost at the blast of the referee’s whistle for the second half.
Friday Apollos levelled up for Akwa United before Ndifreke Effiong Udo scored the winner in the 85th minute.
Sunday Results
- Kwara United 1-0 Remo Stars
- Rangers International 1-0 Abia Warriors
- Heartland FC 2-0 Niger Tornadoes
- Kano Pillars 2-0 Sunshine Stars
- Plateau United 1-0 Ikorodu City
- Rivers United 2-1 Akwa United
- Enyimba 3-0 Katsina United* Suspended
- Nasarawa 0-0 Bayelsa United
NFF Communication director unfolds 20 Points of a 20-hour ordeal on Libyan soil
African football legends, Adebayor and Aubameyang condemn Libya’s treatment of Super Eagles
BREAKING! CAF wades into the Libya-Nigeria Airport episode
Breaking! Uzoho suspended from Super Eagles’ next match with Sierra Leone
No longer Super League as CAF changes name of its new clubs competition
AIU releases its report on Tobi Amusan
-
Uncategorized1 week ago
Players boycott Libyan national team
-
AFCON5 days ago
Billiat’s penalty seals Zimbabwe’s 1-0 win over Namibia
-
AFCON1 week ago
Eguavoen unfolds Super Eagles’ squad for back-to-back duel with Libya
-
AFCON7 days ago
Facts & Figures as AFCON 2025 qualifiers enter Matchday 3
-
AFCON6 days ago
AFCON 2025 in Morocco: Everything you need to know
-
AFCON5 days ago
Libya’s captain, Faisal Al-Badri alleges poor treatment in Nigeria
-
Uncategorized7 days ago
CAF compels Kwasi Appiah to step down from Ghana FA
-
Uncategorized1 week ago
Fastest World Cup final scorer is dead!