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Home Business News

What Aiteo Stands To Gain From Its N2.5 Billion NFF Deal

Onome Ohwovoriole by Onome Ohwovoriole
April 27, 2017
in Business News, Company News, Corporate deals
FG’s Stance On TSA Delays Super Eagles Allowances
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Nairametrics| The Nigerian Football Federation (NFF) has signed a deal with Aiteo resources whereby the company will foot the salaries of all Eagles coaches. The five-year deal, totals N2.5 billion naira and has an option of a one year extension. While the figure may seem large, the benefits accruing to the company outweigh it. This is the third mega deal signed by the Amaju Pinnick administration. The NFF in September 2015, had signed a deal with Zenith bank on youth development.

The mere mention of the deal in the media has introduced Aiteo to the consciousness of Nigerians, many whom have never heard of the company before. The deal also serves as a form of image laundering for the company which has been involved in several controversies. The most recent being under delivery of crude oil swaps to the Nigeria National Petroleum Corporation (NNPC). The NNPC closed the case against the company when it agreed to pay $202 million.

In return for the sponsorship, Aiteo has the right to use images of all national football teams in their commercials. The Nigerian national football teams include the Super Eagles, Eaglets, Super Falcons and Falconets. These teams will take part in several continental and international competitions. The most prominent being the World Cup and the Summer Olympics. In the next five years, one edition of the Olympics will take place. The World Cup will also take place in 2018 and 2022 respectively.

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Though the national teams qualifying is not certain, their participation in any of these events, will draw both global and national attention . Images of the team will be viewed by millions of people across the globe, Months after the events would have been concluded. This spotlight also draws attention to Aiteo. The firm would have spent millions of dollars, if it had undergone a public relations campaign on its own around the world.

The partnership with Aiteo will enable the coaches to focus on their jobs, and reduce unnecessary friction. Unpaid salaries have been a common feature with coaches of the national team. One of the ex coaches Amodu Shaibu, died while some of his arrears were unpaid. Beyond this, the NFF must increase its transparency by publishing audited accounts.

Tags: Business NewsNNPC Nigeria NewsZenith Bank News
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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