President Bola Tinubu has rewarded members of Nigeria’s U-17 women’s national football team, the Flamingos, with Federal Government Savings Bonds worth N100m each following their historic triumph at the just concluded FIFA U-17 Women’s World Cup.
The team’s head coach also received a N100m savings certificate, while each member of the technical crew was given N50m in cash.
The rewards were announced by First Lady Oluremi Tinubu, who received the players and their officials on behalf of the President at a reception held in their honour at the State House, Abuja, on Wednesday.
The Flamingos recently made history by becoming the first African team to win the FIFA U-17 Women’s World Cup, marking a major milestone for Nigerian and African football.
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Speaking on the decision to reward the players with savings bonds rather than cash, Chairman of the National Sports Commission, Shehu Dikko, said the arrangement was deliberately designed to protect their financial future, considering that most of the players are still teenagers.
He said, “There is no need to flood them with money that can distort their career.
“So we are now giving them what we call an FGN savings bond for like five years. That savings bond comes at like 14, 12 per cent interest annually, meaning each of them will be adding like N1.1m plus monthly for the next five years, which is enough to look outside their education, to look outside their training, and then by the time those bonds mature, they are already adults.
“They can make a clear decision of what to do with their own money.”
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Dikko explained that the investment would ensure the young footballers have access to substantial funds when they become adults, rather than receive large sums of money at an early age.
He added, “I don’t think there is any father that wants to give his 16-year-old, 15-year-old, N100m at this age.
“But you can invest for your 16-year-old so that at 20 they will have money to set their life.
“That’s basically what the president has done at this moment, which is unprecedented.”
He further explained that the players would benefit from the interest generated by the bonds during the investment period, providing them with a regular source of income to support their education, football training and family needs.
On the future of the players and the coaching staff, Dikko said the commission would assess the age eligibility of the squad members before deciding on their placement in the next U-17 cycle.
He said, “We have to look at how many of these girls are still available for the next U-17.
“If more are still under that age, they can play the next one; better you keep the coach at this level. If they are moving to the U-21, better they go with their coach to do that,” he said.
