President Bola Tinubu has rewarded Nigeria’s U-17 women’s national football team, the Flamingos, with Federal Government Savings Bonds worth N100m each following their historic victory at the FIFA U-17 Women’s World Cup.
The team’s head coach also received a savings certificate valued at N100m, while members of the technical crew were given N50m each in cash.
The rewards were announced by First Lady Senator Oluremi Tinubu, who received the players and their officials on behalf of the President during 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.
Explaining the decision to reward the young players through savings bonds instead of direct cash payments, Chairman of the National Sports Commission, Shehu Dikko, said the arrangement was intended to secure their financial future and prevent the sudden availability of large sums from affecting their careers.
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.”
Dikko noted that most members of the team were still teenagers, making long-term financial investment a more suitable reward than handing them N100m in cash.
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.”
The sports commission chairman further explained that the players would benefit from regular income generated by the bonds throughout the investment period.
According to him, the returns would provide financial support for their education, football training and family responsibilities while they continue their sporting careers.
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On the future of the Flamingos’ coaching staff and players, Dikko said the commission would assess which members of the squad remain eligible for the next U-17 competition before deciding on the team’s technical structure.
He explained that players who still meet the age requirements could continue with the team, while those moving into a higher age category might progress with their coach.
“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.