The President also approved a ₦100m bond for the team’s coach and ₦50m cash rewards for each member of the technical crew following their historic World Cup victory.
President Bola Tinubu has rewarded each player of Nigeria’s Under-17 women’s football team, the Flamingos, with a ₦100 million five-year Federal Government Savings Bond following their historic FIFA U-17 Women’s World Cup victory.
Oluremi Tinubu, the First Lady, announced the rewards on Wednesday while receiving the players and their officials on behalf of the President at a reception at the State House Banquet Hall in Abuja.
The team’s head coach will also receive a savings bond worth ₦100 million, while each member of the technical crew will get ₦50 million in cash, according to details announced at the event.
The Flamingos made history on Saturday after defeating Japan 2-1 in the final in Rabat, Morocco, to become the first African team to win the FIFA U-17 Women’s World Cup.
Why the players are receiving savings bonds
Shehu Dikko, chairman of the National Sports Commission (NSC), said the decision to give the players savings bonds instead of cash was deliberate, given their young age.
He said the five-year investment was designed to protect their financial interests and provide returns to support their education, training and other needs.
“There is no need to flood them with money that can distort their career,” Dikko said.
He explained that the bonds would earn annual interest, providing the players with a regular source of income during the investment period.
Dikko said the arrangement would allow the players to access the principal when the bonds mature, by which time they would be older and better placed to make financial decisions.
The Debt Management Office (DMO), which administers the Federal Government Savings Bond programme, says interest payments on the instrument are made quarterly.
More rewards follow historic World Cup triumph
The presidential reward comes after other financial incentives were announced for the team following its victory in Morocco.
On Tuesday, the Senate pledged ₦100 million to the Flamingos in recognition of their achievement. Senate President Godswill Akpabio announced the donation during plenary after lawmakers adopted a motion congratulating the players and their technical crew.
The team also received a $50,000 cash gift from Saleh Ahmadu, a sponsor of the National Sports Commission, during a reception in Morocco.
The Presidency had earlier congratulated the players and directed the National Sports Commission to settle outstanding bonuses and allowances owed to the team for their campaign, from the qualifying rounds to the final.
The Flamingos’ 2-1 victory over Japan secured Nigeria’s first title in the competition and made the country the first African nation to win the FIFA U-17 Women’s World Cup.
