President Bola Tinubu has rewarded each member of Nigeria’s U-17 women’s national football team, the Flamingos, with Federal Government Savings Bonds worth N100 million following their historic victory at the FIFA U-17 Women’s World Cup.
The team’s head coach was also presented with a savings bond valued at N100 million, while members of the technical crew received N50 million each in cash.
The rewards were announced by the First Lady, Senator Oluremi Tinubu, who hosted the players and their officials on behalf of the President at a reception held at the State House, Abuja, on Wednesday.
The Flamingos made history by becoming the first African team to win the FIFA U-17 Women’s World Cup, earning national recognition for their achievement.
Explaining the decision to give the players savings bonds rather than direct cash payments, Chairman of the National Sports Commission, Shehu Dikko, said the arrangement was intended to safeguard the financial future of the young footballers, most of whom are still teenagers.
He said the investment would allow the players to earn returns over a five-year period while giving them access to the funds when they become older and better equipped to manage substantial sums.
“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 said the decision reflected the need to ensure that the players received their rewards in a manner that would support their long-term financial stability.
He compared the arrangement to how parents would prefer to invest money for their teenage children rather than hand them large sums at an early age.
“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 NSC chairman added that the players would still benefit financially while the bonds remained invested, explaining that the returns would provide regular income to support their education, football development and family responsibilities.
On the future of the Flamingos’ coaching crew, Dikko said the decision would depend on how many members of the victorious squad remained eligible for the next U-17 competition.
He explained that players who were still within the age limit could continue with the team, while those moving to a higher age category might progress alongside 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.
