Last week, the Athletics Federation of Nigeria (AFN) reportedly entered into a new sponsorship agreement with PremiumTrust Bank ahead of the upcoming World Championships in Budapest. The three-year deal, facilitated by Nilayo Sports Management, is aimed at supporting the growth and development of athletics in Nigeria. It is also supposed to allow athletes preparing for the main event of the Budapest Championships, scheduled to take place from August 19 to 27 in the Hungarian capital, to have the funds to prepare optimally for their specific events.
Premium Trust Bank, a Lagos-based financial institution established last year, committed wholly to the partnership, demonstrating its continued dedication to advancing sports, in general, and athletics, in particular, within the country. The AFN considered this collaboration a transformative opportunity for Nigerian athletics and was pleased to have been able to make it over the line and finalise the deal.
However, the sponsorship deal, which was meant to promote excellence in athletics, has led to internal conflicts within the management of the AFN. Soon after the news of the deal with PremiumTrust went public, reports emerged of in-house disputes over the allocation of sponsorship funds at the Federation, thereby creating tension among members of its Board.
It was alleged that certain individuals were engaged in shadow plots against the president of the federation, Tonobok Okowa, in relation to the distribution of these sponsorship funds. The allegations appeared to stem from suspicions by some members of the board that the President was not transparent about the deals being made on behalf of the Federation, implying that some of the funds could end up in private pockets rather than for the purposes for which they were obtained.
In response to the allegations, Bukola Olopade, the CEO of Nilayo Sports Management and the Chief Marketing Consultant for the AFN, expressed his disappointment with those who harboured suspicions about the handling of these funds and who were directly responsible for hatching plots against Okowa. Olopade clarified that the funds had no way of being siphoned from the Federation because, as he claimed, the AFN did not have a direct contract with PremiumTrust Bank in the first place. Rather, it was Nilayo Sports that signed the sponsorship agreement with the bank and the agency will be responsible for ensuring the judicious expenditure of the funds as required.
The Marketing Consultant emphasised that the funds from the deal were not allocated to individuals but rather earmarked for competitions that will feature athletes from Team Nigeria.
To access the funds for major events like the World Athletics Championships, the AFN needs to request their release from PremiumTrust Bank, which will be facilitated by Nilayo Sports. This process will ensure that no individual, or group working in tandem within or outside the federation, can obtain any of the funds in the deal. They will only be released for the competitions for which they have been earmarked. Despite the recent disagreements among board members, Olopade emphasised the importance of unity. He called for a focus on building a strong national team for the upcoming 2023 World Athletics Championship in Budapest. All the distracting accusations against President Okowa regarding sponsorship funds were, in his opinion, baseless, and mere figments of the imaginations of a few.
Whether his clarification on the issue will calm the waters of the AFN Board, disturbed by the suspicions of fund mishandling will be clearer in due time. As THEWILL reported last week, the internal tension wrought in the federation by the divisions led to a plot to convene a congress to potentially change the leadership of the AFN. In seeking to quell any such actions Olopade called for focus, while expressing disappointment with fractious-minded board members involved in the alleged scramble for sponsorship money.
He endeavoured to drum up support for Okowa by highlighting the efforts he has made since becoming President to secure funds for athlete sponsorships.
The AFN chief further stressed the need for encouragement and support from the board members, rather than divisive rhetoric, even while acknowledging the challenges faced in acquiring sponsorship funds.
Instead of in-fighting, the general feeling in the federation ought to be one of determination to ensure that the sponsorship from PremiumTrust Bank is made to work for the best results at Budapest so as to encourage the bank to do much more and also provide incentives for others to do likewise.
The injection of funds from PremiumTrust has significantly contributed to Nigerian athletics in the past year. The bank has a track record of sponsoring athletes like World record holder Oluwatobiloba Amusan, Ese Brume, as well as playing a vital role in the National Sports Festival held in Asaba, Delta State.
The fruits from these sponsorships were linked to the progress made by Nigerian athletes at the 2022 World Athletics Championships in Oregon. Nigeria achieved significant success, securing a gold medal and a silver medal at the event. Amusan stood proudly atop the podium after setting a world record time of 12.12 seconds in the semi-finals and finished with the gold while Brume won the silver medal on the same day – July 24 – in the Women’s Long Jump event.
The AFN crises emanating from the PremiumTrust sponsorship is worrisome because this is not the first deal between the bank and the federation. THEWILL recalls that in August last year, the bank became the official banking partner of the federation after a sponsorship deal was reached. Ebidowei Oweifie, the Chief Operating Officer of Nilayo Sports Management at the time, expressed satisfaction with the collaboration and highlighted the bank’s commitment to the growth of athletics in Nigeria. At the event of the announcement, President Okowa emphasised the positive impact the partnership would have on Nigerian athletes’ development and financial security, which is the AFN objective in seeking funds.
The agreement was finalised five weeks prior to the announcement but was delayed to prioritise the ongoing preparation of the athletes ahead of athletics events in Oregon, Birmingham, and Cali last year.
The dark horse in the whole imbroglio is the bank itself. Not many in the country, nor athletes who are based abroad, have heard of a bank known as PremiumTrust. It is a young financial institution, compared to the older institutions in the banking space in the country. It was created in a bid to revolutionise the banking industry in the country.
PremiumTrust has emerged as a prominent financial institution committed to providing innovative solutions that positively impact its customers and communities. Since its establishment in April 2022, the bank has swiftly established a strong presence in key economic centres across Nigeria, including Abuja, Lagos, and Port Harcourt.
With a comprehensive focus on both macro and micro sectors of the economy, the bank caters to both the public and private sectors, aiming to become the preferred bank for most Nigerians by 2027, on the one hand, and a leading voice in consumer banking in Africa by 2032, on the other.
The bank likes to pride itself as one founded on a team of visionary leaders, boasting diverse expertise and an average of over 25 years of experience in the industry. In their objective to revolutionise the system, the bank claims to be stacked with modern facilities, manned by well-trained staff, and offering premium products and services that are all desired to contribute to an exceptional banking experience for its customers. It is a fully licensed Commercial Bank which wants to place great importance on corporate governance, adhere to relevant legislation, codes, principles, and practices governing banking in Nigeria. Under the leadership of Chief Executive Officer Emmanuel Emefienim, the bank received the “Most Innovative Bank of the Year 2022” award from the LEADERSHIP Group. Since inception, they have established seven fully operational branches, with a digital-focused approach that complements traditional brick-and-mortar services.
Apart from their sponsorship relationship with the AFN, PremiumTrust Bank has enthusiastically supported women’s sports in the country. The bank recently sponsored Bayelsa FC Queens for their participation in the CAF Women’s Champions League held in Morocco in 2022.
As reigning champions of the Nigerian Women Football League Premiership, the Bayelsa side competed in the knock-out matches at the prestigious Grand Stade De Marrakech. The tournament, which held from October 30th to November 13th, 2022, provided the Bayelsa Queens with a platform to showcase their talent and represent Nigeria on the continental stage.
PremiumTrust Bank supported the Queens in their journey based on their recognition of the significance of promoting women’s achievements in sports. The CAF Women’s Champions League was a highly anticipated event that brought together top women’s football teams from across Africa.
Bayelsa Queens, as the reigning champions of the NWFL Premiership, were strong contenders in the tournament. They emerged successfully from their group after losing 2-1 to Mamelodi Sundowns but beating TP Mazembe 2-0 and Wadi Degla 3-0.
In the knockout phase, the Bayelsa side was unfortunate to go down to a narrow 1-0 loss to AS FAR. However, they qualified for the third place match which they won by a lone goal against Simba Queens, to finish with the bronze. The bank viewed its sponsorship of Bayelsa Queens as an opportunity to support and uplift women in sports. By providing them with this platform, the bank aimed at inspiring more women to pursue their athletic dreams and contribute to the advancement of women’s sports in Nigeria and beyond.
The intentions of the bank appear noble and the history of controversies at the AFN must not be allowed to truncate the beautiful relationship that is growing between the bank and the Federation. The drive to get more corporate sponsorship in Sports, that has grown under the tenure of Sunday Dare, the Honourable Minister of Sports and Youth Development, needs to be groomed to be more productive. One way to do that is not allow money to bring about divisive currents within sports’ governance at different Associations and Federations, in the country. Rather, these Boards ought to possess a single-minded purpose that focuses on growth and development in ways that will allow existing sponsorships to become better and encourage even more corporate and private participation in the process of improving our sporting excellence across board.
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
