GTI seeks more participation in TNFF, commits N5b investment
GTI Group, a Nigerian investment bank, is seeking investment flow from both local and foreign investors into the Nigeria Football Fund (TNFF) to drive the development of the country’s sports ecosystem and increase its contribution to the economy.
The call comes as the group has committed N5 billion rolling funds to the space. The fund is expected to deepen participation, increase the commitment of football participators and bridge the liquidity gap.
The TNFF is a platform that provides a unique vehicle to mobilise private sector capital for sports development while enabling the sector to contribute its quota to national economic development.
The Group Managing Director, GTI, Abubakar Lawal, had said that Nigeria remains the best destination for investment on the continent, saying that the scheme is a national project and an enabler for sports development.
At the unveiling of the new Nigeria Premier League (NPL) logo and the NPFL championship play-off draws in Lagos at the weekend, Lawal said the company was employing every best international practice to give Nigerian football a desirable breakthrough.
“We at GTI are committing lots of material and financial resources towards ensuring that NPFL enjoys robust financial support to become self-sustaining with necessary measures to ensure transparency in all its dealings with investors, sponsors and other partners.
“We are proud to associate with the NPL in the execution of this project and we hope Nigerian football will grow from strength to strength going forward following the unveiling of the new NPL logo,” he said.
At a previous meeting with sports and business editors, the Project Director, TNFF, Nelson Ine, said the ultimate deliverables of TNFF would help convert donations to investments, ensure the safety of investments, guarantee returns on investments, facilitate liquidity in the sports ecosystem and institute transparency and accountability.
He also stated that the initiative would enhance professionalism and efficiency, create jobs and economic empowerment, and contribute to the growth of Gross Domestic Product (GDP) to foster national unity and a stronger economy.
He described the fund as a specialised collective investment scheme or mutual fund that combines the regular advantages of a mutual fund with the unique propositions of a structured fund.
He also stated that the fund is a national project that requires the support of all key stakeholders in the sports ecosystem.
He also pointed out that the fund eliminates the trust deficit and builds a renewed confidence that will facilitate accelerated growth and development of the nation’s football sector.
“We must manage our resources to achieve sports development. This fund will be the highest-yielding fund in the capital market in the next five years. It will create a platform for investments from both local and foreign investors into the football industry,” he said.
“Therefore, we desire to secure the necessary funding required for the Nigeria Premier Football League (NPFL) management in the quest to implement a football economy that will make Nigeria the hub of Africa sports, custodian of continental glory uniting the people and delivering a stronger economy,” he said.
He said TNFF will serve as an enabler for sustainable funding of football and other sports, with a target of growing sports’ contribution to national GDP to 0.5 per cent within the next five years.