GTI Group has set up a N5 billion football facility through the instrumentality of the capital market to mobilise private sector investments into football and other sports projects.
The facility, tagged: ‘The Nigerian Football Fund (TNFF)’, is a collective investment scheme or mutual fund that combines the regular advantages of a mutual fund with unique propositions of a structured fund.
TNFF is raising N5 billion through an initial public offering (IPO) of 5.0 billion units at a par value of N1 per unit. Minimum subscription to the fund is 100,000 or N100,000 and thereafter in multiples of N100,000.
Already, the application list for the offer has opened on Monday March 21, 2022. The Securities and Exchange Commission (SEC) registers the TNFF as an open-ended fund and it is managed by GTI Asset Management & Trust Limited, a member of GTI Group.
Speaking at the formal launch of the fund in Lagos, former deputy governor of Lagos State, Femi Pedro said the TNFF has come to fill the missing link in the development of Nigerian sports.
According to him, the TNFF provides a unique vehicle to mobilise private sector funding for sports development, thus enabling the sector to contribute significantly to national economic development.
He noted that with its population and passion for football and other sports, efficient and consistent funding has been the major gap undermining the potential of the Nigerian sports ecosystem.
“This is a milestone in the development of Nigerian sports. I have no doubt that this will unlock the potential of the sports ecosystem. I personally endorsed this project. There is no shortage of investment assets in the sports industry and I’m sure investors will get good returns.”
He added that the TNFF aligns with the national agenda of turning sports into a financially rewarding industry that is attractive to investors.
Chairman, House of Representatives Committee on Sports, Olumide Osoba, commended GTI for its innovativeness noting that TNFF‘s investment proposal supports government’s efforts at diversifying the economy.
He assured that the National Assembly will continue to support private sector initiatives aimed at fostering national growth and development.
Vice President, Nigeria Football Federation (NFF), Seyi Akinwunmi, said TNFF will herald a lot of greatness in the Nigerian sports industry with several multiplier effects on the economy, security and youth employment.
According to him, TNFF will change the narrative in Nigerian sports through major investments, creative initiatives and creation and maintenance of higher standards.
“We at NFF are proud of GTI. We did our independent investigation and we were satisfied with the pedigree of the group before we agreed to partner with them,” Akinwunmi said.
Group Managing Director, GTI Group, Abubakar Lawal, said TNFF will serve as an enabler for sustainable funding of football and other sports, with a target of growing sports’ contribution to national Gross Domestic Product (GDP) to 0.5 per cent within the next five years.
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