AITEO, Nigeria’s
foremost energy solution company, on Wednesday acquired the ‘Naming Right’ of
the NFF Federation Cup, as an extension/addendum to the company’s sponsorship agreement
with the Nigeria Football Federation. It is also part of the rights AITEO has
under the original agreement.
Those rights will enable
the acquisition of additional commercial assets from the NFF that are available
and not encumbered, on a mutually –negotiated basis. To this end, the NFF
Federation Cup, the oldest football competition in Nigeria, is henceforth to be
known and addressed as "AITEO Cup"
The duration of
this aspect of the sponsorship is 5 years, similar to the main agreement
(signed on 26th April 2017) on a Cost Value Arrangement and
commencing from the 2017 season.
This arrangement will see AITEO
underwriting the costs of the organisation of the competition which encompasses
the costs of organising the competition from the Round of 64 to the men and
women’s finals, solidarity support to Football Associations of the 36 States
and the FCT, expenses and indemnities of match officials, support to
participating Clubs, Media, Branding/Activation and Prize Money to winners.
Accordingly, for
the 2017 season, the prize monies for the AITEO Cup will be N25million for the
winner of the men’s competition and N10million for the winner of the women’s
competition. The runner –up for the men’s competition will pocket N10million,
with the runner –up for the women’s event going home with N5million. The NFF
and AITEO will, in due course, unveil further details of all the benefits of
the extended agreement at a press conference.
The Cost Value
Arrangement of the transaction is for NFF and AITEO to, annually, decide the
nature and value proposition of the AITEO Cup under the framework of the
relationship, and AITEO would thus underwrite the cost as the competition’s
‘Naming Right Holder.’
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