20 November 2007
Lagos — As one of the pledges made to their sponsors to the 9th All Africa Games, held in Algiers last July, Team Nigeria Trust Fund, TNTF, has published the accounts of the Games audited by a reputed accounting firm.
In the Marketing and Sponsorship Brochure sent to all sponsors soliciting for partnership towards the Games, which TNTF, described as a contract between it and the sponsors, it was stated that "as a measure of our commitment to principles of accountability and transparency, the account of all funds received shall be audited by a qualified firm of Accountants and circulated to all sponsors within twelve weeks after the end of the Games".
The Games ended on July 24, 2007, a little over three months ago. And in fulfilment of that promise, the body statutorily saddled with sourcing for funds to compliment Government's efforts towards the development of Sports in Nigeria, made good its promise.
In a letter to one of the sponsors, with the Report and Financial Statements Sponsorship Fund, Algiers 2007, attached and signed by its Managing Director, Suleiman Baba Ali, TNTF, stated that sponsorship funds received in cash and non-cash services amounted to N140, 877, 500 as stated below:
Cash:
-Oceanic Bank Int'l Plc N40,000,000
-First Inland Bank N25,000,000
-Access Bank Plc N5,000,000
- Sovereign Trust Insurance Plc N10,000,000
Non-Cash Services:
- Sovereign Trust Insurance Plc - N11,000,000 (this covered part of the premium for the contingent)
-Services rendered by the Nigeria Television Authority, NTA
1. Airtime 'TNTF's Journey To Algiers - N10,237,500 (estimate)
2. Advertisement on Sports-reel and Nationwide News - 4 O'clock News belt - N17, 640, 000(estimate)
-PSM Branding gave a discount of N2, 000, 000 and requested that it should be treated as donation. This has been done accordingly
Grant from National Sports Commission (NSC):
-N20, 000, 000. This amount was received as grant from the National Sports Commission, NSC, after the Commission decided not to engage the services of a Media Consultant when the least submitted quotation for sensitisation of the Marketing and Sponsorship campaign was over N197,000,000, NSC, then gave the money for the media campaign for newspaper adverts, television and radio commercial and other media campaign efforts.
The report showed that a total payment of N158,827,150 was made. The excess payment over sponsorship funds received is TNTF's contribution to the Games.
National Sports Commission, NSC
After the change of Government in April and the attendant consequence of delay in releasing the Algiers 2007 budget, NSC, was given N20, 000, 000 to offset pressing problems in the various camps of the athletes that were training for the Games.
Other Games Expenses: N50, 000 each for gold medal winners, N30, 000 for silver and N20, 000 for bronze medals. Both single and team event winners in 17 Sports were paid these winning bonuses. A total of N8,940,000 was expended on this while N14,421,831 was spent on giving value back to the sponsors, non-cash expenses amounted to N40, 877, 500, marketing and advertising expenses came to N17, 300, 525 while professional fees amounted toN4, 875, 000.
Another N28, 019, 417 was spent on the provision of sport kits to the contingent and other expenses related to the Games.
Lastly, the Acting Chairman, Chief (Sir) Molade Okoya-Thomas, OFR, who has since returned the balance of the National Sports Trust Fund to Team Nigeria Trust Fund, expressed his gratitude to the sponsors and the generality of Nigerians for their confidence in the ability of TNTF to achieve the success in Algiers 2007 and hoped such confidence will again be reposed in TNTF particularly from the private sector as we prepare for the Beijing 2008 Olympic Games.
In a chat with the press, the Managing Director Suleiman Baba Ali also thanked the Minister and officials of the National Sports Commission, the sponsors, the media and the generality of Nigerians for their support and encouragement. He assured Nigerians of the commitment of his management and staff to achieving the very best for Sports funding in Nigeria in collaboration with both the public and private sector.
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