Nigerian-born FIFA licensed players agent John Shittu has advised the consortium of Nigerian businessmen keen on procu-ring Newcastle United to invest their cash somewhere else rather than in the ailing English Premier League outfit.

Shittu passed down the piece of advise just as the group reiterated its resolve in buying the ailing club.

But speaking to the BBC Sports yesterday, the frontman for the Nigerian consortium, Chris Nathaniel, said the group is very keen on a takeover deal.

"It's a serious offer, they're very serious business people and passionate football fans.

"We're still at the early stages, but hopefully in the next 48 hours we'll be in a position to make a statement and take the situation further," Nathaniel said.

Newcastle have lost their last three league games and on Wednesday crashed out of the Carling Cup after a home defeat by Spurs in front of a less than half full St James' Park.

"Newcastle should be achie-ving more than they are," added Nathaniel of NVA management.

"There is long-term potential at the club, there is a lot wrong at the club at the moment but they are determined to put that right by getting the right people in and using the right structure."

The Nigerian investors appear firm favourites to take over the Tyneside based club from want away millionaire owner Mike Ashley who wants as much as £400million before he hands off the club that is presently one spot off bottom of the Premier League log standing.

Shittu however believes bu-ying over the troubled English side won't augur well in the long run for his compatriots as he doesn't view the St. James Park landlords as a viable business venture.

"I understand their desire to own a profitable club in England but Newcastle is definitely not a viable investment," said Shittu.

"The club is plunging deeper and deeper into relegation and pumping as much as £400 million into such a club just doesn't make any sense.

"Agreed, the season is till in its infancy and the club can still climb higher on the table but this will require a major cash injection.

"The investors will require a couple of new players and these will cost a lot of money most likely running into some millions. And if you add that up to the club's debt then we're looking at a figure that runs into hundreds of millions, and I don't consider that a viable investment," reaso-ned Shittu.

"If Ashley wants to sell the club say for between £100-150 million then it would be okay but as it stands it's not a wise invest-ment," he added.

However, NFF Technical Com-mittee Chairman, Taiwo Ogunjobi said the planned takeover of Newcastle by a Nigerian consor-tium is a welcome development.

Ogunjobi told KickOffNige-ria.com that it would aid the growth and popularity of Nigerian football the world over.

"It is a positive development for Nigerian football because it will help to popularize the country's football image across the world. Also our talents here in the country will benefit a lot too. It is a good and worthwhile business venture if our wealthy Nigerians can buy over the club," Ogunjobi said.

He however added that the Nigerian Entrepreneurs must be encouraged by all patriotic Nige-rians to seal this deal which ac-cording to him would open gates to other lucrative football and sports business ventures in the country.

"I think Chris (Nathaniel) and the interested Nigerians should be encouraged because of the immediate and the future pros-pect of this deal.

"Maybe after this more wealthy Nigerians will now start showing interests in buying or investing their money on Nigerian club sides too."