Otunba Femmy Carrena CEO/President of Arabella 21st Century, a sports Promo/marketing company has made a proposal that could see an investment of $1.5b in the Nigerian League.
According to a press statement by Nneka Ikem Anibeze SA Media to the Sports Minister, Carrena revealed that some investors in the United Kingdom were willing to invest the amount in the Nigerian Professional Football league.
“They want to bring in about $1.5b into Nigerian football but there is a caveat to it. They are not going to tamper with the constitution, statutes or football article. It is the same thing they did in China and Japan. The league board will operate with the NFF and the Ministry will be involved. They want to set up a Football Development Company that will be quoted on the stock exchange and same will apply to all the football clubs in Nigeria.”
Carrena also hinted that like any other investor, they’ll like to make money.
“They want to come to Nigeria and manage our league for the next twenty years. After a meeting with the ministry and other stakeholders, they’ll set up the company but their Nigerian counterparts are expected to invest 30% of the $1.5b. They’re ready to put their own money into the stock exchange but they’ll have the controlling share.”
Carrena stated that after this process, there will be a football conference in the country to let the various clubs know what to expect. They will give them subvention, put the various stadia to use but it will not be a government appointed board. The CEO said that It will be a board that will be appointed by the people who buy into the clubs.
“They will restructure the league, get the television rights but not before a conference which will explain to everyone how it will work. They will be coming with technical experts from the premiership who will be operating in the development company that they will set up which include representatives of the ministry, the LMC and the NFF.”
In this light, the Ministry of Youth and Sports says it will no longer invest in elite sports development.