The Flamingos’ ₦100 Million Per Player — How Do We Protect Each Girl’s Award Until She Turns 18?

By Paul Lucky Okoku

𝐓𝐡𝐞 𝐭𝐢𝐦𝐞 𝐯𝐚𝐥𝐮𝐞 𝐨𝐟 𝐦𝐨𝐧𝐞𝐲 𝐢𝐧 𝐩𝐫𝐚𝐜𝐭𝐢𝐜𝐞 — 𝐡𝐨𝐰 𝐫𝐞𝐢𝐧𝐯𝐞𝐬𝐭𝐢𝐧𝐠 𝐭𝐡𝐞 𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐜𝐨𝐮𝐥𝐝 𝐡𝐞𝐥𝐩 𝐞𝐚𝐜𝐡 𝐩𝐥𝐚𝐲𝐞𝐫 𝐛𝐮𝐢𝐥𝐝 𝐨𝐧 𝐡𝐞𝐫 ₦𝟏𝟎𝟎 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐚𝐰𝐚𝐫𝐝.

In my earlier article, I asked what I would advise the Flamingos if they had to choose between cash and a scholarship. What my teammates and I experienced as 𝐅𝐥𝐲𝐢𝐧𝐠 𝐄𝐚𝐠𝐥𝐞𝐬 in 𝟏𝟗𝟖𝟑 taught me to ask when the money would arrive and who would make sure it was there when school fees came due.

The announcement in Abuja gives the girls and their families a more immediate question.

What will each player have in her hands when she turns 𝟏𝟖?

𝐖𝐇𝐀𝐓 𝐖𝐀𝐒 𝐀𝐍𝐍𝐎𝐔𝐍𝐂𝐄𝐃

On 𝟏𝟏 𝐍𝐨𝐯𝐞𝐦𝐛𝐞𝐫 𝟐𝟎𝟐𝟔, at the State House in Abuja, First Lady Senator 𝐎𝐥𝐮𝐫𝐞𝐦𝐢 𝐓𝐢𝐧𝐮𝐛𝐮 announced these rewards on behalf of President 𝐁𝐨𝐥𝐚 𝐀𝐡𝐦𝐞𝐝 𝐓𝐢𝐧𝐮𝐛𝐮.

* 𝐄𝐚𝐜𝐡 𝐅𝐥𝐚𝐦𝐢𝐧𝐠𝐨𝐬 𝐩𝐥𝐚𝐲𝐞𝐫 — A ₦𝟏𝟎𝟎 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 savings certificate held in trust. Legit.ng reported that the certificates would be held with GTBank and that players could access their awards when they turn 𝟏𝟖.
* 𝐇𝐞𝐚𝐝 𝐜𝐨𝐚𝐜𝐡 𝐀𝐤𝐞𝐞𝐦 𝐁𝐮𝐬𝐚𝐫𝐢 — ₦𝟏𝟎𝟎 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 in cash.
* 𝐓𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥 𝐜𝐫𝐞𝐰 — ₦𝟓𝟎 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 each.

At the exchange rate quoted by Investing.com on 𝟏𝟏 𝐍𝐨𝐯𝐞𝐦𝐛𝐞𝐫 𝟐𝟎𝟐𝟔, 𝐔𝐒$𝟏 was worth about ₦𝟏,𝟑𝟒𝟕.𝟓𝟐.

That puts the announced award at approximately 𝐔𝐒$𝟕𝟒,𝟐𝟎𝟎 𝐩𝐞𝐫 𝐩𝐥𝐚𝐲𝐞𝐫 on that date.

𝐆𝐈𝐕𝐄 𝐅𝐈𝐑𝐒𝐓 𝐋𝐀𝐃𝐘 𝐒𝐄𝐍𝐀𝐓𝐎𝐑 𝐎𝐋𝐔𝐑𝐄𝐌𝐈 𝐓𝐈𝐍𝐔𝐁𝐔 𝐇𝐄𝐑 𝐅𝐋𝐎𝐖𝐄𝐑𝐒

Watch her lift her head from the prepared remarks, look at the girls and smile as she explains what a savings certificate means. She took the time to tell them why the money was being held for them and what it could mean for their future.

I saw a mother’s warmth in that exchange, and I give her credit for making sure the young women who earned the award could understand it.

This is one way sport brings us together. Nigerians across party lines cheered for the Flamingos when they played for our country.

If we could celebrate these girls together when they won, surely we can bring that same spirit to the day they are honoured.

Giving Senator Tinubu credit for how she spoke to them is part of that same spirit.

𝐓𝐇𝐄 𝐀𝐖𝐀𝐑𝐃 𝐈𝐒 𝐇𝐄𝐑𝐒

Each player earned this award. My advice is to preserve the full amount and any interest it earns for her until she turns 𝟏𝟖. Ask the institution administering the award to name her as the beneficiary in writing and explain who holds it, when it starts earning interest, where that interest goes and how she will take control. Keep the award separate from household funds.

Parents and guardians can use the time before the handover to go over the statements with her. Show her the original amount, what it has earned and when she can access it. If the underlying investment matures after her 𝟏𝟖𝐭𝐡 𝐛𝐢𝐫𝐭𝐡𝐝𝐚𝐲, the institution should explain what she can control at 18 and when the original amount is due to be repaid.

𝐖𝐇𝐀𝐓 𝐂𝐀𝐍 𝐓𝐇𝐄 𝐈𝐍𝐓𝐄𝐑𝐄𝐒𝐓 𝐃𝐎?

On 𝟏𝟏 𝐍𝐨𝐯𝐞𝐦𝐛𝐞𝐫 𝟐𝟎𝟐𝟔, Voice of Nigeria reported that the government plans to invest each player’s ₦𝟏𝟎𝟎 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 award in a five-year Federal Government bond. National Sports Commission Chairman 𝐒𝐡𝐞𝐡𝐮 𝐃𝐢𝐤𝐤𝐨 estimated annual interest of 𝟏𝟐% 𝐭𝐨 𝟏𝟒%. At those rates, each player could earn ₦𝟏𝟐 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐭𝐨 ₦𝟏𝟒 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 a year, or ₦𝟔𝟎 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐭𝐨 ₦𝟕𝟎 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 over five years. Add the original award, and the combined total would be ₦𝟏𝟔𝟎 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐭𝐨 ₦𝟏𝟕𝟎 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 before any applicable taxes or fees, assuming no reinvestment. The written terms should confirm the exact rate, when interest will be paid and when the original ₦100 million will be repaid.

Under my proposal, any interest paid before a player turns 𝟏𝟖 stays with her award. Using the upper end of Dikko’s estimate, 𝟏𝟒%, here are two ways to see what the interest could do for her.

* 𝐋𝐢𝐯𝐞 𝐨𝐧 𝐭𝐡𝐞 𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭 — Once she has access, a player who budgets ₦𝟏 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 a month for school, housing, training and living expenses would need ₦𝟏𝟐 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 a year. At 𝟏𝟒%, the interest could cover that budget and leave ₦𝟐 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 before taxes or fees, while the original ₦100 million stays invested. If interest is paid quarterly, she could set aside three months of expenses from each ₦𝟑.𝟓 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 payment.

* 𝐑𝐞𝐢𝐧𝐯𝐞𝐬𝐭 𝐭𝐡𝐞 𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭 — If the award terms allow reinvestment and the full ₦14 million is reinvested at the end of each year for five years at an illustrative 𝟖% annual return, those payments could grow to about ₦𝟖𝟐.𝟏𝟑 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 before costs and inflation. That is ₦𝟏𝟐.𝟏𝟑 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 more than setting aside the same payments without earning a return on them. The growth comes from earlier interest payments having more time to earn returns of their own. That is the 𝐭𝐢𝐦𝐞 𝐯𝐚𝐥𝐮𝐞 𝐨𝐟 𝐦𝐨𝐧𝐞𝐲 in practice.

If I were in their shoes, I would hire a qualified financial adviser. An award of ₦𝟏𝟎𝟎 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 could pay for a player’s education and give her a financial foundation for life beyond football.

I would interview 𝐭𝐡𝐫𝐞𝐞 𝐭𝐨 𝐟𝐢𝐯𝐞 𝐚𝐝𝐯𝐢𝐬𝐞𝐫𝐬 and include the player in those conversations.

Families seeking professional financial advice should ask each adviser what credentials they hold, how long they’ve been advising clients and whether they’ve helped families manage money for a young person.

Ask for all fees in writing, in naira as well as percentages, and find out whether the adviser earns a commission from any investment they recommend. Look up the adviser and the firm online, read independent reviews and ask for references from clients willing to speak with you.

Before hiring anyone, use the 𝐒𝐄𝐂 𝐍𝐢𝐠𝐞𝐫𝐢𝐚 register to confirm that the adviser or firm is registered and authorised to provide investment advice.

I would choose someone who can explain the costs and risks plainly to both the player and her family and help her prepare to make her own decisions when she turns 𝟏𝟖.

𝐏𝐋𝐀𝐍 𝐓𝐇𝐄 𝐇𝐀𝐍𝐃𝐎𝐕𝐄𝐑 𝐁𝐄𝐅𝐎𝐑𝐄 𝐒𝐇𝐄 𝐓𝐔𝐑𝐍𝐒 𝟏𝟖

In the United Kingdom, a 𝐉𝐮𝐧𝐢𝐨𝐫 𝐈𝐒𝐀, or 𝐉𝐮𝐧𝐢𝐨𝐫 𝐈𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐒𝐚𝐯𝐢𝐧𝐠𝐬 𝐀𝐜𝐜𝐨𝐮𝐧𝐭, lets families save or invest tax-free for a child. The money belongs to the child. She can take over managing the account at 𝟏𝟔 and generally withdraw the money from 𝟏𝟖.

In the United States, firms such as 𝐕𝐚𝐧𝐠𝐮𝐚𝐫𝐝 and 𝐂𝐡𝐚𝐫𝐥𝐞𝐬 𝐒𝐜𝐡𝐰𝐚𝐛 offer custodial accounts under the 𝐔𝐧𝐢𝐟𝐨𝐫𝐦 𝐆𝐢𝐟𝐭𝐬 𝐭𝐨 𝐌𝐢𝐧𝐨𝐫𝐬 𝐀𝐜𝐭 (𝐔𝐆𝐌𝐀) or the 𝐔𝐧𝐢𝐟𝐨𝐫𝐦 𝐓𝐫𝐚𝐧𝐬𝐟𝐞𝐫𝐬 𝐭𝐨 𝐌𝐢𝐧𝐨𝐫𝐬 𝐀𝐜𝐭 (𝐔𝐓𝐌𝐀). The child owns the assets, and an adult custodian manages them until the handover age set by state law and the terms of the transfer.

For an account with a required handover age of 𝟐𝟏, the custodian continues managing it after the young person turns 𝟏𝟖 and must hand it over at 𝟐𝟏. The financial institution may send a notice explaining the steps.

For the Flamingos, the reported award terms provide for access at 𝟏𝟖, the age of majority under Nigeria’s Child’s Rights Act.

What I would borrow from the UK and US examples is a handover process the family understands from day one.

Ask the institution to put it in writing, including what each player can access at 𝟏𝟖 and when any investment matures.

Go through the statements with her and include her in conversations with a qualified financial adviser.

When she turns 𝟏𝟖, help her take control of what she earned. If she wants to access the funds available to her under the award terms, respect that decision.

My advice to her would be to consider keeping the money invested until 𝟐𝟏 and using those three years to learn how the investment works, talk through her plans with her family and adviser, and think carefully before making large withdrawals or commitments.

Ask her directly. “Would you like to keep the money invested until you’re 𝟐𝟏 while we help you work through your plans?”

Give her room to answer for herself. Three more years of guidance may help her avoid decisions she could later regret.

The choice is hers, and your support should be there either way.

My two cents to the Flamingos, their parents, guardians and custodians.

Use the time before the handover to help each girl understand what she owns and think about what she wants it to do for her.

If she wants more time to learn and plan, give her that time.

When she’s ready to decide, give her room to do that too.

If you need further help, speak with a qualified financial adviser in Nigeria.

Before hiring anyone, use the 𝐒𝐄𝐂 𝐍𝐢𝐠𝐞𝐫𝐢𝐚 register to verify that the adviser or firm is registered and authorised to provide investment advice.

The adults around her can offer guidance.

The award is hers, and ultimately, the decision about what to do with it is hers to make.

𝐏𝐚𝐮𝐥 𝐋𝐮𝐜𝐤𝐲 𝐎𝐤𝐨𝐤𝐮
FIFA Legend | Former Nigeria Flying Eagles Vice-Captain | Former Super Eagles International | AFCON Silver Medalist | Football Historian | Football Analyst | Investigative Football Writer | Journalist-at-Large | Founder & CEO, Greater Tomorrow Children’s Fund (GTCF)

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𝐒𝐎𝐔𝐑𝐂𝐄𝐒

* 𝐕𝐨𝐢𝐜𝐞 𝐨𝐟 𝐍𝐢𝐠𝐞𝐫𝐢𝐚 — First Lady’s announcement at the State House, 11 November 2026
* 𝐋𝐞𝐠𝐢𝐭.𝐧𝐠 — GTBank savings certificates and reported access when players turn 18
* 𝐏𝐮𝐧𝐜𝐡 — Reporting on the award as Federal Government Savings Bonds, via NewXC
* 𝐈𝐧𝐯𝐞𝐬𝐭𝐢𝐧𝐠.𝐜𝐨𝐦 — USD/NGN historical exchange rate, 11 November 2026
* 𝐍𝐢𝐠𝐞𝐫𝐢𝐚’𝐬 𝐂𝐡𝐢𝐥𝐝’𝐬 𝐑𝐢𝐠𝐡𝐭𝐬 𝐀𝐜𝐭 — Section 277, definition of the age of majority
* 𝐒𝐄𝐂 𝐍𝐢𝐠𝐞𝐫𝐢𝐚 — Register for checking an investment adviser’s authorisation
* 𝐆𝐎𝐕.𝐔𝐊 — Junior ISA management at 16 and access at 18
* 𝐕𝐚𝐧𝐠𝐮𝐚𝐫𝐝 — UGMA and UTMA accounts, ownership and state-specific transfer ages
* 𝐂𝐡𝐚𝐫𝐥𝐞𝐬 𝐒𝐜𝐡𝐰𝐚𝐛 — Schwab One Account Agreement, section 19 on custodial accounts and the duty to transfer assets
* 𝐅𝐈𝐍𝐑𝐀 — Regulatory Notice 20-07 on U.S. custodial account oversight and handovers
* 𝐎𝐩𝐞𝐧𝐒𝐭𝐚𝐱, 𝑃𝑟𝑖𝑛𝑐𝑖𝑝𝑙𝑒𝑠 𝑜𝑓 𝐹𝑖𝑛𝑎𝑛𝑐𝑒 — Section 8.2, calculating the future value of recurring payments