Top officials have revealed that President Muhammadu Buhari has taken serious exception to how the Nigeria Football Federation (NFF) have circumvented his government’s Treasury Single Account (TSA) so as to defraud the country.
The NFF led by Amaju Pinnick operated two separate bank accounts for their sponsors – a secret account operated by Financial Derivatives Company Limited, supposedly financial consultants to the NFF without the knowledge or any corresponding records of their transactions made known to the NFF.
The other is the official account operated by the NFF, where other companies pay into and is being maintained and handled by the accounts department of the NFF.
Suleiman Yahaya Kwande, NFF executive committee member and a serving House of Representatives member, was quoted by the NFF as saying: “It must be put on record that funds from sponsors are not NFF revenues to be paid to revenue accounts but operational funds provided by sponsors for specific purposes such as payments for coaches, competitions, events and other developmental programmes as agreed with the sponsors in each case.
“The sponsors are fully in control and fully aware of how and when their funds are being applied and for what purpose.
“In addition to the above process, the NFF leadership ensured that at any time it received funds from sponsors, FIFA or CAF, an information memo is duly sent to the Hon. Minister of Sports to notify the Government of the receipts of the funds, where the funds is domiciled (TSA or Remittal or FDC) and how it is going to be applied, including payment due to any marketing agency.”
However, NFF director of finance and administration, Salihu Cheku Mohammed pointed out this illegality and direct affront to the Federal Government of Nigeria in a memo to NFF president Amaju Pinnick.
An administrative panel set up by the supervising ministry of youth and sports to probe the finances of the NFF also insisted on the football federation complying with the TSA policy.
“It is important that NFF should be made to treat its grants and sponsorship funds as revenue and pay all such funds either into the TSA or into a special CBN account dedicated for the purpose,” recommended the investigative panel.
“This will promote accountability and transparency in the receipt and expenditure of such funds.”