President Bola Tinubu has rewarded members of Nigeria’s U-17 women’s national football team, the Flamingos, with Federal Government Savings Bonds worth ₦100m each following their historic FIFA U-17 Women’s World Cup victory.

The team’s coach also received a savings certificate of the same value, while each member of the technical crew was awarded ₦50m in cash.

The announcement was made by the First Lady, Senator Oluremi Tinubu, who received the players and officials on behalf of the President at a reception held in their honour at the State House, Abuja, on Wednesday.

The Flamingos recently made history as the first African team to win the FIFA U-17 Women’s World Cup.

Explaining the decision to reward the players with savings bonds rather than direct cash payments, the Chairman of the National Sports Commission, Shehu Dikko, said the arrangement was designed to protect the long-term financial interests of the young players, most of whom are teenagers.

He said the government deliberately opted for an investment that would secure their financial future rather than expose them to the risks associated with receiving large sums of money at a young age.

“There is no need to flood them with money that can distort their career.

“So we are now giving them what we call an FGN savings bond for like five years. That savings bond comes at like 14, 12 per cent interest annually, meaning each of them will be adding like ₦1.1m plus monthly for the next five years, which is enough to look outside their education, to look outside their training, and then by the time those bonds mature, they are already adults.

“They can make a clear decision of what to do with their own money,” Dikko said.

He added that the arrangement reflected the need to make responsible financial provisions for young athletes.

“I don’t think there is any father that wants to give his 16-year-old, 15-year-old, ₦100m at this age.

“But you can invest for your 16-year-old so that at 20 they will have money to set their life.

“That’s basically what the president has done at this moment, which is unprecedented,” he said.

Dikko explained that the players would also benefit from regular income through the bonds’ annual returns during the investment period, providing funds to support their education, training and family needs while they continue their football careers.

On the future of the team and its coaching staff, he said decisions would depend on the number of players still eligible for the next U-17 competition cycle.

“We have to look at how many of these girls are still available for the next U-17.

“If more are still under that age, they can play the next one; better you keep the coach at this level. If they are moving to the U-21, better they go with their coach to do that,” he said.