AITEO, an energy solution company, has acquired the ‘Naming Right’ of the NFF Federation Cup popularly known as the FA cup for the next five years.
This is an extension/addendum to the company’s sponsorship agreement with the Nigeria Football Federation. It is also part of the rights AITEO has under the original agreement.
Those rights will enable the acquisition of additional commercial assets from the NFF that are available and not encumbered, on a mutually-negotiated basis. To this end, the NFF Federation Cup, the oldest football competition in Nigeria, is henceforth to be known and addressed as “AITEO Cup” Commencing from the 2017 season.
This arrangement will see AITEO underwriting the costs of the organization of the competition which encompasses the costs of organizing the competition from the Round of 64 to the men and women’s finals, solidarity support to Football Associations of the 36 States and the FCT, expenses and indemnities of match officials, support to participating Clubs, Media, Branding/Activation and Prize Money to winners.
Confirming the prize monies for the AITEO Cup 2017, NGN25million goes to the winner of the men’s competition while the winner of the women’s category gets NGN10million.The runner–up for the men’s competition will pocket NGN10million, with the runner–up for the women’s event going home with NGN5million.
The Cost Value Arrangement of the transaction is for NFF and AITEO to, annually, decide the nature and value proposition of the AITEO Cup under the framework of the relationship, and AITEO would thus underwrite the cost as the competition’s ‘Naming Right Holder.’
The NFF team at the contract signing inside AITEO Group’s Lagos office said it was “extremely delighted” by the extended agreement, while AITEO chieftains stated “we are happy to do this for Nigeria.”
Aiteo Group is an integrated, global-focused Nigerian energy conglomerate founded in February 2008. The company is the successor entity to Sigmund Communnecci Limited. The company has significant business interests in oil and gas exploration and production; bulk petroleum storage; refining of petroleum products; trading, marketing and supply as well as power generation and distribution. Its subsidiaries are Aiteo Eastern Exploration and Production Company Limited (AEEPCo) and Aiteo Power. The Group is owned by Benedict Peters. Its business activities are conducted from several Nigerian locations, including international financial capitals; United States, United Kingdom, Switzerland and Brussels.