๐๐ก๐ ๐ญ๐ข๐ฆ๐ ๐ฏ๐๐ฅ๐ฎ๐ ๐จ๐ ๐ฆ๐จ๐ง๐๐ฒ ๐ข๐ง ๐ฉ๐ซ๐๐๐ญ๐ข๐๐ โ ๐ก๐จ๐ฐ ๐ซ๐๐ข๐ง๐ฏ๐๐ฌ๐ญ๐ข๐ง๐ ๐ญ๐ก๐ ๐ข๐ง๐ญ๐๐ซ๐๐ฌ๐ญ ๐๐จ๐ฎ๐ฅ๐ ๐ก๐๐ฅ๐ฉ ๐๐๐๐ก ๐ฉ๐ฅ๐๐ฒ๐๐ซ ๐๐ฎ๐ข๐ฅ๐ ๐จ๐ง ๐ก๐๐ซ โฆ๐๐๐ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐๐ฐ๐๐ซ๐.
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 ๐ ๐ฅ๐ฒ๐ข๐ง๐ ๐๐๐ ๐ฅ๐๐ฌ in ๐๐๐๐ 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 ๐๐?
๐๐๐๐ ๐๐๐ ๐๐๐๐๐๐๐๐๐
On ๐๐ ๐๐จ๐ฏ๐๐ฆ๐๐๐ซ ๐๐๐๐, at the State House in Abuja, First Lady Senator ๐๐ฅ๐ฎ๐ซ๐๐ฆ๐ข ๐๐ข๐ง๐ฎ๐๐ฎ announced these rewards on behalf of President ๐๐จ๐ฅ๐ ๐๐ก๐ฆ๐๐ ๐๐ข๐ง๐ฎ๐๐ฎ.
* ๐๐๐๐ก ๐
๐ฅ๐๐ฆ๐ข๐ง๐ ๐จ๐ฌ ๐ฉ๐ฅ๐๐ฒ๐๐ซ โ A โฆ๐๐๐ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง 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 ๐๐.
* ๐๐๐๐ ๐๐จ๐๐๐ก ๐๐ค๐๐๐ฆ ๐๐ฎ๐ฌ๐๐ซ๐ข โ โฆ๐๐๐ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง in cash.
* ๐๐๐๐ก๐ง๐ข๐๐๐ฅ ๐๐ซ๐๐ฐ โ โฆ๐๐ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง each.
At the exchange rate quoted by Investing.com on ๐๐ ๐๐จ๐ฏ๐๐ฆ๐๐๐ซ ๐๐๐๐, ๐๐$๐ was worth about โฆ๐,๐๐๐.๐๐.
That puts the announced award at approximately ๐๐$๐๐,๐๐๐ ๐ฉ๐๐ซ ๐ฉ๐ฅ๐๐ฒ๐๐ซ on that date.
๐๐๐๐ ๐ ๐๐๐๐ ๐๐๐๐ ๐๐๐๐๐๐๐ ๐๐๐๐๐๐๐ ๐๐๐๐๐๐ ๐๐๐ ๐ ๐๐๐๐๐๐
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 motherโs 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.
๐๐๐ ๐๐๐๐๐ ๐๐ ๐๐๐๐
Each player earned this award. My advice is to preserve the full amount and any interest it earns for her until she turns ๐๐. 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 ๐๐๐ญ๐ก ๐๐ข๐ซ๐ญ๐ก๐๐๐ฒ, the institution should explain what she can control at 18 and when the original amount is due to be repaid.
๐๐๐๐ ๐๐๐ ๐๐๐ ๐๐๐๐๐๐๐๐ ๐๐?
On ๐๐ ๐๐จ๐ฏ๐๐ฆ๐๐๐ซ ๐๐๐๐, Voice of Nigeria reported that the government plans to invest each playerโs โฆ๐๐๐ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง award in a five-year Federal Government bond. National Sports Commission Chairman ๐๐ก๐๐ก๐ฎ ๐๐ข๐ค๐ค๐จ estimated annual interest of ๐๐% ๐ญ๐จ ๐๐%. At those rates, each player could earn โฆ๐๐ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐ญ๐จ โฆ๐๐ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง a year, or โฆ๐๐ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐ญ๐จ โฆ๐๐ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง over five years. Add the original award, and the combined total would be โฆ๐๐๐ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง ๐ญ๐จ โฆ๐๐๐ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง 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 โฆ100 million will be repaid.
Under my proposal, any interest paid before a player turns ๐๐ stays with her award. Using the upper end of Dikkoโs estimate, ๐๐%, here are two ways to see what the interest could do for her.
* ๐๐ข๐ฏ๐ ๐จ๐ง ๐ญ๐ก๐ ๐ข๐ง๐ญ๐๐ซ๐๐ฌ๐ญ โ Once she has access, a player who budgets โฆ๐ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง a month for school, housing, training and living expenses would need โฆ๐๐ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง a year. At ๐๐%, the interest could cover that budget and leave โฆ๐ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง before taxes or fees, while the original โฆ100 million stays invested. If interest is paid quarterly, she could set aside three months of expenses from each โฆ๐.๐ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง payment.
* ๐๐๐ข๐ง๐ฏ๐๐ฌ๐ญ ๐ญ๐ก๐ ๐ข๐ง๐ญ๐๐ซ๐๐ฌ๐ญ โ If the award terms allow reinvestment and the full โฆ14 million is reinvested at the end of each year for five years at an illustrative ๐% annual return, those payments could grow to about โฆ๐๐.๐๐ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง before costs and inflation. That is โฆ๐๐.๐๐ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง 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 ๐ญ๐ข๐ฆ๐ ๐ฏ๐๐ฅ๐ฎ๐ ๐จ๐ ๐ฆ๐จ๐ง๐๐ฒ in practice.
If I were in their shoes, I would hire a qualified financial adviser. An award of โฆ๐๐๐ ๐ฆ๐ข๐ฅ๐ฅ๐ข๐จ๐ง could pay for a playerโs education and give her a financial foundation for life beyond football.
I would interview ๐ญ๐ก๐ซ๐๐ ๐ญ๐จ ๐๐ข๐ฏ๐ ๐๐๐ฏ๐ข๐ฌ๐๐ซ๐ฌ and include the player in those conversations.
Families seeking professional financial advice should ask each adviser what credentials they hold, how long theyโve been advising clients and whether theyโve 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 ๐๐๐ ๐๐ข๐ ๐๐ซ๐ข๐ 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 ๐๐.
๐๐๐๐ ๐๐๐ ๐๐๐๐๐๐๐๐ ๐๐๐ ๐๐๐ ๐๐๐ ๐๐๐๐๐ ๐๐
In the United Kingdom, a ๐๐ฎ๐ง๐ข๐จ๐ซ ๐๐๐, or ๐๐ฎ๐ง๐ข๐จ๐ซ ๐๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐๐ฅ ๐๐๐ฏ๐ข๐ง๐ ๐ฌ ๐๐๐๐จ๐ฎ๐ง๐ญ, lets families save or invest tax-free for a child. The money belongs to the child. She can take over managing the account at ๐๐ and generally withdraw the money from ๐๐.
In the United States, firms such as ๐๐๐ง๐ ๐ฎ๐๐ซ๐ and ๐๐ก๐๐ซ๐ฅ๐๐ฌ ๐๐๐ก๐ฐ๐๐ offer custodial accounts under the ๐๐ง๐ข๐๐จ๐ซ๐ฆ ๐๐ข๐๐ญ๐ฌ ๐ญ๐จ ๐๐ข๐ง๐จ๐ซ๐ฌ ๐๐๐ญ (๐๐๐๐) or the ๐๐ง๐ข๐๐จ๐ซ๐ฆ ๐๐ซ๐๐ง๐ฌ๐๐๐ซ๐ฌ ๐ญ๐จ ๐๐ข๐ง๐จ๐ซ๐ฌ ๐๐๐ญ (๐๐๐๐). 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 ๐๐, the custodian continues managing it after the young person turns ๐๐ and must hand it over at ๐๐. The financial institution may send a notice explaining the steps.
For the Flamingos, the reported award terms provide for access at ๐๐, the age of majority under Nigeriaโs Childโs 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 ๐๐ and when any investment matures.
Go through the statements with her and include her in conversations with a qualified financial adviser.
When she turns ๐๐, 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 ๐๐ 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. โWould you like to keep the money invested until youโre ๐๐ while we help you work through your plans?โ
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 sheโs 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 ๐๐๐ ๐๐ข๐ ๐๐ซ๐ข๐ 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.
๐๐๐ฎ๐ฅ ๐๐ฎ๐๐ค๐ฒ ๐๐ค๐จ๐ค๐ฎ
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 Childrenโs Fund (GTCF)
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