Stanbic IBTC, NFF Sign N2.3B Insurance Deal for Eagles

Dike Onwuamaeze

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has signed a Memorandum of Understanding (MoU) with the Nigeria Football Federation (NFF) to provide N2.3 billion insurance cover for all 35 players of the senior national team, the Super Eagles.

The MoU, which was signed recently between Stanbic IBTC and NFF, would become effective from the AFCON starting in Cameroon on January 9, 2022.

Under the agreed terms, Stanbic IBTC would provide group life insurance for all 35 players of the national team with a total sum assured of N1.75 billion and total personal accident insurance for all 35 players with a total of N583 million annually for the next three years.

The Stanbic IBTC would also provide gender sensitivity support for female sports correspondents in Nigeria.

The Chief Executive, Stanbic IBTC Holdings PLC, Dr. Demola Sogunle, described the MoU as a landmark event that is geared toward encouraging the growth of football in Nigeria.

Sogunle said: “We are all gathered here to grace this momentous occasion as two great Nigerian institutions come together to advance Nigeria’s most popular sport. With this partnership, we will further drive the development of the youths via football.”

He said that the partnership was based on youth empowerment and football development, which are values shared by Stanbic IBTC and the NFF.

“This is a great day for football development in Nigeria, and we believe this partnership will boost the growth of this beautiful round leather game in the country. Over the years, various Nigerian football teams have made their marks in various international competitions. We believe the Nigerian football teams will only get better and will dominate the beautiful game in the future. Yes, it can be, as we like to say in Stanbic IBTC, knowing that everything is possible, as long as we put our hearts to it,” he said

Sogunle also congratulated the President of the NFF, Mr. Amaju Pinnick, for being elected into FIFA’s Executive Council and asserted that Nigeria would gain a lot from his membership of football’s highest decision-making organ.

Pinnick described the partnership between the bank and the NFF as a historic “and one of the most unique sports contracts we have had in a long while and we are excited that Stanbic IBTC is driving not just a partnership with the NFF but a sponsorship that also encourages the advancement of the female gender.”