Business

Stanbic IBTC, NFF seal N2.3bn partnership deal

Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has signed a Memorandum of Understanding (MoU) with the Nigerian Football Federation (NFF) to further develop football in the country. Under the agreed terms of the deal, which is expected to come into effect from 2022, Stanbic IBTC will provide Group Life Insurance for all 35 players of the national team at a total sum assured of N1.75 billion and Total Personal Accident insurance for all 35 players at a total of N583,000,000 annually for the next three years. Stanbic IBTC will also provide gender sensitivity support for female sports correspondents in Nigeria. Commenting on the agreement, Dr Demola Sogunle, Chief Executive, Stanbic IBTC Holdings PLC, said: “Today, you are all witnesses to a landmark event: the consummation of a partnership geared towards driving the growth of football in Nigeria. “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.”

 

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