AFN Sponsorship Scandal: The Unanswered Question That Refuses to Die

More than two years after the Athletics Federation of Nigeria (AFN) Audit Committee submitted its report, one unanswered question continues to haunt the federation and Nigeria’s sporting community: Which bank warehoused the ₦70 million Premium Trust Bank sponsorship money?

The committee’s findings revealed a troubling breach of contract. The Memorandum of Understanding (MOU) signed on June 28, 2023, between AFN and Premium Trust Bank, was explicit in Article 4.4: an SPV account must be opened with the broker, Nilayo, and AFN as signatories to warehouse the sponsorship funds.

Yet, when the ₦70 million was paid on July 20, 2023, after the broker deducted his 30% commission, no such account existed.

Instead, the money was diverted elsewhere, with the Secretary General admitting that the SPV account was ‘still underway’ even after the federation had already received the funds.

This diversion is not a mere procedural lapse. It amounts to fraud, criminal breach of trust, and misappropriation of public funds.

By channeling sponsorship money into unauthorized accounts, AFN officials violated both the contract and Nigerian law. Worse still, the opacity surrounding the transaction raises suspicions of money laundering, as funds were moved in ways that obscured accountability and financial trails.

Stakeholders are outraged that Nigeria’s anti-corruption agencies viz the EFCC and ICPC have failed to act on such glaring infractions.

Even more damning is the complicity of supervisory bodies like the National Sports Commission, which not only ignored the violations but also oversaw the re-election of the AFN President under whose leadership these breaches occurred.

Some of the actors implicated remain in their positions within the federation, while others have even been elevated to higher offices in government.

The unanswered question of where the Premium Trust sponsorship money was warehoused is more than a technicality. It is a symbol of the rot in Nigerian sports governance, where contracts are flouted, oversight is absent, and accountability is sacrificed.

Until anti-corruption agencies confront this scandal, the AFN remains a federation tainted by deceit and betrayal of trust.