Aiteo Group on Wednesday in Lagos signed a five-year sponsorship deal worth N2.5bn with the Nigeria Football Federation for the salaries of national coaches.
The company will pay N500m annually.
Deputy Managing Director of the company Francis Peters told reporters that the move was aimed at developing Nigerian football.
“That is why we decided to partner the NFF in paying the coaches’ salaries with N500m per annum for the next five years,” the company chief said.
“The sponsorship will commence on May 1 and will last five years with an initial option of a one-year extension.
“The deal grants exclusive rights to Aiteo Group and will cover all local and foreign components of the NFF’s financial obligations for the main team which is dissimilar to the recent deal with Zenith Bank.
“Aiteo Group’s overreaching social responsibility objectives are to encourage a positive impact through our activities in the society at large and which it has successfully done for several years.
“This is the long awaited injection of funds the NFF has earnestly yearned for.”
NFF president Amaju Pinnick said he started discussions with the energy conglomerate when he was campaigning for the CAF executive committee election.
He said, “When I came back, I researched about the company and later met with them.
“They accepted my proposals as soon I contacted them, and within 10 days of discussion, we reached an agreement on how to be official sponsors of the NFF.
“In the next five years, there will be nothing about owing any Nigerian coach.”