…As Capital market leaders back President Tinubu’s sports infrastructure renewal drive

Joel Ajayi

The National Sports Commission (NSC) has unveiled Project RISE, a proposed ₦1 trillion National Sports Infrastructure Bond Programme aimed at rehabilitating, modernising and expanding critical sporting facilities across Nigeria.

The initiative, which stands for Reimagining Infrastructure for Sporting Excellence, was presented at an inaugural All-Parties Meeting held on Wednesday, October 14, at the Moshood Abiola National Stadium, Abuja. The meeting brought together leading issuing houses, investment banking institutions, legal advisers, trustees and other capital market professionals to discuss the proposed financing framework.

The programme advances the Federal Government’s efforts to address Nigeria’s longstanding sports infrastructure deficit through alternative financing mechanisms, following President Bola Ahmed Tinubu’s approval earlier in the year for the Commission to explore capital market funding.

The proposed bond programme has a target value of ₦1 trillion, with an initial ₦400 billion Series 1 issuance planned as the first phase of the financing framework.

Speaking at the meeting, the Director-General of the NSC, Hon. Bukola Olopade, described Project RISE as a major component of the Renewed Hope Initiative for Nigeria’s Sports Economy (RHINSE), which seeks to position sports as a driver of economic growth, employment, youth development and international competitiveness.

Hon. Olopade stressed that Nigeria’s sporting potential must be matched by the facilities required to develop talent and sustain high performance.

He noted that many promising athletes across the country still lack access to modern training facilities, adding that Project RISE would help establish a stronger infrastructure base for talent identification, athlete development and sporting excellence.

The Director-General said the initiative aligns with the four strategic pillars of the RHINSE agenda: Infrastructure, Investment, Incentives and Policy.

He added that the Commission’s ambition is to expand access to quality sporting facilities, enabling young Nigerians across different communities to develop their abilities and pursue opportunities to represent the country at the highest level.

Financial Advisers Present ₦1 Trillion Financing Framework

The meeting was facilitated by the Commission’s financial advisers, Plethoria Finance Group and BAS Capital Limited, led by their respective Group Managing Directors and Chief Executive Officers, Mr. Taiwo Oguntimehin and Mr. Abdullateef Hussaini.

In his welcome remarks, Oguntimehin outlined the opportunity to mobilise long-term capital for sports infrastructure development and set the stage for discussions on the proposed financing structure.

Hussaini subsequently presented the proposed ₦1 trillion bond programme, including the initial ₦400 billion Series 1 issuance. His presentation covered the proposed transaction structure, funding arrangements, security mechanisms, use of proceeds, indicative timetable and applicable regulatory requirements.

Under the proposed framework, a dedicated Special Purpose Vehicle (SPV) would serve as the issuing entity for raising and deploying funds towards approved sports infrastructure projects.

The proposed repayment arrangement includes a Federal Government Irrevocable Standing Payment Order (ISPO), supported by a dedicated sinking fund account administered by trustees registered with the Securities and Exchange Commission (SEC).

The proposed issuance remains subject to the finalisation of the transaction structure, relevant government approvals and compliance with applicable capital market regulations.

Capital Market Institutions Express Support

The meeting attracted representatives of several financial institutions and professional services firms, including Chapel Hill Denham, PAC Capital, AIICO Capital, United Capital Group, AVA Capital, Centrum Finance, BAS Capital Limited, Plethoria Trustees Limited, Templars Law Firm, The New Practice, M.J Partnership Solicitors, DOC Advisory Limited, BBC Professionals and STL Trustees Limited.

Participants examined the proposed transaction structure, financing terms, regulatory requirements, repayment safeguards and implementation arrangements during an interactive session.

The discussions reflected interest in the proposed initiative and the potential role of capital market institutions in addressing Nigeria’s sports infrastructure challenges. Participants also considered the financial safeguards and regulatory framework required to support the programme’s implementation and long-term sustainability.

The engagement marks an initial step towards coordinating the expertise of the Federal Government, the NSC, financial advisers and prospective transaction partners in developing the proposed bond programme.

Key National Sporting Facilities in Focus

Project RISE is designed to support the rehabilitation, modernisation and development of sporting facilities across the country.

Priority projects identified by the Commission include the rehabilitation and modernisation of the National Stadium, Surulere, Lagos, and a comprehensive overhaul of the MKO Abiola National Stadium, Abuja.

Other proposed interventions include sports centres across the six geopolitical zones, facilities in tertiary institutions, high-performance training centres, a National Aquatics Development Centre, sports medicine and rehabilitation facilities, and a National Sports Digital Transformation Programme.

The Commission envisages modern, multifunctional facilities that can accommodate elite competitions, grassroots sports, talent identification, entertainment, tourism and other commercially viable activities.

Beyond their direct sporting benefits, the proposed investments are expected to create opportunities for employment, enterprise development and private sector participation across the sports value chain.

A New Approach to Sports Infrastructure Financing

Project RISE represents an effort to reduce reliance on annual budgetary allocations as the primary source of funding for major sports infrastructure projects.

Through the proposed long-term capital market arrangement, the Commission aims to establish a more coordinated financing framework for priority projects, with defined repayment obligations, trustee oversight and regulatory safeguards.

If successfully implemented, the programme could provide a model for mobilising private and institutional capital for large-scale sports infrastructure development while supporting more consistent delivery of critical facilities.

Implementation Roadmap Outlined

The meeting identified several steps required to advance the proposed Series 1 issuance.

These include finalising the SPV structure and incorporation documents, completing the necessary board resolutions, confirming the appointment of issuing houses, trustees and other professional transaction parties, and preparing a detailed execution timetable.

Participants also discussed the need to finalise indicative bond terms, advance the proposed Federal Ministry of Finance approval for the ISPO, and progress the relevant Debt Management Office and SEC requirements.

The NSC was represented by the Director-General and senior management officials, including directors responsible for Stadium and Facility Management, Finance, and Procurement.

The next phase will involve further technical and institutional coordination among the Commission, its financial advisers and the participating transaction parties to advance the proposed issuance.

Building a Lasting Foundation for Nigerian Sports

For the NSC, Project RISE is an opportunity to restore critical sporting assets, expand access to modern facilities and establish a stronger foundation for the development of future champions.

The initiative also reflects the Commission’s commitment to exploring sustainable financing options that can support the Federal Government’s broader sports development ambitions under President Tinubu’s Renewed Hope agenda.

By bringing together public sector priorities and capital market expertise, the Commission aims to create new opportunities for sports infrastructure development, strengthen the sports economy and improve Nigeria’s competitiveness on the international stage.

The ultimate goal is to ensure that talented Nigerians have access to the facilities and training environments they need to reach their full potential, regardless of where they live.

As work progresses on the proposed financing framework, Project RISE signals the NSC’s determination to pursue a more sustainable approach to rebuilding Nigeria’s sporting infrastructure and unlocking the economic and developmental opportunities within the sports sector.