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The National Sports Commission (NSC) has taken its boldest step yet toward fixing Nigeria’s crumbling sports infrastructure, unveiling a proposed ₦1 trillion bond programme to be raised from the capital market.
Named Project RISE (Reimagining Infrastructure for Sporting Excellence), the programme was presented on Wednesday, October 14, at an inaugural All-Parties Meeting at the Moshood Abiola National Stadium, Abuja. Issuing houses, investment banks, legal advisers and trustees attended. An initial ₦400 billion Series 1 issuance is planned as the first phase, following President Bola Tinubu’s earlier approval for the NSC to explore capital market funding.
NSC Director-General Hon. Bukola Olopade described the project as a key part of the Renewed Hope Initiative for Nigeria’s Sports Economy (RHINSE), built on four pillars: Infrastructure, Investment, Incentives and Policy. He said many promising athletes still lack modern training facilities, and that Project RISE would strengthen the base for talent identification and athlete development.
How it would work
The commission’s financial advisers, Plethoria Finance Group and BAS Capital Limited, facilitated the session. BAS Capital’s Abdullateef Hussaini presented the framework, and Plethoria’s Taiwo Oguntimehin gave the welcome remarks.
A dedicated Special Purpose Vehicle (SPV) would issue the bonds and deploy funds to approved projects.
Repayment would be backed by a Federal Government Irrevocable Standing Payment Order (ISPO).
A sinking fund account would be managed by trustees registered with the SEC.
The issuance remains subject to finalising the structure, government approvals and regulatory compliance.
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What gets built
Priority projects include rehabilitating the National Stadium, Surulere, and a comprehensive overhaul of the MKO Abiola National Stadium, Abuja.
Other proposals cover sports centres in all 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.
Moving away from budget reliance
The NSC says the plan is meant to reduce dependence on annual budget allocations, offering defined repayment obligations, trustee oversight and regulatory safeguards instead. If it works, it could become a model for drawing private and institutional capital into sports infrastructure.
Next steps
Participants included Chapel Hill Denham, PAC Capital, AIICO Capital, United Capital Group, AVA Capital, Centrum Finance, Templars and STL Trustees, among others. The roadmap includes finalising the SPV and incorporation documents, board resolutions, appointing issuing houses and trustees, agreeing indicative bond terms, and securing Federal Ministry of Finance approval for the ISPO, along with Debt Management Office and SEC requirements.
The NSC was represented by the DG and directors of Stadium and Facility Management, Finance, and Procurement.
