NLO tasks clubs on compliance with Financial Reporting parameters

NLO tasks clubs on compliance with Financial Reporting parameters

To support the ongoing professionalisation of the Nationwide League One and boost the clubs' commercial success, the League Management has issued a formal directive on Financial Reporting Compliance.

All clubs are now required to maintain and submit standardised financial records to align with global best practices and the Nigeria Football Federation (NFF) Club Licensing Regulations.

Transparency is mandatory; it is essential for continued league participation. Clubs must submit an audited or certified financial statement at season's end, including details on revenue sources, operational costs, and player wages.

To prevent debt issues, clubs must show proof of regular payments to players and staff.

Revenue from sponsorships, grants, and transfer fees must be documented and reported to the league secretariat.

Moreover, clubs are mandated to operate official corporate bank accounts for all football transactions, hence banning the use of personal accounts.

The NLO is engaging with corporate partners and investors, who demand accountability and transparency. Standardised reporting helps attract sponsorships and ensures long-term sustainability.

Non-compliance or submission of misleading financial data during registration will face sanctions such as withdrawal from the league, player registration bans, fines, or points deductions, as per NLO Rules and Regulations.

The Secretariat urges clubs to proactively align their accounting practices with these standards to foster a more professional and financially stable league.