NLO mandates financial reporting compliance for clubs

The Nationwide League One, NLO, has issued a directive requiring all clubs to comply with standardised financial reporting.

The directive is aimed at improving the commercial viability of the league.

The NLO issued the directive in a statement on Sunday.

According to the statement, all clubs must maintain and submit audited or certified financial statements at the end of each season.

The reports must include details on revenue sources, operational costs and players’ wages.

The NLO said transparency is mandatory for continued participation in the league and aligns with global best practices and the Nigeria Football Federation, NFF, Club Licensing Regulations.

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

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

The move is targeted at attracting corporate partners and investors to the league.