It has been revealed how Super Eagles striker, Obafemi Martins, extranvagantly squandered about N3.1 trillions while a player of Newcastle.MartinsadvertisementHis former management company, NVA Management Limited who has dragged the player to court over breach of contarct, told the jury how the player’s account almost went red because of his lifestyle.Obafemi Martins was paid £75,000, but allegedly squandered the earnings on an extravagant lifestyleA former Premiership footballer routinely blew his £75,000 a week wages in a matter of days and was constantly overdrawn, a court was told yesterday.Obafemi, ex-Newcastle striker 25, was paid the handsome salary after he joined the club for a £10million fee in August 2006.But despite his extraordinary earnings, his former management team yesterday claimed they repeatedly bailed him out after his bank account continually slipped into the red.The High Court heard that the Nigerian international player would withdraw £40,000 in cash from his bank account at the end of the week.But that would only last him two days, the court heard, as he topped up with a further £25,000 on the Monday morning.He was always overdrawn and repeatedly relied upon NVA Management Limited to ‘manage his life’, the High Court was told.Martins, who owned several fast cars including a top of the range Porsche 4X4, spent the money funding an extravagant lifestyle of luxurious penthouse homes and fine dining.He is now being sued by his former management company which claims that he still owes them 300,000 for sorting out his finances.He told the court that Martins would withdraw £40,000 for the weekend, followed by another £25,000 on the Monday.‘Despite earning these vast sums of money he was constantly overdrawn,’ added Mr Tennink.He said the firm, which looks after the affairs of several footballers, film and music stars, said that Martins had agreed to pay them for simply managing his life.It was under their stewardship that Martins agreed a £2million image rights deal ‘simply for being Mr Martins’.It’s claimed Martins was constantly overdrawn despite earning £75,000-a-weekHe also had lucrative sponsorship deals with various companies including Pepsi and Nike but had not been paid.When the company stepped in to run his affairs they sorted the unpaid contracts, bringing in thousands of pounds.They also organised visas when he travelled to Italy, where he once played for Inter Milan, and sorted out his passport, his mortgage and property valuations.They even arranged critical illness cover and were constantly running up and down the motorway from their London offices to Newcastle in a bid to do all that he required.‘But surely these were things a secretary could do?’ asked Judge Richard Seymour QC, referring to the size of fees charged.‘It was a Jeeves-type of role that they performed.’Mr Tennink protested that managing every aspect of his life was just part of what they did, and asked the judge to bear in mind the sort of figures these players earned.He said Martins had come to them in July 2007 and had agreed a fee of around £300,000 plus 20 per cent of any sponsorship monies they managed to acquire on his behalf.“He asked for these services to be carried out,” Mr Tennink told the court.Before they managed his affairs, Martins had not been paid a penny for his image rights for the use of his name on Newcastle shirts and mugs and had received nothing from his sponsorship deals.He could not even find the contracts he had originally signed, Mr Tennink added.Martins paid the company £67,500 in January last year and another £25,000 in April last year.But the question for the court to decide, said Mr Tennink, was whether there was a ‘binding obligation’ for him to pay the outstanding bill of over £300,000.After Newcastle were relegated from the Premiership last summer Martins was sold for £9million to German Bundesliga Champions Wolfsburg.Martins, who once owned a penthouse apartment overlooking Newcastle’s exclusive Quayside, is fighting the claim.The hearing is scheduled to last for three days.Read more…
The Federal Executive Council on Wednesday in Abuja approved the issuance of provisional licences for the establishment of seven new private universities in the country. Nigeria currently has 96 universities, comprising 27 federal, 35 state and 34 private universities.
The seven private universities are Wellspring University, Evbuobanosa, Edo State; Paul University, Awka, Anambra State; Rhema University, Obeama-Asa, Rivers State; Oduduwa University, Ipetumodu, Osun State; Afe Babalola University, Ado Ekiti, Ekiti State; Godfrey Okoye University,
Ugwuomu-Nike, Enugu State, and Nigerian Turkish Nile University, Abuja.
Speaking at the post FEC briefing, which was chaired by Nigerian president, Umaru Yar'Adua, the Minister of Information, Dora Akunyili, and her Minister of State counterpart, Ikra Bilbis, said the Minister of Education, Sam Egwu, presented a memo to the council seeking the approval for the issuance of provisional licences for the establishment of the new private universities.
Mrs. Akunyili said FEC approved the memo after considering the country's rising population. "Considering our rising population and this administration's desire to improve skills and enhance standards as one of the seven-point agenda Council, therefore, considered and approved the issuance of provisional licences for the establishment of the seven (7) private universities," she said.
The Minister of State for Education, Aisha Duku, who also spoke at the briefing, said the universities had to undergo rigorous screening before getting the provisional licences.
Ms Dukku added that currently, out of the 96 universities in the country, only 34 are privately owned, and that more universities are needed to take care of the millions who need admission. She said that over one million candidates applied for university admission this year through the Joint Matriculation Examination and only about 220,000 could be accommodated.
She also said contrary to popular opinion that private universities are concentrated in one part of the country, the seven approved private universities are evenly distributed. Two of them are situated in each of the three zones in the South, while one is in the Federal Capital Territory.
Read more…
