Financial expert Samuel Etim has emphasised the need for transparency, proper record-keeping, and strategic funding approaches as critical pillars for sustainable sports administration in Nigeria.
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Etim, who served as an external facilitator at the Olympic Solidarity/NOC Sports Administration Course organised by the Nigeria Olympic Committee, shared his insights in an interview with Sports247 following the conclusion of the programme in Abuja.
A partner in a firm of chartered accountants, Etim was invited to deliver sessions on financial management, sources of funding, and sponsorship within sports organisations.
He explained that his teaching approach was guided by the International Olympic Committee manual for sports administrators, complemented by professional expertise and additional research.
“I tailored my sessions using the IOC manual and supplemented it with practical knowledge from my work experience, especially in financial management and sponsorship,” he said.
Highlighting common challenges faced by sports organisations, Etim identified poor financial record-keeping, misallocation of funds, and fraud as major pitfalls hindering growth in the sector.
“Financial management goes beyond receiving funds. It involves proper allocation, accountability, and ensuring that resources are used strictly for their intended purposes,” he noted.
He stressed that maintaining accurate financial records and implementing strong internal controls are essential to preventing mismanagement and building institutional credibility.
“Every fund must be properly recorded and accounted for. Controls must be in place to safeguard against theft or misuse,” he added.
On managing limited resources, Etim advised sports administrators to prioritise essential expenditures and adopt disciplined budgeting practices.
“When resources are limited, focus on the most critical needs. Remove non-essential items and align spending with priorities to ensure successful execution of programmes,” he explained.
The financial expert also outlined practical strategies for securing funding in a challenging economic environment, urging organisations to actively engage corporate bodies, government institutions, NGOs, and private individuals with well-structured proposals.
“A strong proposal should highlight past achievements, current activities, and future goals. This helps potential sponsors understand your value and impact,” he said.
He further underscored the importance of audited financial statements in attracting sponsorship, noting that transparency builds trust with potential partners.
“Many sponsors will request financial reports. Having audited accounts gives them confidence that your organisation is credible and well-managed,” he stated.
Etim also recommended the use of basic financial tools such as Microsoft Excel for organisations with limited resources, while noting that more advanced accounting software like QuickBooks and SAP can be adopted as capacity improves.
“For beginners, Excel can effectively handle budgeting and financial reporting, provided the correct templates are used,” he said.
Reflecting on his participation in the course, Etim described the experience as both fulfilling and enlightening, noting that it provided valuable insights into the operational realities of sports federations.
“I learned a lot about the challenges within sports administration, especially from the government and federation perspective. It was truly an eye-opener,” he concluded.
The Olympic Solidarity/NOC Sports Administration Course continues to play a vital role in equipping stakeholders with the knowledge and tools required to enhance governance, accountability, and development within Nigeria’s sports ecosystem.
