IOC Stops Cash Grant To NOCs

The Nigeria Olympic
Committee (NOC) has said that the International Olympic Committee (IOC) had stopped giving physical cash grants to National Olympic Committees (NOCs) for sports federations.
It said that IOC now gave equipment to NOCs for distribution to federations qualified for major Games.
The Sectary-General of NOC, Tunde Popoola, told newsmen in Lagos that IOC had amended its financial regulations to Olympic committees.
“The IOC has de-emphasised giving cash assistance to NOCs for sports federations toward preparations for major international games.
“The financial module of the IOC has changed from the era of giving physical cash to sports federations; the body has now adopted giving equipment and kits as grants to federations.
He said that the IOC believed that the new policy would give better room for accountability.
“So, transfer of money has been discouraged by IOC; no more money transfers.
“IOC wants the resources given to sports federations reach the targeted sets of people.
“The amendments were made in 2014 and it has been effective and the auditing of the national Olympics committees is expected to be done by an international auditors,’’ he said.
Popoola, however, added that the IOC had promised to increase its grants to federations.
IOC used to give grants to NOCs for onward distribution to associations preparing to participate in major events like the All Africa Games and the Olympic Games.
Such grants are mainly targeted at assisting such federations to prepare for games.