Earlier this month, current Magpies owner Mike Ashley announced he was looking to sell the club following the criticism he has received in the wake of Kevin Keegan’s resignation.
However, a buyer has yet to be found, with Ashley rumoured to be looking for a fee of more than £400million and Dubai International Capital recently ruling themselves out of the running.
But a Nigerian company claims to have £350million – and is bidding to secure the remaining funding which would improve its chances of a successful takeover.
Chief Executive Officer of the NVA Management Chris Nathaniel, whose company are said to be handling the deal, told Kick Off Nigeria: "All along I have been working hard to get wealthy and football loving Nigerian entrepreneurs to buy the club since Mike Ashley indicated his willingness to sell the club to the person, people or entrepreneurs who can meet the £400million selling price of the club.
"Right now I am happy to tell you that well meaning Nigerians have responded and the consortium of Nigerian entrepreneurs has so far contributed £350million to buy the club.
"Ashley has stood his ground that he won’t sell the club until the money is raised to the asking price of £400million.
"So what that means is that we need to raise another £50million or £100million to shut the door behind the other top Arab companies who are also interested in the club.
"The Arab companies have also indicated interest and made offers – but they haven’t met the asking price too."