Club captain, Chinedu Udoji received the dummy cheque from chairman of the League Management Company, Alhaji Shehu Dikko, at the Teslim Balogun Stadium on Sunday.
It is the highest amount ever paid a Nigeria league champion.
The Peoples Elephant, who have won the league title a record seventh time, topped the 20-team championship after they recorded 70 points from 38 matches.
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They will now represent Nigeria in next year’s CAF Champions League alongside runners-up Warri Wolves.