COVID-19: Capital Market support committee to raise N1bn

In a bid to support the fight against COVID-19 and its impact on the Nigerian economy, the capital market community has launched an initiative with the aim of raising N1bn within the shortest possible time. This was stated by the Acting Director General of the SEC, Ms. Mary Uduk in Abuja, Tuesday.

Uduk disclosed that the fund is expected to assist in cushioning the effects of the pandemic on poor and venerable Nigerians as well as providing some critical medical supplies. She said, “The Committee has commenced work and has set a target to raise the sum of One Billion Naira (N1,000,000,000) from market participants and stakeholders within the shortest possible time. The money will be used to provide palliatives to the impoverished and medical equipment to designated hospitals and isolation centres.

While acknowledging on-going efforts at providing critical medical supplies and palliatives to Nigerians, Uduk stated that the Nigerian capital market community recognises that more still needs to be done, especially for the vulnerable and less privileged in the society.

“To this end, the Nigerian capital market community, led by the Securities and Exchange Commission, on Thursday, April 16, 2020, inaugurated a market-wide Committee, the Capital Market Support Committee on Covid-19, to coordinate the capital market community’s effort in mitigating the medical and economic impact of the pandemic on the vulnerable and the less privileged.

”This is a challenging time for everyone and the capital market community cannot afford to stay on the side-lines in the fight against Covid-19. We urge fellow Nigerians to continue to take all necessary safety precautions and abide by all directives issued by the Federal Government and its relevant agencies. Together, we will overcome this pandemic” she added.

Recall that following the confirmation of the COVID-19 index case in Nigeria on February 27, 2020 and the subsequent identification of other cases, the Federal and State Governments have introduced several measures to contain the spread of the disease. The private sector has also thrown its weight behind the Government in an effort to contain its spread and alleviate the economic, and medical hardship brought about by the pandemic.