SEC, others launch N1bn funding initiative to support COVID-19 war in Nigeria

The capital market community led by the Securities and Exchange Commission (SEC) has launched a funding initiative with the aim of raising N1 billion to support the fight against Coronavirus (COVID-19) on the Nigerian economy. The fundraise, according to the Commission, would be coordinated by the Capital Market Support Committee on COVID-19, inaugurated last week for the purpose of supporting the on-going efforts being made by other parties. The Acting Director-General of the SEC, Ms. Mary Uduk, who stated this in Abuja, said 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 needed to end the pandemic. 

She said: “The Committee has commenced work and has set a target to raise the sum of N1 billion 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 the 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 said.