COVID-19: Capital market stakeholders to raise N1bn to cushion effect of pandemic

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The Capital Market community has launched an initiative aimed at raising one billion Naira as palliative to cushion the effect of COVID-19 on poor and vulnerable Nigerians.

A statement by Mrs Efe Ebelo, the Head, Corporate Communication of the Securities and Exchange Commission (SEC), said the Acting Director-General of the commission, Ms Mary Uduk disclosed the plan in Abuja Tuesday.

Uduk said the move was to support the fight against COVID-19 and its impact on the country’s economy.

She said the fund would also assist in providing some critical medical supplies to fight the pandemic.

According to her, 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.

“The Nigerian capital market community, led by SEC, on April 16, inaugurated the Capital Market Support Committee on COVID-19, to coordinate the community’s effort in mitigating the medical and economic impact of the pandemic on the vulnerable and less privileged.

“The committee has commenced work and has set a target to raise the sum of one billion Naira 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,” the acting director-general said.

She advised Nigerians to continue to take all necessary safety precautions and abide by all directives issued by the Federal Government and other relevant agencies.

“Together, we will overcome this pandemic,” she said.

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