Categories: Business

COVID-19: Capital Market Support Committee to Raise N1bn From Participants


The Capital Market Support Committee on Covid-19 has been given the responsibility to raise N1 billion from market participants and stakeholders within the shortest possible time.

The committee was inaugurated by the Nigerian capital market community, led by the Securities and Exchange Commission.

A statement by the Head Corporate Communication, Securities and Exchange Commission, Efe Ebelo, on Tuesday said the move is aimed at supporting the fight against COVID-19 and its impact on the Nigerian economy.

The statement, while quoting the Acting Director General of the SEC, Ms. Mary 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.

“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.

Soonest Nathaniel

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