COVID-19: Capital Market to raise N1bn – SEC

Moses Emorinken, Abuja

In a bid to support the fight against the coronavirus (COVID-19) pandemic, especially in reducing 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.

The Acting Director General of the SEC, Ms. Mary Uduk, who stated this on Tuesday in Abuja, explained 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.

According to her, “The Committee has commenced work and has set a target to raise the sum of N1bn 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.

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“To this end, the Nigerian capital market community, led by the Securities and Exchange Commission (SEC), 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.”