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COVID-19: Capital market community to raise N1bn

COVID-19: Capital market community to raise N1bn

The capital market community has launched an initiative with the aim of raising N1 billion to help government win the ongoing fight against the ravaging COVID-19 pandemic across many states in the country.

The Acting Director General of the SEC, Ms. Mary Uduk, who disclosed this on Tuesday, said the fund when mobilized would assist in cushioning the effects of the pandemic on poor and venerable Nigerians as well as providing some critical medical supplies. DAILYTRUST reports.

According to her, the Committee has commenced work and has set a target to raise the amount from market participants and stakeholders within the shortest possible time.

While acknowledging on-going efforts by governments and other stakeholders to provide critical medical supplies and palliatives to Nigerians, Uduk explained that the Nigerian capital market community recognized that more still needed to be done, especially for the vulnerable and less privileged in the society.

She further clarified: “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”, the investment expert added.

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