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COVID-19: Private sector driven efforts yields N28.893bn

COVID-19: Private sector driven efforts yields N28.893bn

The Private Sector Coalition Against COVID-19, a special purpose vehicle created by the Central Bank of Nigeria (CBN) to mobilise private sector funds to support the fight against the COVID-19 pandemic, has raised N25,893,699,791.

The latest update of contributors as at 17th April, 2020 released by the CBN indicated that the donations came from 107 corporate and individual donations. The last couple of weeks has seen an increase in donations made to support government’s efforts. It is also of worthy mention that apart from monetary donations from individuals and companies, several donations in form of equipment and supplies have also come in form of support to the efforts.

According to a DAILYTRUST report, a breakdown of the donations show that the CBN contributed N2bn, Dangote Industries Ltd, N2bn, BUA Sugar Refinery N1bn, GTBank N1bn, UBA Plc, N1bn, First Bank N1bn, Zenith Bank N1bn, Access Bank N1bn and Amperion Power Distribution Ltd, N1bn.

Others include; Pacific Holding, N500m, Union Bank, Sterlin Bank, Standard Charted Bank, Stanbic IBTC, Citibank Nigeria Ltd, FCMB, Fidelity Bank, Ecobank, and Africa Steel Mills Nigeria LTD which all contributed N250m each.

Multichoice Nigeria donated N200m, FSDH Merchant Bank, Rand Merchant Bank, Coronation Merchant Bank, Suntrust Bank and Providus Bank donated N100m. Other banks that donated N100m include Wema Bank, Unity Bank, Heritage Bank, Nova Bank, Polaris and Keystone Bank.

Globus Bank, Titan Trust Bank, Takagro Chemicals Ltd, and Adama Beverages Limited,  all donated N50m each.

Ahmadu Mahmoud donated N20m, Ekeoma Eme Ekeoma donated N10m, Handy Capital Ltd donated N5m, ADG International Resources donated N2.5m and Prosharena Ltd donated N1m.They have also been several donations  ranging from N500,000 to N100,000.

The apex Bank, CBN announced the initiative on March 26th, 2020 as part of the private sector driven efforts to help government raise more funds to combat the spread of the Corona virus.

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