CBN, Dangote, Femi Otedola, others to Donate N120bn COVID-19 fund

The Central Bank of Nigeria and the private sector, led by Aliko Dangote Foundation and Access Bank, have set up a coalition aimed at raising N120bn towards the fight against COVID-19 in Nigeria.

The Governor, Central Bank of Nigeria, Mr Godwin Emefiele, said at a press briefing in Lagos on Thursday that the Nigerian Private Sector Coalition Against COVID-19 was created out of the urgent need to combat the COVID-19  pandemic in the country.

According to him, four major committees were set up, namely, funding, steering, operational and technical committees.

He said each member of the funding committee would contribute at least N1bn.

Emefiele said, “Information gathered so far has revealed that to procure all needed equipment, material and infrastructure needed to fight the corona pandemic, over N120bn must to be raised.

“The Bankers Committee and these important stakeholders will be required to step up to support this endeavour. We are already engaging other important stakeholders in Nigeria and abroad, such as the Nigerian National Petroleum Corporation and players in oil industry.”

The CBN governor said an account would be set up at the CBN to receive both naira and foreign currencies from donors.

He said the steering committee would be chaired by the Secretary to the Government of the Federation, Mr Boss Mustapha, who currently chairs the Federal Government Committee on Covid-19.

He said, “The funding committee will be responsible for the initial funding of the effort. Membership comprises the CBN governor, Aliko Dangote, Herbert Wigwe, Jim Ovia, Tony Elumelu, Segun Agbaje, Abdulsamad Rabiu and Femi Otedola.

“Each member of the committee is to ensure that their institution contributes at least N1bn to this effort. More members are allowed as long as they are willing to contribute at least N1bn.”