Highlights

COVID-19: Private Sector Coalition’s donation rises to N27.16bn

The Nigeria Private Sector Coalition Against COVID19, a special purposes vehicle created by the Central Bank of Nigeria (CBN) to galvanize private sector funds to support the fight against the Covid-19 pandemic has raised N27,160,109,011.90 for the purpose.

This amount was raised in just 29 days since the initiative was launched. The CBN hasn’t released the details of how the funds are being spent.

The update of contributors as at 23rd April, 2020 into the COVID-19 Relief Fund Account released by the CBN yesterday indicated that the donations came from 123 corporate and individual donations.

A breakdown of the donations shows 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, Stannic IBTC, Citibank Nigeria Ltd, First City Monument Bank (FCMB), Fidelity Bank, Ecobank, and Africa Steel Mills Nigeria Ltd which all contributed N250m each.

Multichoice Nigeria donated N200m. Others are FSDH Merchant Bank, Rand Merchant Bank, Coronation Merchant Bank, Suntrust Bank, Providus Bank, Wema Bank, Unity Bank, Heritage Bank, Nova Bank, Polaris, and Keystone Bank; all of which donated N100m each.

Other donors include; Globus Bank, Titan Trust Bank, Takagro Chemicals Ltd, and Adama Beverages Limited, who all donated N50m each.
Also, 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.

It would be recalled that on March 26, 2020 the CBN Governor, Mr. Godwin Emefiele, announced the creation of the committee.
According to the apex bank governor, the funds are to provide not only medical equipment and materials but also to render urgently needed palliatives to the poor and vulnerable segments of the society.

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