COVID-19: CBN, Banks CEOs, Dangote to commit N8bn

The Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, President of Dangote Industries Limited, Aliko Dangote and six other top players in the banking, industrial, Oil & gas sectors have set up a funding committee to contribute at least N1 billion each to the Nigerian Private Sector Coalition Against Covid-19.

Other members of the committee are GMD, Access Plc, Herbert Wigwe, Chairman, Zenith Bank Plc, Jim Ovia; Chairman, United Bank for Africa Plc (U BA), Tony Elumelu; GMD, Guaranty Trust Bank Plc (GTBank), Mr. Segun Agbaje; Executive Chairman and Chief Executive Officer, BUA Group, Abdulsamad Rabiu and founder of Zenon Petroleum and Gas Ltd, Femi Otedola.

The apex, on behalf of the Bankers’ Committee and in partnership with the private sector led by Aliko Dangote Foundation and Access Bank have come together to form the Nigerian Private Sector Coalition Against COVID-19.

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The Governor, CBN, Mr. Godwin Emefiele, at a press briefing in Lagos on Thursday, explained that each member of the committee is to ensure that their institution contribute at least N1 billion to this effort.

“More members are allowed as long as they are willing to contribute at least N1 billion,” he added.

He said a steering committee to provide leadership and steer the coalition and committees in procuring all needed funding, equipment and materials for the battle against this pandemic hs been set up.

“The steering committee will 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.

He noted that the operational committee would be responsible for project management, logistics, communication and advocacy.

This, committee according to him, comprises of CBN Governor, Aliko Dangote Foundation, Access Bank, Zenith Bank, GTBank, Stanbic IBTC, Ecobank, Fidelity Bank, Unity Bank, and Nigerian Breweries Plc.

He explained further that the technical committee would be responsible for gathering data about the equipment and materials needed nationwide.

“They will also be responsible for intellectual leadership around testing issues, treatment protocols, isolation centres, etc. Membership comprised of NCDC, WHO, Bill and Melinda Gates Foundation, Federal Ministry of Health and selected members of the operational and funding committee.

“We will be working with reputable institutions and consultants including the Lagos State Commissioner of Health, Dr. Akin Abayomi, Dr. Christian Happi, Dr. Phillip Onyebujo,” he stated.

He explained that the Nigerian private sector coalition against Covid-19 was created out of the urgent need to combat the unfolding deadly virus crisis in the country.

He expressed that “the rate at which the virus is spreading is unprecedented and “it appears we are fighting our most lethal adversary to date”.

“So far, the Federal Government has made giant strides in the fight but it is clear that the private sector needs to step in and support efforts already being made.”

He highlighted that the objectives of the Coalition are to mobilise private sector thought leadership; mobilise private sector resources and classified as confidential.

Others, according to him, include increase general public awareness, education and buy-in;  Provide direct support to private and public healthcare’s ability to respond to the crisis; Support Government effort.

He explained that at the end of the process, “we shall use a reputable firm of Accountants to render a full account of how the funds were utilised as well as account for the materials donated.

“The need for all Nigerians to play a role in this fight cannot be understated as we are quite literally in the fight of our lives. I must highlight the fact that this is not just about bringing money. Your time, your services, your products will all be helpful.

“The committee has already begun work and we will keep you updated of our progress,” he added.

Furthermore, Emefiele said: “As a follow up to the series of engagements and releases from the CBN in response to the impact of the Covid-19 on the Global and Nigeria economy, the CBN has, in the last few days began engaging Nigeria compatriot stakeholders in the private sector on how to provide support to the Federal Government in procuring equipment and materials to combat the menace of this unfortunate pandemic in Nigeria.

“Information gathered so far has revealed that to procure all needed equipment, materials, and all infrastructure needed to fight this pandemic, over N120 billion need 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 NNPC and players in the oil industry”.