CACOVID-19 Relief Fund Hits N19.4bn

Posted on April 4, 2020

Contribution to the Nigeria Private Sector Coalition Against COVID-19 (CACOVID-19) Relief Fund stood at N19,488,500,000.00 (N19.488b) as at Friday night, according to an update by the group.

A total of N3,400,000,000.00 (N3.400b) was yet to be redeemed.

Topping the list of donors seen Friday were the Central Bank of Nigeria (CBN) and Alhaji Aliko Dangote of Dangote Industries both donating N2 billion each.

N1 billion came from each of the followings: Alhaji Abdulsamad Rabiu of BUA Sugar Refinery; Segun Agbaje of GTBank; Tony Elumelu of UBA Group; Oba Otudeko of First Bank; Jim Ovia of Zenith Bank; Herbert Wigwe of Access Bank; Femi Otedola of Amperim Power Distribution limited; Raj Gupta of African Steel Mills Nigeria Ltd and Modupe and Folorunso Alakija of Famfa Oil.

The group had set a N120 billion target for banks and private sector contributors to help support the Federal Government in tackling the crisis.

Others donors are Pacific Holdings Limited which gave N500 million; Union Bank Plc; Sterling Bank Plc; Standard Chartered Bank Limited; Stanbic IBTC Bank; Citibank Nigeria Limited; First City Monument Bank; Fidelity Bank and Ecobank Plc which donated N250 million each.

Wema Bank Plc, Unity Bank Plc, Polaris Bank Plc, among others donated N100 million each.

The COVID-19 Relief Fund Naira account was opened last week in the CBN with account number -1000014920 while the CBN TSA United State Dollar account number – 0017575300 was opened at the Citibank UK, the correspondent bank.

CBN Governor, Mr. Godwin Emefiele had said collections into the accounts will be allowed within two weeks, and that anyone can make contributions into the accounts, but only companies and individuals that contribute at least N1 billion will be in the Funding Committee.

In a statement, CBN Director, Corporate Communications, Isaac Okorafor, said the release of the donation list followed earlier pledge to provide weekly update on the contributions to the Relief Fund.

The Nigerian Private Sector Coalition had promised to equip medical facilities in six geopolitical zones in the country .

“The world is currently battling a global health crisis as COVID-19 spreads rapidly through many countries. Currently, cases of the virus have been reported among individuals across Nigeria and there is a high risk of the virus spreading through much of the population, if we do not come together to fight this battle. Necessitating, the introduction of the Private Sector Coalition Against COVID-19 (CACOVID),” the CBN had said.

It disclosed that work had begun in earnest to provide and equip medical facilities in the six geopolitical zones.

This will, it added, involve the creation of testing, isolation and treatment centers, and include the provision of Intensive Care Units (ICUs) and molecular testing labs.

“We have started with Lagos (1,000 beds), Kano (500 beds), Rivers (210 beds) Abuja (200 beds), Enugu

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