The capital market community has launched an initiative with the aim of raising N1bn within the shortest possible time.

The Acting Director General, SEC, Ms. Mary Uduk who said this in Abuja, Tuesday also revealed that the effort is in a bid to support the fight against covid-19 and its impact on the Nigerian economy.

Uduk SAID the fund is expected to assist in cushioning the effects of the pandemic on poor and venerable Nigerians as well as providing some critical medical supplies.

SHE SAID THE N1,000,000,000 will be used to provide palliatives to the impoverished and medical equipment to designated hospitals and isolation centres.

While acknowledging on-going efforts at providing critical medical supplies and palliatives to Nigerians, Uduk stated that the Nigerian capital market community recognises that more still needs to be done, especially for the vulnerable and less privileged in the society.

She said “To this end, the Nigerian capital market community, led by the Securities and Exchange Commission, on Thursday, April 16, 2020, inaugurated a market-wide Committee, the Capital Market Support Committee on Covid-19, to coordinate the capital market community’s effort in mitigating the medical and economic impact of the pandemic on the vulnerable and the less privileged.

” This is a challenging time for everyone and the capital market community cannot afford to stay on the side-lines in the fight against Covid-19.  

We urge fellow Nigerians to continue to take all necessary safety precautions and abide by all directives issued by the Federal Government and its relevant agencies. Together, we will overcome this pandemic” she added.