NDIC Commits N1bn to COVID-19 Relief Fund

By InstinctBusiness Apr 9, 20200

The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that its board has approved the release of N1 billion to the COVID-19 Relief Fund being put together to fight against the spread of the pandemic in Nigeria.

The Bankers’ Committee led by the Central Bank of Nigeria (CBN) had at its emergency tele- conference call meeting held recently, had announced that the committee and the private sector had set up an account at the CBN under the auspices of the Private Sector Coalition Against COVID-19. The Fund receives contributions from individuals as well as corporate organisations to complement the efforts of the federal government as it strives to contain the spread of the pandemic in Nigeria.

The Director, Communication and Public Affairs, NDIC, Sunday Oluyemi, in a statement, explained that in approving the corporation’s contribution to the Fund, its board acknowledged that it was not only consistent with its policy on corporate social responsibility (CSR); but also that the proceeds would be utilised in the provision of equipment and the urgently needed medical facilities throughout the nation.

Oluyemi stressed further that, “This will include the procurement of testing kits, isolation and treatment centers, as well as the provision of Intensive Care Units (ICUs), and molecular testing labs wherever required”.