The Nigeria Deposit Insurance Corporation (NDIC), on Wednesday said it received the approval of its board for the immediate release of N1bn to the private sector-led Coalition Against the Coronavirus (CACOVID-19) Relief Fund.
As statement by Sunday Oluyemi, NDIC’s Director, Communication & Public Affairs, recalled that “the Bankers Committee led by the Central Bank of Nigeria (CBN), at its emergency Tele Conference call meeting held on Monday, 30th March, 2020, 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,” he added.
In approving NDIC’s contribution to the Fund, the statement said the board “acknowledged that it was not only consistent with its policy on Corporate Social Responsibility (CSR); it also noted that the proceeds will be utilized in the provision of equipment and urgently needed medical facilities throughout the nation.
“This will include the procurement of testing kits, isolation and treatment centres, as well as the provision of Intensive Care Units (ICUs), and molecular testing labs wherever required,” he added.