COVID-19: UBA Provides N5bn Relief Fund

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  • COVID-19: UBA Provides N5bn Relief Fund

Private sector operators have started providing support to the Federal Government as Africa’s largest economy intensified fight against coronavirus pandemic.

Barely 24 hours after Access Bank Plc and Aliko Dangote Foundation teamed up to complement government’s efforts with series of equipment, trained experts and funds to curtail the spread of COVID-19, the United Bank for Africa (UBA) has announced a N5 billion or US$14 million support fund to fight the pandemic across its operational nations in Africa.

“We Will Provide N5 billion(U$14 million) To COVID-19 Relief Support Across Africa To catalyze a comprehensive pan-African response to the fight against the #Coronavirus pandemic, we’ll provide N5 billion to #COVID19 relief support across Africa through the @UBAFoundation,” the bank tweeted on Thursday.

According to the lender, the fund will be disbursed to states in the following order:

  • N1 billion to Lagos, Nigeria
  • N500 million to Abuja, Nigeria
  • N1 billion to the remaining 35 states in Nigeria

The bank also announced relief support for other nations it operates across Africa.

“N1.5 billion to UBA’s presence countries in Africa N1 billion for Medical Centres with equipment & supplies Free Telemedicine call centre facility”

Speaking on the pandemic, the bank said: “This global pandemic must bring citizens, governments & business leaders together – & quickly. As we see a rapidly increasing number of cases of the coronavirus in Nigeria & Africa, the private sector has to work hand in hand with various Governments, in stemming the spread”.

“We commend the efforts of governments & we‘re keen to partner & contribute our resources to the collective effort, that’ll ensure the response to the pandemic is swift & effective,” UBA added.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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