Updated: Bankers’ Committee, CACOVID commit N100bn to procure equipment, gadgets for police in 2yrs

L-R: Herbert Wigwe, Group CEO, Access Bank Plc; Aliko Dangote, president, Dangote Group; Godwin Emefiele, CBN governor, and Tony Elumelu, chairman, UBA Group, at a press conference to announce CACOVID activities, in Lagos, Wednesday, Nov. 25, 2020.

The Central Bank of Nigeria (CBN), the Bankers’ Committee and stakeholders from Private sector-led Coalition Against COVID-19 (CACOVID) have moved to calm the nerves of many Nigerians over insecurity as they have committed N100 billion to procure equipment and gadgets for the Nigerian Police Force over the next two years.

Also, CACOVID has committed to fully rehabilitate all 44 damaged and destroyed police stations nationwide in a bid to restore provision of security in affected locations.

Godwin Emefiele, governor of the CBN, disclosed this in Lagos on Wednesday while giving account of CACOVID in terms of the amount realised and spent.

As part of measures towards rebuilding confidence in the nation’s economy following the impact of the recent #EndSARS protest, he said banks and financial institutions would be required to extend relief through concessionary loans to affected businesses and firms so they can rebuild and restock their stores and continue to conduct their business activities.

CACOVID has also committed to create a high impact youth development programme that will provide technical and vocational education to over 4 million Nigerian youths over the next five years.

Consequently, over N150bn is expected to be deployed towards the setting-up and implementation of the youth development programme, which will be available at select training centres across the country.

For the out-of-school graduates that possess certain entrepreneural skills, CACOVID will be working with Bankers’ Committee to complete the creative centre at the National Arts Theatre in Lagos in four select areas – ICT and software design/development, fashion, music, and movies. The project is expected to cost the Bankers’ Committee over N40 billion.

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Emefiele said details of all the stated support would be released in due course to Nigerians.

He noted that CACOVID realised N39.6 billion from over 200 well-meaning Nigerians and corporate organizations in support of the fight against COVID-19.

“In line with our promise to be open and transparent in the utilisation of the funds donated by our partners, CACOVID has today decided to provide the general public with full details relating to the procurement of goods and services along with the disbursement schedule of procured items. These details will be posted on our website in due course,” Emefiele said.

On the expenditure side, he said the CACOVID has far incurred expenditure in the sum of N43,272,562,831 on the acquisition of not only medical equipment and supplies but also food palliatives for vulnerable Nigerians.

He said the funds raised by CACOVID were used to support three key priorities – medical facilities and equipment, food relief programmes and communication plans.

Among those present include Aliko Dangote, president, Dangote group, Herbert Wigwe, Group CEO, Access Bank Plc, and Tony Elumelu, chairman, UBA Group.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.