Private sector alliance raises N100bn to fight insecurity

A coalition of private sector players with support from the Central Bank of Nigeria (CBN) has raised N100 billion to support the security agencies in the fight against insecurity in Nigeria. The chairman of Heirs Holding and the United Bank for Africa (UBA) Group, Mr Tony Elumelu, disclosed this at the weekend in Abuja during a […]

A coalition of private sector players with support from the Central Bank of Nigeria (CBN) has raised N100 billion to support the security agencies in the fight against insecurity in Nigeria.

The chairman of Heirs Holding and the United Bank for Africa (UBA) Group, Mr Tony Elumelu, disclosed this at the weekend in Abuja during a dinner with the board of UBA.

Recall that in the wake of the COVID-19 restrictions, the Coalition Against COVID-19 (CACOVID), a private sector-led initiative, partnered with the CBN to raise over N60bn to provide interventions, food and vaccine support to help mitigate the impacts of COVID-19 on citizens and the economy.

Elumelu said the group had revved up its interventions and was now intervening in providing security hardware to the security agencies in the country.

He said, “Just in case some don’t know, we set up isolation centres across the country. We spent less than N60bn. You go to the airport, you do your COVID-19 test and other activities around it.

“I think the most important thing was the move we made to open up the Nigerian economy once more. We made a strong move. We have no option, the economy would crash if we don’t do so. And there was so much pressure on the government.

“But the most important thing, I’m sure my members would not like me to talk about it, we have just put N100bn together, private sector again under this coalition to help fight insecurity or to support our security agencies’ capacities to be able to deal with the issues we are having in the country on security.”

The guest lecturer at the event, the CBN Governor, Mr Godwin Emefiele, who spoke on the topic: “Food Security, Job Creation and the Role of the Central Bank of Nigeria”, said on assumption of office as the CBN governor he ensured that the apex bank was noted for being a people-focused central bank where the decisions taken at the MPC must be those that impacted directly on the lives of the people.

He said the objective was driven by some of the key challenges facing the Nigerian economy, one of which was “our heavy reliance” on revenues and foreign exchange earnings from the sale of crude oil.