April 5, 2020
Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has partnered FATE Foundation in a bid to curb the COVID-19 pandemic. Stanbic IBTC recently donated the sum of N25 million to the FATE Foundation Philanthropy’s COVID-19 Support Fund. The Fund, an initiative of FATE Foundation, was established to support the government’s efforts at properly equipping public health facilities in the treatment of COVID-19 patients.
Part of the Fund will be channeled towards setting up a special COVID-19 Ward at the National Orthopedic Hospital Igbobi by the Lagos State government. The Lagos State government plans to set up a special COVID-19 Ward that will support the treatment of patients.
Another beneficiary of the Fund is the Ogun State Ministry of Health, which has been offered the use of FATE Foundation’s Institute for Venture Design (IVD) facility in Abeokuta, Ogun State. The IVD facility, which has a 30-room residential space, also has additional spaces which can be converted into wards for COVID-19 patients.
In line with the Foundation’s policy advocacy work, the Fund will additionally support research on the impact of COVID-19 pandemic on Nigerian entrepreneurs. This survey is to provide data insights on how the current situation is affecting Nigeria’s micro, small and medium enterprises. The exercise will be done in partnership with BudgIT, the Nigerian Economic Summit Group (NESG), MSME Community of Practice and the Global Entrepreneurship Network on key stakeholder engagement at the national and sub-national levels.
The support Fund will also help the Foundation in executing its Entrepreneurship Programming initiative, aimed at providing resources to support Nigerian businesses at this time. This initiative uses digital platforms for virtual learning, advisory and community engagement programmes.
Yinka Sanni, Chief Executive, Stanbic IBTC Holdings PLC said: “As a socially responsible corporate organisation, we are seizing every opportunity to support the government, agencies and our partners in the fight against the Covid-19 pandemic; hence the support for FATE Foundation. It is only by deliberate collaborative efforts that we can curtail the spread and possible danger caused by this global enemy.”
He further commended FATE Foundation for its research on the impact of COVID-19 pandemic on Nigerian entrepreneurs and the Nigerian economic climate.
FATE Foundation, a credible Non-Governmental Organisation, provides the required support to emerging Nigerian entrepreneurs that aspire to start, grow and scale their businesses. Founded in the year 2000, the Foundation has created a strong entrepreneurial culture and facilitated the development of an enabling business environment for Nigerians.
He added that the organisation will hold nothing back in offering maximum support to complement the efforts of the government and all its stakeholders.