Zenith Bank Leads As 12 Commercial Banks Donate Over N41.8 Billion To Police, Women Other Charitable Projects

Zenith Bank Leads As 12 Commercial Banks Donate Over N41.8 Billion To Police, Women Other Charitable Projects

  • Details of 12 commercial banks in the country's corporate social responsibility activities in two years have been disclosed
  • The banks revealed this in their 2021 financials which show a whopping N41.8 billion for different philanthropic projects
  • From education, Police to women's issues, the billions spent were for charity and non-political groups

12 commercial banks have disclosed that between 2020 and 2021 they have donated a combined total of N41.8 billion as part of corporate social responsibility.

According to the banks, N22.82 billion was donated in 2021 a 27.5 percent increase when compared to N17.8 billion donations made in the previous year.

The banks disclosed this in their full-year audited financials submitted to the Nigerian Exchange.

Nigerian banks donations to charity
Ebenezer Onyeagwu, Group Managing Director/CEO of Zenith Bank Plc and Adesola Kazeem Adeduntan, Managing Director/Chief Executive Officer of First Bank of Nigeria. Credit: @Onyeagwu, @Adeduntan
Source: Facebook

In the corporate world, companies are encouraged to contribute part of their revenues as charitable donations in line with their Corporate Social Responsibility, CSR policies.

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In Nigeria, companies decide how, when and to who they donate their money.

Breakdown of how much banks spent on CSR

The data which was compiled by Nairametrics shows that Zenith, FBN, and Access Bank made the highest donations in the year for 2021 accounting for 53.4% of the banks’ CSR donations.

According to details from Zenith bank financials, it made a total charitable donation of N4.45 billion in 2021. Representing a 30.3% increase compared to N3.41 billion donated in the previous year.

The bank made most of its donations to various Security Trust Funds amounting to N2.78 billion.

FBN Holdings is the second highest with N4.35 billion CSR donations in 2021 increasing by 90% from the N2.29 billion contribution made in the previous year.

Access Bank comes next as it donated N4.1 billion to charitable causes a 55.9% increase compared to N2.6 billion contribution made in the previous year.

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A look at the breakdown of the bank’s donations includes N2 billion to the Police Security Trust Fund, in support of the purchase of police equipment.

For Guaranty Trust Holding Company N2.71 billion in 2021, increasing by 44.9% compared to N1.87 billion contributed in the previous year.

According to the bank’s financial statement, it made a donation of N1.5 billion towards equipping Law Enforcement and Security Personnel, and N97.49 million towards COVID-19 support. The bank also contributed N782.1 million towards the renovation of police stations.

GTCo also sponsored the basketball sport with N20.58 million. Others include promoting financial literacy and financial inclusion drive in Northern Nigeria, Sports Education Support, University of Lagos hostel renovation etc.

List of other banks donations to CSR in 2021

  • Stanbic IBTC – N1.51 billion
  • FCMB – N1.48 billion
  • UBA – N1.41 billion
  • Fidelity Bank – N1.38 billion
  • Union Bank – N1.2 billion
  • Wema Bank – N724 million
  • Unity Bank – N671 million
  • Sterling Bank – N250 million

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Access Bank lead 8 banks in Nigeria to spend N23 billion in travel expenses in 2021

Legit.ng has reported that nine banks in Nigeria said they spent a total of N23 billion on business trips across the globe in 2021, according to data collated from financial resorts of the banks.

The amount includes the cost of travel, hotels, passages and other logistics which are connected to travelling within and out of Nigeria.

Access, Fidelity, Sterling, UBA, Zenith, GTB, Stanbic IBTC, First Bank and FCMB are the banks which spent the most on travel expenses.

Source: Legit.ng

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