Zenith Bank leads as 12 commercial banks donate over N41.8 billion to police, women and other charitable projects

  • Details of 12 commercial banks in the country’s corporate social responsibility activities in two years leaked
  • The banks revealed this in their 2021 financial statements which show a whopping N41.8 billion for different philanthropic projects
  • From education, policing to women’s issues, the billions spent went to non-political charities

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

According to the banks, 22.82 billion naira were donated in 2021, an increase of 27.5% from the 17.8 billion naira donations made the previous year.

The banks disclosed this in their audited financial statements for the full year submitted to the Nigerian exchange.

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 donate a portion of their revenue as charitable donations in accordance with their corporate social responsibility and CSR policies.

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In Nigeria, companies decide how, when and to whom they give their money.

Breakdown of bank spending on CSR

The data compiled by Nairametry shows that Zenith, FBN and Access Bank made the highest donations of 2021, accounting for 53.4% ​​of banks’ CSR donations.

According to Zenith Bank finance details, it made a total charitable donation of N4.45 billion in 2021. This is an increase of 30.3% from the N3.41 billion donated in the year. former.

The bank made most of its donations to various security trust funds amounting to N2.78 billion.

FBN Holdings is the second highest with 4.35 billion naira in CSR donations in 2021, up 90% from the previous year’s contribution of 2.29 billion naira.

Access Bank comes next in donating 4.1 billion naira to charitable causes, an increase of 55.9% from the previous year’s contribution of 2.6 billion naira.

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

For Guaranty Trust Holding Company, 2.71 billion naira in 2021, up 44.9% from the 1.87 billion naira contributed the previous year.

According to the bank’s financial statements, it has donated N1.5 billion to equip law enforcement and security personnel, and N97.49 million for COVID-19 support. 19. The bank has also contributed N782.1 million towards the refurbishment of police stations.

GTCo has also sponsored the sport of basketball with N20.58 million. Others include promoting financial education and financial inclusion in Northern Nigeria, supporting sports education, refurbishing the University of Lagos hostel, and more.

List of other bank 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 – 250 million naira

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

Legit.ng reported that nine banks in Nigeria reported spending a total of N23 billion on business travel across the world in 2021, according to data collected from the banks’ financial centres.

The amount includes the cost of travel, hotels, passages and other logistics related to travel within and outside Nigeria.

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

Source: Legit.ng

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