Nigerian banks’ expenditure on Corporate Social Responsibility (CSR) projects declined by 65.2% to N6.66 billion in 2022. As of December 2021, the same banks expended N19.16 billion on different CSR projects, the analysis of their audited financial statements for 2022 has shown.
The tier 1 banks in the analysis are Zenith Bank, Access Bank, Guaranty Trust Bank and United Bank for Africa (UBA). Collectively the four tier one banks spent N5.1 billion on CSR in 2022 in contrast to N12.55 billion spent on charitable gifts and donations in 2021.
Zenith Bank plc topped the chart of the biggest spenders in 2022 as it committed N1.67 billion to CSR whereas in 2021, the same bank spent N4.37 billion on CSR.
The beneficiaries of Zenith Bank’s CSR projects in 2022 included various charity organizations, N522 million; security trust funds, N331 million; educational institutions N171 million; Sports organizations N159 million and many other projects.
Access Bank took the second position on the chart, as it donated N1.61 billion in 2022 in contrast to N4.05 billion in 2021. The beneficiaries of Access Bank Plc included the New Lagos Polo Clubhouse which received N295 million; 2022 Art X Lagos Exhibition, N283 million; 2022 African International Film Festival N200 million and others.
The third position holder, UBA, spent N1.34 billion in 2022 compared to N1.40 billion spent in 2021. The bank’s CSR donations were made to host communities as part of their development commitment to the communities.
Guaranty Trust Bank committed N488.1 million last year compared to N2.7 billion spent in 2021. A major benefactor of the GT Bank’s CSR was people living with Autism as the community was supported with the sum of N87.7 million. The fund was donated for the execution of the 12th edition of the GTCO Autism Conference.
Segun Agbaje, Group Chief Executive Officer of GTCO during his welcome speech at the 12th edition conference explained that it was important to create a culture that includes people with autism.
“Now in its 2nd decade, the Annual Autism Conference has over the years shaped a community of people with a shared commitment to create better outcomes for those who find themselves in the margins of society because they are deemed different from what the world defines as normal. While much has been done over the years to increase the social consciousness around Autism and to improve the available support systems for managing developmental disorders, I strongly believe that we can do more individually and collectively to create and uphold a culture of inclusion towards people with autism spectrum disorder (ASD) to enable them to reach their full potential,” Agbaje said.
The tier two banks in the analysis are First City Monument Bank (FCMB), Stanbic IBTC Bank, Sterling Bank, Fidelity Bank, WEMA Bank, Union Bank and Unity Bank. These seven tier two banks collectively spent N1.55 billion on CSR project in 2022 as against N6.61bn spent on charitable gifts and donations in 2021.
Unity Bank topping the tier two charts of 2022, spent N368 million compared to N315 million spent in 2021.
Stanbic IBTC that came second on the chart, donated N311 million compared to N1.28bn spent in 2021.
The CSR of Unity Bank was used for renovation of the University of Lagos Basketball Court (N10 million); purchase of medical equipment and renovation of Maternity Ward at General Hospital Ibusa, Delta State (N3 million); construction and renovation of classrooms and school structures at Daudu IDP Camp, Benue State (N3.3 million) and many others
FCMB spent N299 million in 2022 on CSR in contrast to N1.48bn spent in 2021. Beneficiaries of its CSR projects included Henry Seriake Dickson Foundation (N50 million), Lagos State Security Trust Fund (N30 million), Metropolitan Club (N25 million) and many others.
