FUGAZ banks are the Nigerian Tier 1 banks, they are the biggest banks and has remained the most visible banks in Nigeria. They dominate the financial market and to a large extent dictates the direction of the financial system. FBN Holdings, UBA, GTBank, Access Bank and Zenith Bank, the five banks together control over 70 percent of total Bank Customer Deposit in Nigeria and over 60 percent of Total Customer Loans and Advances portfolio of the Nigerian Banking Industry in 2019
Corporate Social Responsibility (CSR) is another function these banks take seriously. Donations to Security Trust Funds, Corporate sponsorship of events, Non-Governmental Organizations (NGOs), Health Institutions, Educational Institutions, Government Agencies, Sporting Events, Professional Bodies and more top the list of banks Donation and Charity in 2019.
The five banks ( FUGAZ Banks) donated over N5.3 billion Naira to charity in 2019, with Zenith Bank taking the lead, donating over half of the total. FBN donated about N1 billion while UBA follows with a donation of over N700 million while GTBank donated over N500 million and Access Bank made the least CSR donation in 2019.
Of the N2.7 billion donated to CSR by Zenith Bank in 2019, over N500 million was for various State Security Trust Fund which emphasizes the importance the bank place on Security and its readiness to assist various state government with needed fund for security of lives and properties.
Also top on the list of Zenith Bank CSR are donations for Awards and Seminars & Conferences as well as donations for Sporting events as well as donations for Medicals for the underprivileges.
For United Bank for Africa (UBA), donations for Educational institutions and educational events took the large chunk of the Bank’s donation in 2019, followed by Security donations for various state governments. Health Institutions as well as beautification of the environment was also a major part of the Banks donations in 2019.
Guarantee Trust Bank had community development, which includes: Security donations, Healthcare, as well as assistance to the less privilege at the center of its donations in 2019. This is followed by donations to Education which includes School supports, Sporting events, Financial Literacy programs and more.
Security took the largest chunk of Access Bank CSR for 2019, followed by donation for educational events and institution at both national and international level. Health awareness events and programs also took a large chunk of Access bank CSR donation in 2019.