Corporate Social Responsibility in Nigerian Banking Industry: When Will the Lip-Service Games End?

Abstract

The study examined the practice of corporate social responsibility (CSR) in Nigeria banking industry with emphasis on their CSR initiatives, endeavours and expenditures. Six commercial banks were randomly selected using their 2011 annual report of account. Ratio analysis was used to analyze the data collected. The results revealed that averagely banks sampled spend less than 3% of their profit after tax on CSR initiatives. The results revealed that most of the banks CRS is based on financial/economic, social, community health and environment. It was therefore recommended that the government should develop a legal framework for CSR in Nigeria; so that the bank's will stop their lip-service to CSR and to ensure that organizations gives back to the communities where they are operating.
Keywords: Corporate Social Responsibility, Banking, Nigeria.