Daily Independent (Lagos)
Emele Onu
4 December 2008
Lagos — Guaranty Trust Bank (GTBank) and United Bank for Africa (UBA) have emerged the highest performers with a "B" rating and 62 per cent score in the report of the first Nigerian Corporate Social Responsibility (CSR) assessment.
The report, which assessed the 24 commercial banks in the country, was presented to the media and other financial sector stakeholders on Thursday in Lagos.
It was initiated by SIAO, a professional services firm providing CSR and governance services.
The report was produced by a panel chaired by a representative of the UNICEF, Jonathan Ichaver; which also comprised officials of the National Planning Commission (NPC), the Nigerian Conservation Foundation (NCF), Simmons Coopers, Fate Foundation, Business Day and Action Aid International.
Nine banks - Access, Stanbic, First Bank, Afribank, FCMB, Intercontinental, Diamond, Finbank, and Eco Bank - got a "C" rating with different scores.
Six banks were rated "D".
Another six - Sterling, ETB, Fidelity, Unity, Citi Bank, Spring Bank, Bank PHB - got the least rating of "E".
Some banks in the last group had the grade due to inadequate record of their CSR activities.
Ichaver explained that the panel did quantitative data analysis and compiled rating scores from data obtained from, among others, annual and environmental reports, press releases, websites, industry-specific news sources, and interviews.
SIAO Managing Partner, Robert Ade-Odiachi, said the CSR Index and ratings seek to incorporate global best practices into the Nigerian business environment.
"CSR activities should portray the organisation's ethical behaviour, transparency, awareness of environmental issues, commitment to its operating communities and commitment to the welfare of its work force," he added.
The essence of the rating is to commit organisations to CSR activities and encourage healthy competition.
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