Dangote Cement, Access Corporation, and Zenith Bank led the list of Nigerian companies with the highest CSR donations in 2024, and corporations intensified their support for sustainable development and societal well-being through donations and development initiatives.
According to the analysis of the top 50 companies listed on the Nigerian Exchange, they incurred a combined sum of N46.5 billion in the 2024 financial year, almost double the N23.4 billion recorded in the previous year.
Notably, the year 2024 witnessed remarkable CSR contributions from leading Nigerian firms, reflecting a transformative shift towards impactful community engagement. A move which goes beyond returning profit but also supports the community where they make their money.
While companies differ in their CSR strategies, most efforts are channeled toward pressing social needs such as education, healthcare, environmental sustainability, security, economic empowerment, and humanitarian relief.
Further analysis shows that most of the listed companies increased their CSR spending in 2024 compared to the previous year. Meanwhile, some of the companies did not commit any funds towards CSR, largely due to an unfavourable business environment. The likes of MTN and Nigerian Breweries, which declared losses for the financial year, did not spend on CSR in the review year.
Below is a list of the top companies in Nigeria, with the highest CSR spend in 2024.
UBA – N1.98 billion
Ranking fifth on the list, United Bank for Africa (UBA) recorded a total donation of N1.98 billion in 2024, representing a 225% increase from the N608 million spent in the previous year.
- UBA’s donations are primarily administered through the UBA Foundation, the Group’s Corporate Social Responsibility (CSR) arm, which focuses on initiatives in education, environment, economic empowerment, and social development.
- Among its flagship programmes is the annual National Essay Competition (NEC), designed to promote a reading culture and foster intellectual engagement among senior secondary school students in Nigeria and across Africa.
- Winners of the competition receive substantial educational grants, with the overall winner awarded N7.5 million, and the first and second runners-up receiving N5 million and N3.5 million, respectively, to pursue university education at any institution within Africa.
Transcorp – N2.56 billion
Transnational Corporation Plc reported a total corporate social responsibility (CSR) expenditure of N2.56 billion in 2024, representing a 104% increase compared to the N1.25 billion spent in the previous year.
- Of this amount, N23 million was disbursed as direct donations, while the remaining was channelled toward various CSR initiatives, primarily executed through the company’s subsidiaries.
- A breakdown of the donations shows N11.16 million was allocated to Daughters of Charity for food supply, N2.73 million for the procurement of sewing machines and accessories for Ace Charity, and N1.5 million to support the School for the Blind.
- Additionally, the company donated N2.1 million to Government Senior College, Maroko, N5 million to the Lagos Business School Alumni Association, and N520,000 for items donated to the Kuchingoro Old People’s Home.
Zenith Bank – N4.93 billion
Zenith Bank ranked as the third-highest CSR spender among Nigerian companies in the 2024 financial year, with a total expenditure of N4.93 billion. This represents a 14.6% decline from the N5.77 billion recorded in the previous year, resulting in a drop from its previous top position.
- Despite maintaining its status as Nigeria’s most profitable company, posting a post-tax profit of N1.03 trillion in 2024, the bank recorded a year-on-year reduction in CSR spending.
- According to disclosures from the bank, over half of its 2024 CSR expenditure (N2.55 billion) was allocated to infrastructure and security trust funds managed by state governments. Other key allocations included N951 million for conferences and seminars, N276 million for sports development, and N259 million for educational institutions.
- Additional donations included N164 million to charitable organizations, N83 million to professional associations, N58 million to religious bodies, N53 million for health-related initiatives, and N358 million under miscellaneous categories.
Access Holdings – N6.74 billion
Access Holdings Plc, Nigeria’s largest financial institution by asset base, recorded a total of N6.74 billion in spending on events, charitable activities, and sponsorships in 2024—more than double the N2.65 billion spent in the previous year.
- According to its 2024 financial disclosures, the company undertook 114 distinct sponsorships and donations within the review period. Notably, N3.49 billion was committed to sponsoring the Fifth Chukker Polo Tournament held in both Kaduna and the United Kingdom, while N1 billion was donated to the Borno State Government in support of flood victims.
- Further breakdown of the expenditure highlights targeted donations towards education, public security, women’s entrepreneurship, healthcare, technology advancement, and youth transition programmes, reflecting Access Holdings’ broad commitment to socio-economic development across Nigeria.
Dangote Cement – N13.19 billion
Cement producing giant, Dangote Cement, recorded a significant increase in its corporate social responsibility (CSR) expenditure in 2024, spending a total of N13.19 billion—over four times the N2.36 billion spent in the previous year. This positioned the company as the highest CSR contributor in the country for the year.
- According to its audited financial statements, N12.4 billion of the total CSR expenditure was allocated to sponsorships and charitable donations, with a substantial portion channeled through the Aliko Dangote Foundation.
- The Aliko Dangote Foundation, a private philanthropic organization established by Aliko Dangote, focuses on key areas such as health, education, economic empowerment, and humanitarian aid.
- Its notable initiatives include the National Food Relief Programme targeted at providing food supplies to vulnerable communities across Nigeria—the donation of patrol vehicles to law enforcement agencies, and the construction and donation of educational infrastructure to schools.
Bottom line
- The sharp rise in CSR spending by top corporations reflects a growing commitment to inclusive growth, social equity, and nation-building.
- Beyond boosting their brand image, these companies are actively investing in the communities that support their operations, fostering trust, resilience, and long-term shared value.
- As CSR becomes a more strategic component of corporate governance and stakeholder engagement, the expectation is that more Nigerian firms will embrace meaningful and impact-driven interventions that not only address societal gaps but also contribute to sustainable national development.
