CBN’s recent donations have elicited some reactions within the context of the current and divisive conversations Nigeria is currently having.
Proshare is running a poll/survey on the subject here.
In order to properly contextualise the actions of the CBN in donating to the Kano Bomb disaster – a significant development that impacted the sovereign; we present herewith some data on the institution’s CSR engagements to date and how it views its intermediation role through CSR engagements that impact on its outlook of the economy and financial markets.
The Nigerian University Capacity Building Programme
Since the late 1990s, the CBN has expanded its involvement in community based activities beyond sporting development to include other areas of community development. In response to the general concern about the decaying infrastructure in the first generation universities, the Bank attempted to provide/improve key infrastructure under the Nigerian Universities Capacity Building Programme. Following the success of the pilot scheme, the programme has since been extended to include second generation universities. The projects carried out under this capacity building programme include the construction of administrative blocks, lecture halls, laboratories, health centres, and provision of IT and V-sat equipment.
Capacity Building for Governmental And Professional Institutions
The CBN has also extended assistance to other governmental bodies/agencies in its community development efforts. Some of the institutions which have so far benefited under this scheme include the following:
1. National Assembly
To aid the development of sound legislative process, the CBN between 2003-2005, contributed the sum of N50m to build legislative capacity in the National Assembly through Senate Committee on Banking, Finance, and other Financial Institutions and House Committee on Banking and Currency. Also, the CBN sponsored the workshop of the House Committee on Capital Markets with the sum of N2.8m. The Bank also donated the sum of N500,000.00 to the House Committee on Housing & Urban Development.
2. Economic and Financial Crime Commission (EFCC)
To ensure that financial and economic crimes are reduced to the barest minimum in the country, the CBN in its support for “war against economic and financial crimes” donated the sum of N60.5m to EFCC for the purchase of Office furniture and IT equipment in 2003 while the sum of N2m was donated to the Agency for organising the National Seminar on Economic Crimes in 2005. Also the Management of the Bank sponsored 3 members of staff of the Economic and Financial Commission to attend a specialist program on Counter Fraud and Counter Corruption which held in the month of March 2007 in Reading, United Kingdom. The course was run by the Counter Fraud Service of the National Health Service, United Kingdom. It enabled them to acquire skills in intelligence gathering, investigation, fraud analysis, cyber crime, exhibit handling, witness and suspect interviews, statement writing, prosecution and media skills.
3. Investment and Securities Tribunal (IST)
The CBN contributed the sum of N10m to assist the Investment and Securities Tribunal (IST) in the discharge of its duties.
4. Financial Institutions Training Centre (FITC)
In order to enable the FITC achieve its objective of training employees of various Financial Institutions in the country, the CBN gives annual subvention to the FITC. Consequently, the CBN gave the sum of N20.5m to the FITC in 2006.
5. Seminar for Finance Correspondents and Business Editors
The 2010 seminar for Finance Correspondents and Business Editors which is the 15th in the series was held at Constantial Hotel and Suites, Benin City, Edo State from 27th to 30th, 2010 with the theme “The Blueprint for Banking Reforms in Nigeria: Issues, Challenges and Prospects.” The following topics were covered: Overview of the four pillars of Banking reforms; Reforming the Nigerian Banking Sector: Some emerging issues; Banking Reforms for Effective Monetary Policy Transmission; Rebuilding Confidence in the Nigerian Banks: the challenge of good corporate governance and professionalism: The Role of the Central Bank of Nigeria in Ensuring Sound, Safe and Reliable Banking Sector; The Nigerian Financial Crises: Lessons, Prospects and the way forward; The Role of the Media as a catalyst and Agent of Promoting Development in the Financial System. It will be recalled that the Finance Correspondents and Business Editors Seminar was initiated in 1996 to foster a closer relationship between the Bank and the Media. It is also a platform used to facilitate better education and enlightenment of the public through capacity building of Finance Correspondents and Business Editors.
6. Professional Institutions
The CBN gives assistance to professional bodies such as the Nigeria Economic Society (NES), Chartered Institute of Bankers of Nigeria (CIBN), Institute of Chartered Accountants of Nigeria (ICAN), the Nigeria Bar Association (NBA), amongst others, to enable them be effective and efficient in service delivery. The Bank also sponsors its employees who are members of these professional associations to the Annual General Meetings of these bodies. A good number of CBN staff are members of these professional bodies.
To assist in the promotion and development of sporting activities in Nigeria, the CBN has been sponsoring various sporting events. These include Lawn Tennis, Golf Tournament and All Financial Institutions Football Competition.
The 32nd edition of the Senior Open Tennis Championship was held from 27th May to 5th June, 2010 at the National Stadium, Suru-Lere, Lagos.
Since 1978, the CBN has consistently sponsored the lawn tennis tournament which has become the stepping stone for the success of the game of tennis in Nigeria. Notable tennis stars like David Imonite, Sunday Maku and Shehu Lawal, etc had featured and won trophies in the various editions of the tournament. The Bank in 2007, introduced the CBN Junior Tennis Championship to ensure that new stars are discovered and developed early enough. The championship which serves as a feeder to the senior category is open to boys and girls of 10, 12, 14 and 16 years of age. The 4th edition of the junior championship was held at the Lagos lawn Tennis Club, Race Course, Lagos from 22nd to 28th February, 2010 and the winners (boys and girls of age 16 category) participated in the Senior Open Championship held from 27th May to 5th June, 2010. It is worthy to note that in recognition of the contributions made by the Bank towards the development of sports in the country, the Champion Newspaper Ltd awarded CBN the “Sporting Corporate Sponsor of the Year 2007 (Tennis)” The award according to the Newspaper was in recognition of CBN’s commitment to the development of sports, particularly the game of Tennis.
CBN Governor's Golf Cup
In continuation of its commitment to the development of sports the Bank in 2007 sponsored the maiden edition of the CBN Governor’s Golf Cup Tournament at the IBB International Golf & Country Club, Maitama, Abuja from 2nd to 4th November, 2007. The objective of the tournament is to create a relaxed and recreational setting for executives in public and private enterprises as well as corporate bodies to interact. This is in addition to the socio-economic benefits in terms of friendship and business opportunities derivable from the game. The 4th edition of the tournament took place at the IBB International Golf & Country Club, Maitama, from 19th to 21st November, 2010.
All Financial Institutions Football Competition
The final of 2010 edition was played at the Aper Aku Stadium, Markurdi, Benue State on 27th November, 2010 with Union Bank FC emerging winners. The team defeated Unity Bank FC 1 – 0 to lift the trophy. The CBN in conjunction with Nigeria Football Federation (NFF) sponsors this competition to foster closer and good relationship among staff of banks, insurance companies, Security and Exchange Commission and other financial institutions. The competition has been on since 1979, when the maiden tournament was held to mark the 20th anniversary of CBN. It is worthy to note that football stars like Henry Nwosu, Stephen Keshi, Monday Odiaka, Kanu Nwankwo, etc had featured in the competition.
Other CBN Aid Programmes
The Bank has standard library at its Headquarters, Lagos and all branches where current editions of books, journals and other publications of various fields of study can be accessed. These Libraries are open to the general public. Research students from various institutions of higher learning always use the libraries for their projects among others.
Economic & Financial Data Management And Dissemination
The CBN has a database for the economic and financial reports which enables it to carry out one of its mandate as adviser to the Government. In addition, information are disseminated to the public by way of publication of CBN Annual Report, Economic and Financial Review, Half Year Report, Statistical Bulletin, CBN Briefs and Occasional Papers on topical issues (eg Consolidation of Nigeria’s banking Industry)
Other Financial Aid
The Bank is also involved in several other community development initiatives across the country. These include:
1.Construction of a clinic at Yangoji Lepers Village in the FCT at the cost of N3.132m. The project is being sponsored from the alms collection scheme instituted by staff of the Bank.
2.The Bank in 2002 built two Police Posts for the Nigerian Police Force at Satellite Town, Lagos at the cost over N18 million.
3.The sum of N6m was donated to FCT in 2006 for Advocacy and Publicity of FCT Reforms.
4.N4m was donated to Anti Fraud Foundation of Nigeria in 2004
5.N2m was donated to Child Care Trust in 2004
6.N1.8m was donated to Farm Management Association of Nigeria
7.Rehabilitation of borehole project at the Church of Christ in Nigeria (COCIN) Hospital and Rehabilitation Centre, Mangu, Jos, at the cost of NN460,000.00 and commissioned in May, 2006