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Nigeria’s banks spend N12.2 billion on travel expenses – Report

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According to the Nigerian Stock Exchange (NSE’s) report, ten of the Nigerian banks spent a total of about N12.2 billion on travels for the financial year ended December 2020.

Techeconomy.ng understands that the figure represents a 38.7% drop from the N19.8 billion spent in the same period in 2019, and is much lower than the N22.56 billion recorded in 2018.

This medium can state that the data were in line with the banks’ financial reports and the financial institutions include GTBank, Zenith Bank, United Bank of Africa (UBA), First Bank of Nigeria (FBN), Union Bank of Nigeria (UBN), Fidelity Bank Plc, Wema Bank, Stanbic IBTC, FCMB, and Sterling Bank Plc.

See the Major Highlights of Banks’ Travel Expenses Below:

United Bank for Africa: UBA, based on the report, incurred the most on travels last year with N4.94 billion as against N7.06 billion in 2019, making it to top the chart.

First Bank Nigeria pls: FBN, according to the data, spent N3.67 billion as against N6.78 billion in 2019.

Suffice to state that he recorded travel expenses represent how much was spent across FBN Holdings Plc and its subsidiaries.

Zenith Bank Plc: The third on the highest travel list is Zenith Bank with N1.882 billion in 2020 as against N2.751 billion in 2019.

Fidelity Bank Plc: On the other hand, Fidelity Bank spent the least on travels in 2020, compared with all of its competitors.

The financial institution spent N217 million in 2020. It also recorded the lowest in 2019 when it spent N317 million on travels.

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GTBank: The report also claimed that GTBank’s audited financial statement for full-year 2020, about N287 million was spent on travels in 2020.

The amount is less than the N726 million, which the bank incurred for the same purpose in 2019, and the N727 million in 2018. This is the lowest amount that was spent by a tier-1 bank in 2020.

Stanbic IBTC:  It was learnt that the bank’s travel costs stood at N676 million in 2020. This is less than the N1.731 billion, which the company spent on trips during the comparable period in 2019 and N1.897 billion in 2018.

Union Bank: UBN posted a low travel expense in 2020; it spent N514 million against the N518 million incurred in 2019 and N1.136 billion in 2018.

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  1. Pingback: Nigeria’s banks spend N12.2 billion on travel expenses – Report - 9jaheadies

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