Prestige Bank Plc reports a pre-tax profit of ₦2,400,000,000 for the financial year ended 31 December 2023. The board resolves to commit 1.5% of this profit to CSR initiatives as recommended by the Central Bank of Nigeria (CBN) Sustainable Banking Principles. It also incurs ₦10,000,000 in mandatory environmental remediation costs required by NESREA. What is the TOTAL CSR and sustainability-related expenditure for the year?

The voluntary CSR commitment is 1.5% of ₦2,400,000,000 = 0.015 × ₦2,400,000,000 = ₦36,000,000. Adding the mandatory environmental remediation cost of ₦10,000,000 gives a total sustainability-related expenditure of ₦36,000,000 + ₦10,000,000 = ₦46,000,000. The CBN Sustainable Banking Principles encourage Nigerian banks to integrate environmental and social risk management, and mandatory remediation costs are part of total sustainability expenditure.