IKEJA - Zenith Bank Plc, has said it would spend about N200 million annually on the maintenance of Ajose Adeogun street, Victoria Island.

Mr Jim Ovia, the bank’s Managing Director said this during the signing of a 25- year concession agreement on the road with the Lagos State Government.

The bank rehabilitated and reconstructed the 1.3km dual carriage way.

Ovia described the reconstruction and rehabilitation initiative on the road as part of his organisation’s corporate social responsibility .

“ We have our corporate headquarters on Ajose Adeogun street and since our business began in 1999, we have made profits and it is thriving.

“So, this is part of our policy belief of giving back to the society, the community within which we operate, part of what we have made as profits,’’ he said. Ovia called on other corporate organisations to imbibe the spirit of branding some roads from their profits.

He said through this, money conserved by the state government would be expended on other developmental projects.

Also speaking, Governor Babatunde Fashola lauded the board and management of the bank for approving funds for the re-branding of the street.

He said social responsibility has both individual and communal benefits, as it would increase the profits on investments of the firm through higher patronage.