In a celebration of corporate excellence, Dangote Cement was awarded the prestigious Platinum Award at the second edition of the Corporate Reporting Awards, held at the Nigerian Exchange Limited (NGX) on Tuesday. MTN Nigeria claimed the Gold Award, and Seplat Energy was named the runner-up for their outstanding corporate reporting efforts in 2023.
The event, organized by the Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Limited, aims to honor transparency and integrity in corporate reporting among companies listed on the Nigerian Exchange.
Recognizing Transparency & Accountability
The event celebrated excellence in various categories, with notable winners such as United Bank for Africa (UBA), which took home the Best in Class Award for Excellence in Sustainability Reporting. Stanbic IBTC Holdings secured the Best in Class Award for Excellence in Financial Reporting, while both Guaranty Trust Holding Company (GTCO) and Zenith Bank Plc were awarded the Best in Class Award for Excellence in Corporate Governance.
The Most Improved Company Award was presented to International Breweries, acknowledging their significant strides in corporate reporting.
Encouraging Transparency for Growth
During his address, the 60th President of ICAN, Davidson Alaribe, emphasized the importance of transparency, urging organizations to go beyond profit maximization. He stressed that businesses should also be socially responsible and serve their immediate environments. Alaribe noted that adhering to proper accounting standards and transparent reporting helps make companies more attractive to investors.
“If an organization isn’t transparent, no investor will touch them,” Alaribe stated. “People want to know exactly where their money is going, including how salaries are being paid and dividends declared.”
Corporate Reporting as a Pillar of Trust
Olufemi Shobanjo, CEO of NGX RegCo, highlighted that corporate reporting is not just a regulatory obligation but an essential practice for building trust among investors, stakeholders, and the community. He further praised the awardees for their dedication to best practices and governance, acknowledging their efforts in enhancing the integrity of Nigeria’s financial ecosystem.
“The efforts of these companies contribute not only to their reputations but to the overall credibility of our capital market,” Shobanjo noted.
Improvement in Corporate Reporting
This year’s assessment, led by Associate Professor Yinka Moses from Victoria University of Wellington, New Zealand, showed a remarkable improvement in corporate reporting across all participating companies compared to the previous year.
Grace Fatogbe, one of the assessors, noted that corporate reporting in Nigeria is improving, driven by stricter regulations and the companies’ recognition of the need for openness to attract international investors.
“There’s been a significant improvement across all companies,” Fatogbe remarked. “Corporate reporting is catching on in Nigeria, and this is helping companies open up to the global market.”
The Corporate Reporting Awards continues to highlight the importance of transparency, accountability, and good governance as the foundation for growth and investor confidence in Nigeria’s corporate landscape.
