Reporting Award for 2023, with MTN Nigeria taking the gold and Seplat Energy emerging as the runner-up. The award ceremony, held on Tuesday at the Nigerian Exchange (NGX), was organized by the Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Limited. The award recognizes companies listed on the Nigerian Exchange for excellence in corporate reporting, especially in terms of transparency.
Other notable awards included United Bank for Africa (UBA), which won the Best in Class Award of Excellence in Sustainability Reporting. Stanbic IBTC Holdings received the Best in Class Award of Excellence in Financial Reporting, while Guaranty Trust Holding Company and Zenith Bank Plc won the Best in Class Award of Excellence in Corporate Governance.
International Breweries was recognized as the Most Improved Company for its efforts to improve corporate reporting over the last year.
Speaking at the event, the 60th President of ICAN, Davidson Alaribe, emphasized the importance of transparency and accountability in corporate reporting. He stated that companies should not focus solely on profit-making but should also serve the people and contribute positively to their immediate environment. He noted that companies are expected to ensure sustainability in their operations for the benefit of both the people and the environment.
Alaribe also mentioned that adhering to proper accounting standards and processes makes companies more attractive to investors. He stressed that investors prefer companies that are open and transparent about their activities, including the spending of funds and the salaries of top management.
“An investor will never want to invest in a company that is not transparent. Companies that openly share their actions, results, and expenses will always attract more investors,” he said.
Olufemi Shobanjo, the CEO of NGX Regulation Limited (NGX RegCo), also spoke at the event. He highlighted the importance of corporate reporting as more than just a regulatory requirement. He said it is essential for building trust with investors, stakeholders, and the broader community. Shobanjo added that transparent corporate reporting strengthens the financial ecosystem and encourages good governance practices. He further emphasized that companies that excel in corporate reporting not only enhance their own reputation but also contribute to the integrity of the capital market.
The awards were assessed by a group of five professionals, led by Associate Professor Yinka Moses from Victoria University of Wellington, New Zealand. During interviews with journalists, Grace Fatogbe, one of the assessors, revealed that there was a significant improvement in corporate reporting across Nigerian companies compared to the previous year.
Fatogbe pointed out that companies are now recognizing the importance of transparency, driven by regulations from the Nigerian authorities and the need to attract foreign investment. “Corporate reporting is becoming more important in Nigeria as companies now understand that they are part of the global market. They need to provide detailed information to help international investors make informed decisions,” he said.
The improvements in corporate reporting are seen as a positive sign for Nigeria’s financial markets, with experts noting that this shift towards better transparency is key to attracting more investment and building a robust economy.
the Corporate Reporting Award continues to play a crucial role in encouraging Nigerian companies to adopt best practices in governance, financial reporting, and sustainability. As more companies align with global standards, the future of corporate reporting in Nigeria looks promising, and the business environment is likely to see greater investment and growth.