Dangote Cement has clinched the prestigious platinum award at the second edition of the Corporate Reporting Awards, organized by the Institute of Chartered Accountants of Nigeria (ICAN) in collaboration with NGX Regulation Limited.
The ceremony, held at the Nigerian Exchange Limited (NGX) on Tuesday, recognized excellence in transparent and sustainable corporate reporting for the 2023 financial year.
Following closely, MTN Nigeria earned the gold award, while Seplat Energy was named runner-up for their outstanding commitment to transparent disclosures.
Other Notable Winners
The event also spotlighted other corporate giants:
- United Bank for Africa (UBA) received the Best in Class Award for Excellence in Sustainability Reporting.
- Stanbic IBTC Holdings was recognized for Excellence in Financial Reporting.
- Guaranty Trust Holding Company (GTCO) and Zenith Bank Plc jointly won the award for Excellence in Corporate Governance.
- International Breweries was celebrated as the Most Improved Company overall.
Promoting Transparency and Sustainability
ICAN President, Davidson Alaribe, emphasized the importance of transparency beyond profit-making.
He noted, “Companies must serve their communities, ensure sustainability, and adhere to proper accounting standards. Transparency in corporate operations not only attracts investors but also builds public trust.”
He added that organizations must be open about their earnings, expenditures, and management remuneration, arguing that secrecy deters investment.
In his remarks, NGX RegCo’s CEO, Olufemi Shobanjo, stressed that accurate reporting strengthens trust among investors and enhances the integrity of the financial system.
“These awards celebrate companies that have exceeded expectations in corporate governance and transparency, reinforcing the robustness of our capital markets,” Shobanjo said.
Assessment and Growth in Corporate Reporting
The judging panel was led by Associate Professor Yinka Moses from Victoria University of Wellington, New Zealand. Speaking to the media, panel member Grace Fatogbe highlighted notable improvements in corporate reports compared to the previous year.
Fatogbe explained, “There has been significant progress in corporate reporting among Nigerian companies. This development is driven by stronger regulatory oversight and the companies’ realization that transparency is vital for attracting global investment.”
The assessors praised Nigerian firms for increasingly aligning with international standards, a shift that could further open doors to foreign capital and partnerships.
