In a grand ceremony held at the Nigerian Exchange Limited (NGX), leading companies in Nigeria have been recognized for their excellence in corporate reporting during the second edition of the Corporate Reporting Award. Among the winners were Dangote Cement, Seplat Energy, and United Bank for Africa (UBA), who emerged as top performers in various categories, showcasing their commitment to transparency, accountability, and sustainability.
Dangote Cement clinched the prestigious Platinum Award for its outstanding corporate reporting in 2023, demonstrating excellence in financial transparency and corporate governance. The company’s recognition reflects its continuous effort to maintain a high standard of accountability, a move that strengthens investor confidence and boosts its market reputation.
Seplat Energy, the Nigerian oil and gas giant, was honored with the runner-up position for its outstanding corporate reporting, further cementing its position as a leader in the industry. Seplat’s commitment to clear and transparent reporting practices has set a high benchmark for the energy sector.
MTN Nigeria also earned the Gold Award for its stellar corporate reporting, demonstrating its adherence to best practices in financial disclosures. This recognition highlights MTN’s role in promoting corporate transparency, especially within the fast-paced telecommunications sector.
United Bank for Africa (UBA) was awarded the Best in Class Award for Excellence in Sustainability Reporting, showcasing the bank’s strong commitment to environmental, social, and governance (ESG) initiatives. The award acknowledges UBA’s efforts in integrating sustainable practices into its operations and reporting, aligning with global standards.
The Best in Class Award for Financial Reporting went to Stanbic IBTC Holdings, which was recognized for providing comprehensive, accurate, and transparent financial statements. This achievement reinforces Stanbic IBTC’s reputation as one of Nigeria’s leading financial institutions committed to transparency and sound financial management.
In the Corporate Governance category, both Guaranty Trust Holding Company and Zenith Bank Plc were named winners for their exemplary governance practices. These two banks have been commended for their commitment to ethical conduct and sound management practices, key drivers of long-term value creation for shareholders.
The Most Improved Company Award went to International Breweries, reflecting the company’s significant progress in its corporate reporting standards over the past year. The award highlights how companies can evolve and adapt to meet the growing demands for transparency in Nigeria’s corporate environment.
In his speech at the awards ceremony, Davidson Alaribe, the 60th President of the Institute of Chartered Accountants of Nigeria (ICAN), emphasized the importance of corporate transparency. He stated, “This award encourages organizations to be transparent and accountable. They should not only focus on profit maximization but also serve the society, ensuring sustainability for both the environment and people.”
He further added, “Investors are attracted to companies that are open about their operations. Transparency is key to gaining investor trust. No investor would be interested in a company that does not disclose its activities, spending, and management salaries. Transparency is the foundation of long-term success in business.”
Olufemi Shobanjo, CEO of NGX Regulation Limited, also underscored the vital role of corporate reporting in fostering trust within Nigeria’s financial ecosystem. He noted, “The award celebrates organizations that have gone above and beyond in their commitment to best practices and governance. Accurate and transparent reporting is crucial for maintaining the integrity of our capital markets.”
The awards were assessed by a panel led by Associate Professor Yinka Moses from Victoria University of Wellington in New Zealand. One of the assessors, Grace Fatogbe, commented on the improvement observed in corporate reporting from 2022 to 2023. “There has been significant progress across all companies. The companies are increasingly recognizing the need for openness to attract foreign investment and improve their international standing,” Fatogbe said.
The Corporate Reporting Awards not only serve to recognize excellence but also encourage continuous improvement across Nigerian businesses. As more companies embrace transparency and sound governance, the Nigerian corporate landscape is poised for greater investor confidence and economic growth.
The 2023 Corporate Reporting Awards have underscored the vital role of transparency and ethical governance in corporate Nigeria. Dangote Cement, Seplat Energy, UBA, and other awardees have demonstrated a strong commitment to high reporting standards, setting an example for other companies to follow. As the corporate sector continues to evolve, such initiatives will help build a more robust, trustworthy, and sustainable business environment in Nigeria.