Introduction
In a strong statement of intent to strengthen investor confidence in Nigeria’s financial ecosystem, the Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Limited (NGX RegCo) have reaffirmed the pivotal role of transparency and accountability in attracting both local and foreign investment. The message was clear: without open and responsible corporate reporting, sustainable economic growth remains elusive.
This position was emphasized during the second edition of the ICAN-NGX RegCo Corporate Reporting Award, held recently in Lagos.
Transparency: A Key Driver of Economic Integrity
During the event, ICAN’s 59th President, Davidson Alaribe, highlighted the growing demand for businesses to go beyond traditional financial disclosures. According to Alaribe, the health of a nation’s economy is deeply tied to the openness and integrity of its corporate reporting standards.
“Our economy’s credibility hinges on transparent reporting practices,” Alaribe stated. “We must continue to foster a culture of openness and accountability, not only to meet regulatory obligations but to build a more resilient future for Nigeria’s corporate sector.”
Recognizing Excellence in Reporting
The ICAN-NGX RegCo Corporate Reporting Award celebrates companies that exemplify best practices in financial reporting, governance, and sustainability. This year’s edition assessed Nigeria’s 30 most capitalised listed companies, evaluating them on the basis of financial transparency, ESG metrics, and corporate governance.
Award Highlights:
- Platinum Award: Dangote Cement Plc
- Gold Award: MTN Nigeria Communications Plc
- Silver Award: Seplat Energy Plc
Additional recognitions were presented for sector-specific excellence and most improved performance in reporting and compliance.
A Call for ESG Accountability
Alaribe emphasized that environmental, social, and governance (ESG) disclosure has evolved from a corporate trend into a business imperative. He urged companies to commit to ethical, sustainable business practices that go beyond profit-making.
“As we honour today’s winners, we must also recommit ourselves to the principles of transparency and sustainability—values that will shape the next chapter of Nigeria’s economic journey,” he said.
NGX RegCo: Guardians of Market Integrity
Olufemi Shobanjo, CEO of NGX RegCo, reinforced the centrality of corporate reporting in maintaining market stability and building investor trust.
“Corporate reporting is more than a compliance requirement,” Shobanjo explained. “It is the heartbeat of a transparent market, instilling confidence in investors, shareholders, and the wider public.”
He added that this year’s award recipients have set a benchmark for others to follow, demonstrating the positive impact of transparency on corporate reputation and investor appeal.
Conclusion
The message from the ICAN-NGX RegCo Corporate Reporting Award is loud and clear: transparency, accountability, and sustainability are not optional—they are the bedrock of a thriving capital market. As businesses navigate a more complex global landscape, their commitment to these principles will determine their relevance, resilience, and long-term success.
Companies across Nigeria are encouraged to take this call seriously—not just to win awards, but to lead responsibly and earn lasting trust in the eyes of the world.
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