From Chukwuma Umeorah
The Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Limited (NGX RegCo) have emphasised that transparent corporate reporting is vital for attracting both local and foreign investors to Nigeria’s capital market.
This was highlighted at the second ICAN-NGX Corporate Reporting Award in Lagos on Tuesday, which honoured listed companies excelling in financial disclosures, corporate governance, and sustainability reporting for the prior fiscal year.
ICAN President Davidson Alaribe stressed that an economy’s integrity depends on open corporate reporting. “If you are investing in an organisation that is very secretive, there’s no way you can put your money. Investors want to see what was done, what was realised, and how it was spent, even salaries and top management emoluments,” he said.
He added, “If an organisation is not transparent, no investor will come close to them. They will run very, very far from such an organisation.”
Stakeholders also urged companies to align their business models with international standards, especially following Nigeria’s adoption of IFRS S1 and S2 sustainability disclosure frameworks. Alaribe noted that evolving investor preferences require a rethink of business models to meet global sustainability expectations.
“Organisations must now see beyond just the bottom line. They must consider their impact on society and the environment—this is what modern investors and stakeholders demand,” he said.
ICAN views this shift as both a moral and competitive necessity. Alaribe explained that the award encourages firms to embed long-term value creation by integrating ESG principles and sustainable practices into their strategies and reporting culture.
NGX RegCo CEO Olufemi Shobanjo highlighted that effective reporting ensures public access to information for informed decisions. “Transparency is not just about financial performance. It’s about accountability to all stakeholders, including the environment and the community,” he said.
The award evaluated Nigeria’s top 30 most capitalised listed companies based on financial reporting, corporate governance, and sustainability metrics. Dangote Cement Plc won the Platinum award, MTN Nigeria took Gold, and Seplat Energy Plc secured Silver for outstanding performance across these criteria. Additional awards recognised category-specific leaders and the most improved company.
ICAN praised NGX RegCo’s regulatory oversight, stating, “Your efforts remain a cornerstone of the market’s stability, and we applaud your unwavering pursuit of excellence in governance and regulation.”
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