By Providence Ayanfeoluwa

The Institute of Chartered Accountants of Nigeria, ICAN has said that it is optimistic of improved corporate reporting across the country even as sustainability reporting is gaining momentum.

Speaking during the ICAN-NGX Regulation Limited, NGX RegCo, second edition of Corporate Reporting Award in Lagos, President of ICAN, Chief Davidson Alaribe, said that the demand for corporate entities to disclose their environmental, social, and governance, ESG impact beyond the confines of traditional financial reporting has grown exponentially in recent years.

He said that this shift reflects a global call for greater transparency, accountability, and sustainability in business practices.

In response, Alaribe explained that ICAN, in collaboration with NGX established the Corporate Reporting Award with a view celebrating outstanding achievements in corporate reporting among listed companies over the past year.

His words: “As key regulatory bodies committed to upholding international best practices in accounting, auditing, and regulation, we aim to foster a robust and reliable financial environment in Nigeria.

“Through this initiative, we seek to recognize and celebrate companies listed on NGX RegCo that have distinguished themselves through exemplary reporting standards. This award underscores our unwavering commitment to promoting transparency, accountability, and sustainable corporate practices within the Nigerian capital market.

“We are glad to honour organizations that have not only met but surpassed the highest standards of transparency, accountability, and integrity in their financial disclosures. These trailblazers have set a benchmark for excellence, demonstrating that robust corporate reporting is not merely a compliance exercise but a vital driver of trust, growth, and sustainability in our financial ecosystem.

“As sustainability reporting continues to evolve particularly with Nigeria’s adoption of IFRS S1 and S2 from the International Sustainability Standards Board (ISSB), we anticipate a transformative improvement in corporate reporting practices across the nation.

“We celebrate organizations that have exemplified excellence and set an inspiring standard for transparency, integrity, and innovation in corporate reporting. Their achievements reinforce the critical role of disclosure in sustaining the growth and resilience of our financial markets”, he said.

However, he advised the nominees and partners to recommit to the pursuit of transparency, accountability, and sustainability values that will shape a stronger, more resilient future for Nigeria’s corporate landscape.

Meanwhile, this second edition of the Corporate Reporting Award celebrates leading organisations among the 30 most capitalised companies listed on the Nigerian Exchange for their exemplary reporting in the 2023 fiscal year.

The Top 30 listed companies were evaluated across three key categories including: Category A: Financial Reporting (35 percent) Category B: Corporate Governance (30 percent) Category C: Sustainability

Reporting (35percent)

In his remark, Chief Executive of NGX RegCo, Olufemi Shobanjo, said that effective corporate reporting is vital for fostering trust and accountability in our capital market, and it plays a crucial role in enhancing investor confidence.

Shobanjo explained that the capital market thrives on effective corporate reporting; saying it not only enhances investor confidence but also promotes best practices within the industry.

He said: “This award aims to celebrate companies that have demonstrated excellence in their reporting, thereby setting a benchmark for others to aspire to. I commend the companies that have demonstrated exceptional standards in their reporting practices.

To the awardees he said: “Your dedication not only sets a benchmark for others but also contributes to the overall integrity of our financial ecosystem.

“As we continue in this new tradition of recognizing exceptional corporate reporting amongst listed entities, I encourage all listed companies to participate and showcase their commitment to high standards of financial disclosure, governance and transparency. Together, we can continue to foster a culture of transparency that benefits all stakeholders.”