The chief executive of the Nigerian Exchange (NGX) Regulation Limited, Mr Femi Shobanjo, has made a strong case for corporate reporting, submitting that it remains critical to enhancing market integrity and boosting investor confidence.
He gave this view at the 3rd edition of the Corporate Reporting Awards organised by his organisation and the Institute of Chartered Accountants of Nigeria (ICAN).
The event recognised listed companies on the local stock exchange for excellence in financial reporting, corporate governance, and sustainability disclosures for the 2024 financial year.
The awards, which cover companies on the NGX 30 Index, assessed performance across three pillars: Financial Reporting (35 per cent), Corporate Governance (30 per cent), and Sustainability Reporting (35 per cent).
Organisers said the 2024 assessment was conducted under strict confidentiality and objectivity, with outcomes based strictly on merit. The exercise builds on earlier editions covering the 2022 and 2023 financial years and continues to serve as a benchmark for corporate disclosure standards in the Nigerian capital market.
Mr Shobanjo highlighted NGX RegCo’s continued adoption of global reporting frameworks, including the International Financial Reporting Standards (IFRS), the Nigerian Code of Corporate Governance, and the IFRS Sustainability Disclosure Standards (IFRS S1 and S2).
According to him, the growing emphasis on environmental, social, and governance (ESG) disclosures reflects an important shift in market expectations, as sustainability considerations are increasingly becoming central to corporate strategy and long-term value creation.
“Strong corporate reporting is fundamental to market integrity and investor confidence. Beyond financial performance, there is now a clear expectation for companies to disclose how environmental, social, and governance considerations are embedded in their strategy.
“Long-term corporate success is increasingly linked to the integration of sustainability into core business decisions,” he said.
He added that the “Most Improved Company” category was introduced to encourage continuous improvement in reporting quality among listed firms.”
On his part, the president of ICAN, Mr Haruna Nma Yahaya, said corporate reporting has evolved significantly beyond compliance, becoming a strategic instrument for communicating purpose, resilience, and direction.
He noted that organisations are now expected not only to report performance but also to demonstrate how they are responding to change and creating sustainable value.
“Corporate reporting has evolved beyond compliance to become a strategic tool that communicates purpose, resilience, and direction.
“In today’s environment, organisations are expected not only to report performance, but also to demonstrate how they are adapting to change and creating sustainable value. Transparency remains central to building trust, strengthening investor confidence, and supporting market stability,” he said.
International Breweries Plc was named Most Improved Company (Overall), while First HoldCo Plc won the Sustainability Reporting Award. Zenith Bank Plc received the Corporate Governance Award, and MTN Nigeria Communications Plc clinched the Financial Reporting Award.
In the top overall category, Access Holdings Plc won Silver, Airtel Africa Plc took Gold, while Seplat Energy Plc emerged Platinum winner.