Dangote Cement Wins Top Prize at Inaugural Corporate Reporting Award
By Patience Ikpeme
Dangote Cement has been awarded the top prize at the first-ever Corporate Reporting Award, an event jointly organized by the Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Limited. The leading cement manufacturer received the prestigious Platinum award, recognizing its excellence across all three reporting categories and setting a benchmark for corporate reporting practices.
Dangote Cement’s recognition was based on its exemplary reporting practices that thoroughly address all relevant aspects of corporate reporting. The judging criteria combined average scores with assessments from individual judges, ensuring a comprehensive evaluation of each company’s reporting standards.
Beyond the Platinum award, Dangote Cement also secured the Best in Class Award for Excellence in Corporate Governance. This accolade placed it ahead of other notable nominees, including Access Holdings, Airtel Africa, ETI, MTN Nigeria, SEPLAT Energy, and Stanbic IBTC Holdings Plc. In the overall category, Airtel Africa and SEPLAT Energy were recognized with Gold and Silver awards respectively, for their Financial Reporting and Sustainability Reporting.
Edward Imoedemhe, the Company Secretary/General Counsel of Dangote Cement Plc, expressed gratitude for the recognition, emphasizing the company’s ongoing commitment to corporate reporting standards. “We are grateful to the organizers for this honor which is a testament to our commitment to corporate reporting and best practice. We will continue to raise the bar,” he assured.
Olufemi Shobanjo, CEO of NGX Regulation Limited, highlighted the award’s significance in promoting transparency and accountability among listed companies. He anticipates a positive impact on both listed and private companies in Nigeria, fostering a culture of transparency.
Innocent Okwuosa, ICAN’s 59th President, emphasized the critical role of corporate reporting excellence in attracting capital flows to the market. He underscored that transparency is essential for fostering investor confidence and reiterated ICAN’s commitment to promoting accountability in the private sector. “It is generally agreed that capitals will flow to markets that foster greater transparency, and this effort is aimed at this. It also re-enforces the public interest mandate of ICAN in extending accountability and transparency to the private sector,” he stated.
The inaugural Corporate Reporting Award acknowledged the top 30 most capitalized companies listed on the Nigerian Exchange Limited for their 2022 financial reporting. This recognition not only celebrates current achievements but also sets a higher standard for corporate reporting practices in Nigeria’s financial landscape.
The awards ceremony serves as a significant milestone in encouraging companies to adopt best practices in corporate governance, financial reporting, and sustainability reporting, ultimately fostering a more transparent and accountable corporate environment.
