‘Reporting Now Strategic, Not Mere Compliance’

The president and chairman of Council, Institute of Chartered Accountants of Nigeria (ICAN), Mallam Haruna Yahaya, has said corporate reporting has evolved from mere compliance to a strategic tool for communicating purpose and resilience.

He stated this at the 2024 NGX 30 Corporate Reporting Awards ceremony. Conducted with strict objectivity across financial reporting, governance, and sustainability pillars, the assessment aims to strengthen investor confidence and market stability, with organisers set to release the methodology to listed companies ahead of the next edition.

The Institute and NGX Regulation Limited convened the third edition of the Corporate Reporting Awards, recognising listed companies on Nigerian Exchange (NGX) for excellence in financial reporting, corporate governance, and sustainability disclosures for the 2024 financial year.

Covering companies on the NGX 30 Index, the awards assess performance across three pillars, Financial Reporting, Corporate Governance, and Sustainability Reporting, underscoring the growing importance of balanced, decision-useful reporting in the Nigerian capital market.

Conducted with strict objectivity, the 2024 assessment builds on previous editions to reinforce the awards’ standing as a benchmark for corporate disclosure standards.

Speaking at the ceremony, Yahaya said corporate reporting has evolved into a strategic imperative for organisations navigating an increasingly complex environment.

“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.

Also speaking, the chief executive officer of NGX Regulation, Femi Shobanjo, underscored the link between robust disclosure and market integrity, pointing to NGX RegCo’s alignment with global frameworks including the International Financial Reporting Standards (IFRS), the Nigerian Code of Corporate Governance, and the IFRS Sustainability Disclosure Standards (IFRS S1 and S2).

“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 integrated into their strategy,” he said.

He also noted that the ‘Most Improved Company’ category was introduced to encourage continuous progress among issuers.

Among the category winners, International Breweries Plc was named Most Improved Company (Overall), 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 Overall rankings, Access Holdings Plc placed Silver, Airtel Africa Plc took Gold, and Seplat Energy Plc emerged as the Platinum winner.

The organisers have indicated that the awards will continue to serve as a catalyst for higher reporting standards across the market, with details of the assessment methodology expected to be made available to listed companies ahead of the next edition.