ICAN & NGX Regco Recommits to Transparency, Excellence in Corporate Reporting 

The Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Limited (NGX RegCo) over the weekend in Lagos, held the maiden corporate reporting award, which recognizes the top 30 most capitalized companies listed on the Nigerian Exchange (NGX) for the 2022 financial reporting year.

The awards underscored both organisation’s shared commitment to fostering transparency, accountability, and international best practices within the private sector. Evaluation criteria included financial reporting, corporate governance, and sustainability reporting. 

Speaking at the event, the president of ICAN, Dr. Innocent Okwuosa, commended NGX RegCo for ensuring better disclosures and reporting among listed companies.

He noted that corporate reporting had evolved over the years from the time that most of its content focuses on financial reporting to when there emerged the clamour for incorporation of social and environmental disclosures.

In his welcome address, the CEO of NGX RegCo, Mr. Olufemi Shobanjo, highlighted that “without a doubt, transparency is one of the key drivers of any economy. It ensures full disclosure of information by entities and that such information is easily accessible to members of the public to make informed decisions. Over the years, there has been an evolution in the type and quality of information demanded, driven by heightened expectations from investors, decision-makers, and society as a whole.”

He added, “while financial reports remain at the forefront of information required by stakeholders, the concept of Environmental, Social and Governance (ESG) considerations has become an area of increasing interest to both public and private sector stakeholders.”