ICAN, NGX set new course for corporate reporting

…holds third edition of corporate reporting award

Industry experts from the Institute of Chartered Accountants of Nigeria (ICAN), and NGX Regulation Limited, have championed a new path for corporate reporting, aimed at strengthening transparency, accountability, and long-term value creation.

The push signals a shift toward more purposeful and resilient reporting practices, as both institutions seek to align Nigerian businesses with evolving global standards and investor expectations.

Haruna Yahaya, ICAN 61st president, speaking at the third edition of corporate reporting award, organised by ICAN in collaboration with NGX Regulation Limited, said the award was conceived in response to a simple but profound reality: in today’s rapidly evolving business environment, it is no longer sufficient for organisations to report what has happened; they must demonstrate how they are responding to changes and preparing for the future.

“Corporate reporting, therefore, has moved beyond compliance. It is now a strategic instrument; one that communicates not only performance, but purpose; not only results, but resilience and not only data, but direction,” he said.

Yahaya emphasised that the award is designed to recognise and encourage companies to produce high-quality, transparent, and reliable financial and non-financial reports.

“It is aimed at promote transparency and accountability, improve the quality of financial reporting, build investor confidence, encourage corporate governance and ethical behaviour and benchmark excellence, among others.

“The awards also assess environmental, social, and governance (ESG) disclosures, not just financial numbers,” he noted.

He reiterated that in an era defined by uncertainty and transformation, organisations must clearly articulate the risks they face, the opportunities they are pursuing, and the strategies they are deploying to create sustainable value.

“When transparency is strengthened, trust is built. And when trust is built, investment follows. Indeed, investors today are no longer looking merely for profitability; they are looking for credibility, foresight, and sound governance.

“It is against this backdrop that ICAN has partnered with NGX Regulation Limited to recognise and celebrate companies listed on the Nigerian Exchange that have distinguished themselves through excellence in corporate reporting and adherence to evolving best practices,” he stressed.

In addition, he said, “This initiative is not just about recognition; it is about setting standards, raising expectations, and inspiring a culture of accountability within our capital market.”

Olufemi Shobanjo, the chief executive officer at NGX Regulation Limited, in his address, said that corporate reporting is a vital practice that builds trust among investors and stakeholders.

“Over the past year, we have observed a significant shift where robust financial reporting remains the bedrock of trust, but there is now an undeniable demand for accountability regarding the ethical, social, and environmental impacts of business operations,” he said.

Shobanjo emphasised that as a self-regulatory organisation, NGX RegCo is dedicated to ensuring these heightened expectations are met.

“We have been at the forefront of major regulatory shifts, including the Nigerian Code of Corporate Governance and the critical implementation of IFRS Sustainability Disclosure Standards (IFRS S1 and S2),” he said.

Besides, he said that the organisation will in the 2026 edition, continue to evaluate the NGX 30 index companies across three pillars of financial reporting (35 percent) assessing the quality, accuracy, and adherence to international standards, corporate governance (30 percent), examining the robustness of governance structures and board oversight; and sustainability reporting (35 percent), evaluating the integration of ESG factors into core business strategies.

“This balanced weighting reflects our belief that a company’s long-term success is fundamentally linked to its integration of ESG factors.

“We recognise organisations that have not only complied with regulations but have set new industry standards. I am particularly proud of our “Most Improved” category, introduced to reward companies that have made significant strides since the previous assessments. I commend all the nominees and winners; your dedication to high standards contributes to the overall integrity and resilience of our financial ecosystem,” he said.

Some of the dignitaries at the vent include Rabiu Olowo, the executive secretary/CEO at Financial Reporting Council of Nigeria; Jude Chiemeka, the CEO at NGX Limited; and Chioma Mordi, the CEO at Society for Corporate Governance Nigeria, among others.