Concerned about the apathy and low level of confidence, especially among small and retail investors in the Nigerian business environment, Flour Mills Nigeria plc has enjoined the Institute of Chartered Accountants of Nigeria (ICAN) to continue to strive for increased transparency in financial reporting to boost confidence towards capital market transactions.
Paul Gbededo, new group managing director, Flour Mills Nigeria, who spoke last week during a courtesy visit by Adedoyin Idowu Owolabi, the ICAN president, and some members of the Institute, said: “We look forward to ICAN playing a fundamental role in rebuilding trust and confidence in the capital market through an early adoption of the International Financial Reporting Standards by its members.”
Continuing, he said he believed the accounting profession needed to do more to promote good corporate governance and uphold a high standard of accountability and integrity.
Gbededo also commended the Institute for “great achievements it has recorded and we recognise ICAN’s monumental contributions to the growth and development of the Nigerian economy.
“Indeed, there is hardly any large organisation in Nigeria today, whether private or public that has not directly or indirectly benefitted from the products of your highly esteemed Institute. Your members are variously engaged as forensic accountants, financial accountants, tax experts, management accountants, budget controllers, auditors, company secretaries, financial analysts, insolvency practitioners, among others,” he added.
According to Gbededo, the company, which was incorporated in 1960 with a paid up share capital of N1 million has grown into a formidable and highly diversified group having a paid-up share capital of over N1.1 billion and shareholders’ fund in excess of N82 billion. The company’s market capitalisation is currently in excess of N160 billion.
“We are strategically focused on our food and agro-allied business with a strong brand and a wide product range,” he said.