Kogiflame
For its excellence in corporate transparency and governance, Dangote Cement Plc has been honoured as the Platinum winner of the Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Limited (NGX REGCO)’s Corporate Reporting Award for the financial year ending 2023.
Organised by ICAN-NGX REGCO, the event was meant to celebrate excellence in corporate transparency and governance. It was a moment of positive appraisal for the Cement company’s adherence to corporate governance with other winners comprising of MTN Nigeria, Seplat Energy, Stanbic IBTC Holdings, GTCO, Zenith Bank, United Bank for Africa, and International Breweries.
In the Corporate Reporting Award guidelines issued by ICAN-NGX REGCO, thirty listed companies were evaluated across three key categories with marks allotted for compliance. The categories and allotted marks are; financial reporting taking 35 percent, corporate governance allotted 30 percent and sustainability reporting accounting for 35 percent. The awards were ranked in Platinum, Gold and Silver categories.
Dangote Cement, according to the Assessment Panel, excelled in all the assessment parameters as it emerged the platinum award winner, MTN won Gold and Seplat Energy carted home the Silver award.
President of Institute of Chartered Accountants of Nigeria, Mr. Davidson Alaribe, the platinum award is conferred upon the overall top-performing company across all three categories. This prestigious recognition is reserved for an organisation that demonstrates excellence in corporate reporting, effectively addressing all key elements evaluated.
He explained that the final score is derived from a combination of weighted averages and a scoring matrix based on the rigorous and independent evaluations of individual assessors.
Said he; “This award underscores our unwavering commitment to promoting transparency, accountability, and sustainable corporate practices within, the Nigeria Capital Market.
“The demand for corporate entities to disclose their environment, social and governance (ESG) impact beyond the confines of their traditional financial reporting has grown exponentially in recent years. The shift reflects a global call for greater transparency, accountability, and sustainability in business practices.”
He then described the honourees as exemplary, stating that their achievements reflect a commitment to the highest standards in corporate reporting. According to him, they’ve gone beyond compliance to set a benchmark for trust, growth, and sustainability in Nigeria’s financial landscape.
In his remark, the Chief Executive Officer, NGX Regulation Limited, Mr. Olufemi Shobanjo described the award as the celebration of outstanding achievements in corporate reporting among the listed companies over the past year and that it has continued to underscore the commitment to promoting excellence and transparency in financial reporting.
According to him, effective corporate reporting is vital for fostering trust and accountability in the capital market as it enhances the investors’ confidence and promotes best practices within the industry.
Dangote Cement is Africa’s leading cement producer with 52.0Mta capacity across Africa. A fully integrated quarry-to-customer producer, with a production capacity of 35.25Mta in its home market, Nigeria. Obajana plant in Kogi state, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta; Gboko plant in Benue state has 4Mta; and Okpella plant in Edo state has 3Mta. Through recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement and clinker, serving neighbouring countries.
