ICAN Advocates for Enhanced Corporate Transparency in Nigeria
The Institute of Chartered Accountants of Nigeria (ICAN) has issued a strong call to businesses across the country, urging them to maintain consistency in publicly releasing their annual reports and financial statements. This initiative, ICAN argues, is crucial for enabling stakeholders to evaluate a company's capacity to generate sustainable value and for bolstering investor trust in the Nigerian economy.
Leadership Emphasizes Trust and Investment
Dr. Haruna Yahaya, the President of ICAN, made this appeal during the 2026 ICAN Corporate Reporting Award ceremony, which was organized in partnership with NGX Regulation Limited in Lagos. He highlighted that in today's era, marked by uncertainty and rapid transformation, organizations must clearly communicate the risks they encounter, the opportunities they are pursuing, and the strategies they are implementing to achieve long-term value creation.
"When transparency is strengthened, trust is built," Yahaya stated, "and when trust is built, investment follows into the country." He further explained that modern investors are not solely focused on profitability; they also prioritize credibility, foresight, and robust governance practices within firms.
Commitment to Rigorous Standards
Yahaya noted that the first two editions of the Corporate Reporting Award program were conducted with strict adherence to rigour, integrity, and transparency. The third edition, he emphasized, builds upon this solid foundation. He commended participating firms for their dedication to transparency, accountability, and responsible corporate conduct, which distinguishes them as leaders in the business community.
By complying with established reporting standards, these companies are not only enhancing investor confidence but also making significant contributions to the stability and growth of Nigeria's economy, Yahaya added.
Support from Regulatory Bodies
Mr. Olufemi Shobanjo, the Chief Executive Officer of NGX Regulation Limited, addressed the evolving nature of corporate reporting, describing effective corporate reporting as a key driver of transparency in organizational management. He pointed out that it ensures stakeholders have access to high-quality information necessary for making informed investment decisions, thereby fostering trust and improving investor confidence.
As a self-regulatory organization, NGX RegCo is committed to ensuring that these elevated expectations are met, Shobanjo affirmed.
Award Winners and Recognition
At the event, several companies were honored for their excellence in corporate reporting. In the top awards, Seplat Energy emerged as the winner in the Platinum Category, while Airtel Africa Plc secured the Gold Category. Access Holdings Plc was recognized in the Silver Category.
Additional accolades included MTN Nigeria Communication Plc receiving the best award in financial reporting, Zenith Bank Plc being named best in corporate governance, First HoldCo Plc excelling in sustainability reporting, and International Breweries Plc winning the most improved overall award.
Regulatory Endorsements
Dr. Emomotimi Agama, the Director General of the Securities and Exchange Commission (SEC) Nigeria, who was represented at the forum, reiterated that strong corporate reporting is essential for improving investors' confidence. He assured that SEC would continue to collaborate with ICAN and NGX to strengthen corporate reporting practices in Nigeria.
Similarly, Dr. Rabiu Olowo, the Chief Executive Officer of the Financial Reporting Council of Nigeria, emphasized the importance of best practices in corporate reporting. He pledged that the Council would continue to support initiatives aimed at enhancing transparency and accountability in the corporate sector.
