-Airtel Africa, Seplat Energy Top Stanbic IBTC Holdings Plc In Financial And Sustainability Reporting
Leading cement manufacturer, Dangote Cement edged Stanbic IBTC Holdings Plc out of contention in the ‘Best in Class Award for Excellence in Corporate Governance’ category of the inaugural edition of the Corporate Reporting Award.
The award which was put together by the duo of the Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Limited saw Dangote Cement bagging the star prize of the category.
Dangote Cement bagged the award ahead of other nominees including Stanbic IBTC Holdings Plc, Access Holdings, Airtel Africa, ETI, MTN Nigeria, and SEPLAT Energy. Airtel Africa and Seplat Energy were recognized for Financial Reporting and Sustainability Reporting, earning Gold and Silver awards respectively in the overall category.
A statement spotted by www.theoctopusnews.com detailing Dangote Cement’s exploits at the recently held award noted that “the brand received the Platinum award for excelling across all three reporting categories, showcasing exemplary reporting practices that comprehensively address all relevant aspects of corporate reporting.”
According to the organisers, the scoring criteria for the award involved a combination of average scoring and assessments from individual judges.
Olufemi Shobanjo, CEO of NGX Regulation Limited, highlighted the significance of the award in promoting transparency and accountability among listed companies, anticipating a positive ripple effect on both listed and private companies in Nigeria.
Also, ICAN’s 59th President, Innocent Okwuosa, noted the importance of corporate reporting excellence in attracting capital flows to the market. He emphasized the role of transparency in fostering investor confidence and reiterated ICAN’s commitment to promoting accountability and transparency in the private sector.
“It is generally agreed that capitals will flow to markets that foster greater transparency and this effort is aimed at this. It also re-enforces the public interest mandate of ICAN in extending accountability and transparency to the private sector,” he said.
Stanbic IBTC Holdings Plc’s loss at the award ceremony comes amidst a series of others, as it recently announced over N7 billion in loan losses in the first quarter of 2024. The record showed a 117 percent increase from the less than N3.3 billion it expensed in the same quarter in 2023.
This translates to a major increase in credit losses for the third straight year since 2022 when a net charge of N10.3 billion spiked from a net write-back of N1.5 billion in the preceding year.
Also, a special report by Punch Newspaper recently indicted the bank among other financial institutions with the biggest insider loans.
According to the report spanning five years, the bank’s directors and key management personnel were responsible for obtaining the said loans.
Punch Newspaper reported that the information on which it’s analysis was done was gleaned from the banks’ annual reports filed with the Nigerian Exchange Limited between 2019 and 2023.
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