Nigeria’s capital market regulators and professional accountants have called for stronger transparency, governance, and sustainability disclosure by listed companies, as pressure mounts on firms to align corporate reporting with global standards beyond traditional financial statements.
The call was made at the 3rd edition of the ICAN–NGX Corporate Reporting Awards, held in Lagos on Tuesday, where stakeholders said corporate reporting has evolved from a compliance requirement into a strategic tool for building investor confidence and long-term economic resilience.
The event, organised by the Institute of Chartered Accountants of Nigeria in collaboration with NGX Regulation Limited, brought together regulators, listed companies, auditors and capital market operators to assess progress in financial reporting, corporate governance and sustainability disclosure.
Speaking at the ceremony, the President and Chairman of the Council of ICAN, Haruna Yahaya, said corporate reporting can no longer be limited to documenting past performance but must also demonstrate how organisations are responding to risks and preparing for the future.
He said investors are increasingly prioritising credibility, governance quality and foresight over profitability alone, adding that transparent reporting has become central to attracting capital in an uncertain global environment.
“Corporate reporting has moved beyond compliance. It is now a strategic instrument, one that communicates not only performance but also purpose and resilience,” Yahaya said.
He added that transparency strengthens trust, which in turn drives investment flows into the economy, noting that listed companies must go beyond minimum regulatory requirements to improve disclosure standards.
The ICAN president also said the awards were designed to promote accountability by recognising companies that demonstrate excellence in financial reporting, governance structures and sustainability disclosure.
In his remarks, the Chief Executive Officer of NGX Regulation Limited, Olufemi Shobanjo, said corporate reporting globally is undergoing a shift, with increasing emphasis on environmental, social and governance issues alongside traditional financial performance.
He said Nigeria’s capital market is already responding to this shift through regulatory frameworks such as the Nigerian Code of Corporate Governance and the adoption of International Financial Reporting Standards sustainability disclosure standards, including IFRS S1 and S2.
According to him, the awards assess listed companies across three weighted pillars: financial reporting, corporate governance and sustainability reporting, reflecting the growing importance of ESG factors in determining long-term corporate performance.
Shobanjo said while financial reporting remains the foundation of investor trust, there is now rising demand for disclosures that capture the broader social and environmental impact of business operations.
He added that companies that fail to improve reporting standards risk weakening investor confidence in an increasingly competitive global capital market.
Both ICAN and NGX RegCo said the initiative is intended not only to recognise high-performing companies, but also to set benchmarks that encourage wider improvements across the market.
The organisers also stressed that sustainability reporting is becoming more critical, as investors and regulators increasingly require firms to disclose how they manage environmental risks, social impact and governance practices.
They said the integration of ESG factors into corporate reporting frameworks is essential for ensuring market stability, improving transparency and attracting long-term investment.
The awards concluded with recognition of companies that demonstrated strong compliance and improvement in reporting standards, as stakeholders reaffirmed their commitment to deepening transparency and accountability in Nigeria’s capital market.
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