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Dangote, First Bank, others make Nigeria’s top 100 companies

By on November 26, 2014

The Federal Government on Monday unveiled top 100 companies in Nigeria for the 2014 fiscal period.

Dangote Group, Chevron, MTN, First Bank Plc, Nigerian Breweries Plc, and Flour Mills made the list.

The government said the Top 100 Companies Award, the first in the history of the country fixed for December 1, was aimed at encouraging performing companies to further contribute to the economy in more significant ways.

The Chief Executive Officer, Financial Reporting Council of Nigeria, and Chairman of the selection committee, Mr. Jim Obaze, made the announcement while briefing journalists in Abuja about the award.

Interestingly, he said a lot of companies sprang surprises by making it to the top 100.

Some of these companies, according to him, are Dolphin Foods, Chi-Group, Mamuda Industries, Eko Supreme, Indorama Eleme Petrochemical Limited, Elizade Nigeria Limited, APN Terminal, UAC Plc, Bolawole Enterprises and Wemco Metal Products.

Obaze said the committee considered a lot of criteria based on international best practices before the companies were “carefully” selected.

He said the celebration of these companies would promote business enterprise in Nigeria, foster socio economic development and improve the general well-being of Nigerians.

Some of the criteria, he said, were the amount of turnover; level of investment in the country, and number of jobs so far created in the economy.

Others were the impact that the companies had had in the community, level of corporate governance and the amount of investments they planned to make in the nearest future, he added.

He said, “In looking at the top 100 companies, there are international benchmarks as set by the International Integrated Reporting Council.

“There are five of such benchmarks; the first one is to look at the strategic focus of the organisation. You look at the connectivity of information which is the second benchmark.”

He also said the group looked at taxes paid over a period of time; the employment opportunities generated and the level of investment in Nigeria as well as their contribution in area of social responsibility.

He said since the private sector companies were creating wealth and jobs for the economy, they should be honoured for believing and investing in Nigeria.

 

[Punch]