Dangote Cement has been honoured with the top prize at the inaugural Corporate Reporting Award, jointly organized by the Institute of Chartered Accountants of Nigeria (ICAN) and NGX Regulation Limited.

The leading cement manufacturer 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 involved a combination of average scoring and assessments from individual judges.

In addition to the Platinum award, Dangote Cement also clinched the Best in Class Award for Excellence in Corporate Governance, surpassing other nominees such as Access Holdings, Airtel Africa, ETI, MTN Nigeria, SEPLAT Energy, and Stanbic IBTC Holdings Plc. Airtel Africa and Seplat Energy were recognized for Financial Reporting and Sustainability Reporting, earning Gold and Silver awards respectively in the overall category.

Edward Imoedemhe, the Company Secretary/General Counsel of Dangote Cement Plc, expressed gratitude for the recognition, emphasizing the company’s dedication to corporate reporting standards. He said that the awards will serve as motivation to continually elevate performance in this area.

“We are grateful to the organisers for this honour which is a testament to our commitment to corporate reporting and best practice. We will continue to raise the bar,” he assured.

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.

ICAN’s 59th President, Innocent Okwuosa, underscored 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.

The maiden Corporate Reporting Award recognized the top 30 most capitalized companies listed on the Nigerian Exchange Limited for the 2022 financial reporting year.

The Nigerian Education Loan Fund (NELFUND) says the pilot phase of the student loan scheme will only be open to federal tertiary institutions.

In June 2023, President Bola Ahmed Tinubu signed into law the first iteration of the student loan programme, which allowed students to borrow money without paying interest.

The plan was supposed to go into effect in October 2023, however execution was continuously postponed until it was reenacted in April 2024.

May 24 is the day that NELFUND has set aside for the launch of the loan application and issuing portal.

To apply for the loan, a student must have their admission letter, national identification number, and bank verification number.

How to apply:

• Log into the portal: The loan application portal is available on the NELFUND website (www.nelf.gov.ng). Log on to the students loan portal on the website.
• Create an Account: On the loan portal, create an account or log in using your existing credentials if you have created an account before.
• Documents required: Applicants will require the Joint Admissions and Matriculation Board (JAMB) admission letter, the National Identification Number (NIN), and their Bank Verification Number (BVN).
• Complete the application: Fill out the required information, including personal details, academic information, and financial need.
• Submit your application: Review your application thoroughly before submission. Once submitted, you will receive a confirmation email with further instructions.

Akintunde Sawyerr, the managing director of NELFUND, hosted a pre-application sensitisation conference on Monday in Abuja.

He said the loan scheme is designed to provide financial assistance for obligatory fees and stipends to needy students.

The MD said the scheme’s pilot phase is for students in federal institutions including universities, polytechnics, colleges of education, and technical schools whose institutions have completed and uploaded their student data.

He said the loan application process has been streamlined to ensure easy access for all eligible students in federal tertiary institutions.

Sawyerr said prospective applicants can begin their application process effective from May 24.

Highlighting the key features of the application portal, Sawyerr said it is designed such that no physical contact between the loan applicant and NELFUND is required.

He said the portal is user-friendly and simplifies applying for a student loan with an intuitive design that allows quick navigation.

He said the portal embodies an online support mechanism to assist students with questions or concerns during the application process.

Sawyerr said the student loan scheme remains interest-free and offers flexible repayment options to commence two years after completing the National Youth Service Corps (NYSC), provided the individual has secured employment.

The Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) have given the federal government until May 31 to reverse the electricity tariff.

The labour bodies gave the ultimatum in a communiqué issued in Abuja on Monday at the end of a joint emergency national executive council (NEC) meeting of the NLC and TUC.

On April 3, the National Electricity Regulatory Commission (NERC) approved an increase in the electricity tariff for customers in the Band A classification, from N66 to N225 per kwh. The tariff hike attracted public outcry and calls for its reversal.

On May 13, members of organised labour picketed the headquarters of the NERC, the federal ministry of power, and the Abuja Electricity Distribution Company (AEDC) in Abuja, demanding a reversal of the tariff. The protest was replicated across Nigeria.

In the communiqué, the unions said the action taken by the government without consideration for the hardship of the masses was “unjust and burdensome”.

“The NEC once again vehemently condemns the unilateral increase in electricity tariffs by the authorities,” the communiqué reads.

“This action, taken without due consideration for the economic hardships faced by the masses and the provisions of the law, is deemed unjust and burdensome.

“The NEC reaffirms its demands for an immediate reversal of the tariff hike and the vexatious apartheid categorization into bands to alleviate the suffering of Nigerian workers and citizens and gives the National Electricity Regulatory Commission and the federal government until the last day of May 2024 to meet these demands.”

The organised labour said appropriate actions would be taken if the government failed to meet its demands.

“This includes, but is not limited to, the mobilisation of workers for peaceful protests and industrial actions to press home these demands for social justice and workers’ rights,” the unions said.

The labour unions also reiterated the May 31 ultimatum for the federal government to finalise the new national minimum wage fixing process for workers.

“We need an agreement that will genuinely reflect the true value of Nigerian workers’ contributions to the nation’s development and the current crisis of survival facing Nigerians as a result of government’s policies,” the labour movement added.

“The NEC affirms its commitment to ensuring that the interests and welfare of workers are adequately protected in the negotiation process.

“The NEC-in-session therefore reiterates the ultimatum issued by the NLC and TUC to the federal government, which expires on the last day of this month.”

The organised labour directed all councils whose state governments are yet to fully implement the N30,000 national minimum wage and its consequential adjustments to “immediately issue a joint two-week ultimatum to the culpable state governments to avert industrial action”.