The top 100 companies award, which is the first in the history of the country, is a brainchild of President Goodluck Jonathan.
The award, scheduled to hold on December 1, is aimed at encouraging high-performing companies to further contribute to the economy in more significant ways.
Speaking on the development, the Chief Executive Officer of the Financial Reporting Council of Nigeria and Chairman of the selection committee, Mr. Jim Obaze, said some of the companies that made the list are MTN Nigeria, First Bank of Nigeria Plc, Nigerian Breweries Plc, Dangote Group, Chevron and Nigerian Flour Mills Plc.
Others are Mamuda Industries, Eko Supreme, Indorama Eleme Petrochemical Ltd, Elizade, APN Terminal, UAC Plc, Bolawole Enterprises, Wemco Metal Products, Dolphin Foods and Chi-Group.
Obaze said the committee considered a lot of criteria based on international best practices before the companies were selected.
In his words, “In looking at the top 100 companies, in taking decisions of this nature, 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. Then you look at the connectivity of information which is the second benchmark. You look the what extent to which they have responsiveness and shareholders’ inclusiveness.”
Obaze furhter said, “you also look at the extent to which they have materiality of their information. Then you track at their future orientation. In our own assessment of the top 100, we went beyond these. We looked at turnover, taxes paid over a period of time; we also looked at the employment they are generating and they have generated; we looked at the level of investments they have in Nigeria and then their contributions in the communities in terms of corporate social responsibility. We wanted to see what do they have on the ground and we were also interested in how what they have on the ground adds value in terms of the amount they spend.”
He said since these private sector companies are creating wealth and jobs for the economy, they should be honoured for believing and investing in Nigeria.