FG unveils top 100 firms in Nigeria

The Federal Government on Monday unveiled the names of firms that made the top 100 companies in Nigeria for the 2014 fiscal period.

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 highly 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.

He said some of the companies that made the list are Dangote Group, Chevron, MTN, First Bank Plc, Nigerian Breweries Plc, and Flour Mills.

Interestingly, he said a lot of companies sprang surprises by making it to the top 100 lists.
Some of these companies, according to him are Dolphin Foods, Chi-Group, Mamuda Industries, Eko Supreme , Indorama Eleme Petrochemical Ltd, Elizade, 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, according to him are amount of turnover, level of investment in the country, and  number of jobs so far created in the economy.

Others are the impact that these companies have had in the communities where they operate, level of corporate governance and the amount of investments they intend to make in the nearest future.
He said, "In looking at the top 100 firms, in taking decisions of this nature, there are international benchmark as set by the International Integrated Reporting Council.

"There are five of such benchmark, the first one is to look at the strategic focus of the organization. You  look at the connectivity of information which is the second benchmark.

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