The President announced earlier in the week that it was awarding 100 companies in Nigeria for contributing to the economic growth of Nigeria. According to the The Chief Executive Officer, Financial Reporting Council of Nigeria and Chairman of the selection committee, Mr. Jim Obaze, they used criteria such as turnover, taxes paid over a period of time, employment they are generating and they have generated, level of investments they have in Nigeria and then their contributions in the communities in terms of corporate social responsibility.
According to an article in Premium Times the top ten companies are as follows;
- Exxon Mobil
- Shell Petroleum,
- Total Nig
- Dangote Group
- Eni Agip
- First Bank Nigeria PLC
I am yet to see the full list of 100 companies but sources in the news have thrown up the likes of Nigerian Breweries, Stallion Group, Honeywell Group, Flour Mills, Mamuda Industries, Eko Supreme, Indorama Eleme Petrochemical Ltd, Elizade, APN Terminal, UAC Plc, Bolawole Enterprises, Wemco Metal Products, Dolphin Foods and Chi-Group.
This sort of makes you wonder what this list is really all about considering an election year is just months away. Is this a ploy to extort money from the business community? Why will the president award companies for making money out of Nigeria? In countries were list like this are released yearly, it is typically compiled by the private sector. For example, you have the Forbes List or INC 1000 in the US.