Dangote Cement Plc is the first Nigerian listed company to report its financial results in accordance with the IFRS taxonomy.
It announced that its financial information is now available to investors in extensible Business Reporting Language (XBRL) format, based on the IFRS taxonomy.
Companies can use XBRL to standardize the preparation, publication, and exchange of financial data in a machine-readable format. It is primarily used by publicly traded companies that are required by law to use it, such as those listed in the United States of America, Europe, and South Africa.
The company’s financial statements for the third quarter of 2020, the full year of 2020, and the first quarter of 2021 are now accessible in XBRL format.
“We believe that implementing XBRL reporting will greatly benefit Dangote Cement’s existing and potential investors,” said Michel Puchercos, chief executive officer of Dangote Cement. It is yet another step in Dangote Cement’s ongoing efforts to modernize and improve the transparency and accessibility of corporate disclosures.”
According to him, using XBRL would allow us to collect publicly available financial data accurately and quickly, ensuring that our results are consistent across all platforms and that investors and analysts who use these platforms receive the correct information.
“Dangote Cement’s adoption of XBRL reflects its commitment to meeting international reporting and corporate governance standards.
Recall that, The Petroleum Industry Bill passed by the National Assembly on Thursday, stated that only holders of refining licenses in the country can pay for domestic crude oil supply in naira.
Dangote Oil Refinery Company, Waltersmith Refining & Petrochemical Company Limited, OPAC Refineries, Niger Delta Petroleum Resources, BUA Refinery & Petrochemicals, and Edo Refinery and Petrochemical Company Limited are among the companies with refining licenses.
The bill, passed by the Senate and House of Representatives recommended that payment guarantees provided by refinery license holders be in dollars or naira. The bill calls for the establishment of two regulators: the Nigerian Upstream Regulatory Commission and the Nigerian Midstream and Downstream Petroleum Regulatory Authority.