NIC Bank Scoops Overall 2012 FIRe Awards

NIC Bank was named the overall winner of the 11^th edition of the Financial Reporting (FIRe) Awards at an awards ceremony held at Safari Park Hotel on Friday.

The bank, which had a 238 percent oversubscription of its rights issue, also bagged other awards in the Bank, Listed Companies, and IFRSs Category as well as Kenya’s winner in the country category.

The FIRe awards seek to recognize exemplary accounting standards among companies in the East African Region. It also seeks to promote and institutionalize transparency, integrity, and accountability in the corporate reporting process.

This year’s awards received 93 entries, the highest number since its inception in 2002.   

Here are the other awardees:

Winner Uganda – Stanbic Uganda

Winner Tanzania – Swissport Tanzania  

Winner Rwanda – Bank of Kigali

Insurance Category – PanAfrican Holdings

Industrial, Commercial and Services Category – Centum Investments

SACCO’s Category – Unaitas (previously Muramati Sacco)

Not for Profit Category – Strathmore University   

Corporate Governance Category – Barclays Bank of Kenya

SME Category – Sai Pharmaceuticals

Corporate Social Investment Category – Standard Chartered Bank

IPSAS Recognition Award Cash Basis – Ministry of Foreign Affairs, Rwanda

IPSAS Recognition Award Accrual Basis – Kenya Roads Board

IFRS’s for SMEs Recognition Award – Melvin Marsh International Ltd

Promoter’s Recognition Award – AMACO Assurance

The Nairobi Securities Exchange (NSE), Capital Markets Authority (CMA), and the Institute of Certified Public Accountants of Kenya (ICPAK) organize the annual award.

“Coming together is a beginning; Keeping together is progress; working together is success.” -  Henry Ford