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By Ben Musanje
The 2025 Financial Reporting (FiRe) Awards concluded with a dazzling celebration of corporate excellence, honoring the organizations at the forefront of transparency, sustainability, and accountability in Uganda.
Held on Thursday evening at Hotel African in Kampala, the event drew industry leaders, financial professionals, and government officials for a night dedicated to celebrating outstanding achievements in financial and sustainability reporting.
Under the theme “Sustainability Practices and Reporting in Uncertain Global Times,” this year’s FiRe Awards marked a significant milestone, as it celebrated 15 years of recognizing excellence in corporate reporting.
The ceremony witnessed a record-breaking 119 participants, the highest number in the history of the awards—reflecting a growing commitment by Ugandan businesses to adopt the best reporting practices.
The night’s most coveted honors were claimed by MTN Uganda, which took home the Gold Award for Integrated Report of the Year, alongside the Sustainability Reporting Award.
The telecommunications giant was praised by the judging panel for a report that expertly bridged the gap between financial performances and its social, environmental, and governance (ESG) initiatives.
The panel noted that MTN’s commitment to sustainability and transparency stood out as an example of how business success can go hand-in-hand with long-term value creation for society.
MTN Uganda’s remarkable achievement was followed closely by NSSF, which earned multiple accolades, reflecting its consistent leadership in integrating sustainability into its financial reporting.
Stanbic Bank also garnered recognition for its excellence in balancing profitability with societal responsibility, further solidifying its position as a leader in the financial sector.
The keynote address of the evening was delivered by Professor Aaron Mushengyezi, Vice Chancellor of Uganda Christian University (UCU), who spoke on the theme of resilience and sustainability.
His speech resonated deeply with the audience as he drew from his own experience at UCU, highlighting how the university transformed itself during the COVID-19 pandemic.
Under his leadership, UCU restructured its operations, cutting costs and making strategic investments that saved the university over $2 billion annually.
These reforms paved the way for a seven-year campus transformation initiative, which includes the introduction of forward-looking programs like robotics and data science to better prepare students for the future workforce.
Mushengyezi emphasized that sustainability is not just about financial health but also about adapting to change and ensuring that institutions remain relevant and resilient in an unpredictable world.
He commended organizations like MTN Uganda, NSSF, and Stanbic Bank for their commitment to aligning their financial growth with social and environmental goals.
In a powerful call to action, Mushengyezi urged institutions to think long-term when making financial decisions, stressing that sustainability reporting is more critical than ever.
He noted that businesses must now account for the broader societal impact of their operations, especially in the face of economic uncertainty, climate change, and technological disruptions.
Another key speaker, CPA Timothy David Ediomu, President of the Institute of Certified Public Accountants of Uganda (ICPAU), also highlighted the growing importance of transparency in corporate reporting.
Ediomu touched on the upcoming adoption of the IFRS S1 and S2 sustainability disclosure standards, set to be mandatory by 2028.
These standards, he noted, would provide a global framework for reporting on environmental, social, and governance (ESG) factors, helping Ugandan businesses compete on the world stage.
As the evening drew to a close, Mushengyezi reiterated the message of resilience, urging organizations to build self-sustaining institutions that can thrive independently without relying on external funding.
His words served as a powerful reminder that the future of business lies in the ability to innovate, adapt, and prioritize sustainability—not just for short-term gain, but for the long-term betterment of society and the planet.
The 2025 FiRe Awards, with its focus on sustainability, offered an inspiring glimpse into the future of corporate responsibility, and a promise that the journey toward transparency and accountability in Uganda is only just beginning. (For comments on this story, get back to us on 0705579994 [WhatsApp line], 0779411734 & 041 4674611 or email us at mulengeranews@gmail.com).
