Ngozi Nwoke, Lagos
The President, PEARL Awards Nigeria, Mr Tayo Orekoya, says the Awards will continue in its tradition of rewarding and recognising outstanding performances by renowned companies in Nigeria “based on veritable facts and figures”.
Orekoya made this known at the 2019 edition of the PEARL Awards, which held in Lagos on November 24.
The award ceremony, which was graced by regulators, leaders and key stakeholders in the capital market, had Seplat Petroleum Development Company Limited winning the top award for the second year in a row, with Zenith Bank, Nestle Nigeria, Learn Africa, and many other notable companies emerging winners in the Awards Norminee list.
Speaking on the theme ‘Celebrating Sustainable Leadership and Resilience’, Orekoya said the aim of the award was to recognise companies that have made a positive impact on the growth of the capital market over the years.
He said that the PEARL Awards remains the only award that rewards and recognises outstanding performance of quoted companies in the capital market, expressing confidence in the ability of the Nigerian capital market to fully rebound in the near future.
“PEARL Awards remains the only awards in Nigeria that rewards outstanding performance of quoted companies in the Nigerian Capital Market based on veritable facts and figures. We remain humbled that our impartiality, fairness, transparency and unbiasness have continued to to endear us to major stakeholders in the capital market,” he said.
“It is gratifying to note that in spite of the tight and challenging business environment, some quoted companies have continued to deliver superior performance, quantum leap in bottom lines and good returns returns to shareholders. On this note, we promise to remain commited to uphold and be sustainably guided by these principles.”
Stating the challenges facing the capital market, Orekoya noted that it has over the years been relatively unstable, with alarming losses to investors, adding that the instability is not perculiar to Nigeria, cutting across other countries around the world.
“The continued instability has contributed in no small measure to reduce investors’ confidence. However, the instability in the capital market is not peculiar to Nigeria. Security challenges in other parts of the world, and particularly the trade tension between USA and China, are taking their toll on the world economy. These no doubt have direct consequences on capital market activities and returns,” he stated.
The most remarkable moment of the award was the presentation of the “Nigerian Stock Market Annual” 2020 edition, which was presented by Dr Abiodun Adedipe, an economist and board member, PEARL Awards, who revealed that a key takeaway from the report was that Nigeria and West Africa remain key destinations in attracting private equity and capital investments.
“It is my great pleasure and delight to present the 2020 edition of the Nigerian Stock Market Annual. It is important to point out the key takeaway from this report which is the fact that Nigeria and West Africa remains the center of attraction for private equity and capital investments. I commend the relentless efforts of the board and pray for greater heights,” he said.
In his remark, the Chairman, PEARL Awards, Dr Farouk Umar, while commending the PEARL Awards team for its legacy of driving excellence and competitiveness in the capital market, assured stakeholders of its continued support towards rewarding their hard work and dedication in the capital market. He disclosed that the award was an avenue to encourage development of the capital market.
“We are very grateful the support we have been receiving from stakeholders and we appreciate members of the board and management who have tirelessly worked hard to ensure the success of this award ceremony. We also thank the Federal Government for implementing policies that support the capital market, especially the border closure, which we believe will enable companies that produce made-in-Nigeria goods boost profit for the capital market,” he remarked.