Sanwo-Olu Lauds PEARL Awards, Says Initiative Driving Capital Market Growth  

The Lagos State governor, Mr. Babajide Sanwo-Olu, said the integrity, consistency and the transparency of the process of PEARL Awards Nigeria over the years underscore why players in the Capital Market look forward to emerging winners year-on-year.

Sanwo-Olu, who was the Chief Guest of Honour at the 25th edition of the Awards held at the Eko Hotels and Suite on Sunday, November 27, 2022, in Lagos, asserted that PEARL Awards has contributed immensely to driving growth of the stock market over the years.

According to him, “As an investment banker myself, I recall that year-on year, we all strive to win at the PEARL Awards. The Awards is one of the key initiatives that shape the direction of the market with the transparent processes that reveal the performance of different sectors of the Nigerian Exchange.”

He further posited, “the PEARL Awards is an institution that has paid its due, it has remained credible, it is an award that has remained steadfast, and it is an award that has promoted the Capital Market being the market of last resort.”

He went further to say that the capital market needed the stability that the institutions like PEARL Awards give it, to be able to function best in their role of providing the necessary cushion to the economy, including long-term funding for different stakeholders.

In a first that was introduced in the 27-year history of the Awards, Alhaji Aliko Dangote was awarded the PEARL Lifetime Achievement Award for his unparalleled contribution and the impact of his entrepreneurial and industrial revolution across Nigeria and different African markets.

Tayo Orekoya, the President of the PEARL Awards, said the Lifetime Award was instituted in commemoration of the 25th Anniversary to recognise and honour the impact of his business innovations and contributions across the continent, while indicating that the award will only be conferred once in every 10 years.

“The Lifetime Award is one of our ways of encouraging enduring business footprints across the continent, beyond the Nigerian Exchange where data for the PEARL Awards is currently being mined from.

“We have increasingly seen Nigerian quoted companies go beyond the borders of the Exchange across the continent and in some situations across the continent to deliver value, innovation, and reputable performance that is worth acknowledging. However, we would consider this once in a decade, in a bid to encourage depth, consistency, and a proven purpose,” Orekoya stated.

At the 2022 Awards, TotalEnergies Marketing Nigeria Plc emerged winner of the Overall Highest Award, the PEARL of the Nigeria Stock Market for 2022, which speaks to their outstanding performance across different indices, including carting away the Good Corporate Governance Award. They were also the best-performing company in the Oil and Gas Sectorial Leadership category. Presco Nigeria Plc won the Sectorial Leadership for Agriculture, while Fidelity Bank carted home the honours for the Financial Services (Banking), and NEM Insurance Plc, edged out contemporaries for the Financial Services (Insurance) title.

The United Capital Plc were best performers for the Financial Services (Other Financial Institutions), Vitafoam Nigeria Plc was top in the Consumer Goods (House Hold Products), while Flour Mills Nigeria Plc was the star of the Consumer Goods (Food and Beverage Sector).

Chairman of PEARL Awards, Alhaji (Dr.) Farouk Umar, earlier in his welcome address stated that this year’s edition was the 25th edition of the awards and the consistency and the reliability of the process of the emergence of the winners have earned the PEARL Awards its staying power, especially from sensitive institutions that operate in Corporate Nigeria.

“We are very honoured to be in partnership with the key operators and regulators of the Capital Market, particularly the apex market regulator, the Securities & Exchange Commission, who way back in 2003 endorsed the award because of its shared values of with the Awards as well as the integrity and transparency of the process that produces the Awards winners for 25 years now,” Umar said.

Coming from the two-year break after the Coronavirus Pandemic had forced a break on the Award, he said that this year’s edition was themed, “Sustaining Excellence through Tenacity”, which celebrates companies that plodded through the challenges of the economics of the pandemic and still eked out bountiful results for their stakeholders.

Other winners at the night included Courteville Business Solutions Plc, Fidson Healthcare Plc, UH Real Estate Investment Trust, Trancorp Hotels Plc, Learn Africa Plc, Nigerian Aviation Handling Co. Plc, and Guinness Nigeria Plc.The glamourous Awards Nite event had Alhaji Aliko Dangote ably represented by Engr. Ahmed Mansur, Group Executive Director, Dangote Industries Ltd as Chairman of occasion, with the Director General, Securities & Exchange Commission (SEC), Lamido Yuguda represented by the Executive Commissioner (Operations), SEC, Dayo Obisan as Special Guest of Honour.Also in attendance as Special Guest of Honour was the Group Chairman, Nigerian Exchange Group, Alhaji Umaru Kwairanga with the CEO, Nigerian Exchange Ltd (NGX), Temi Popoola as Guest of Honour as well as Chairmen, CEOs of listed and unlisted companies and key players in the Capital Market.