Tomorrow's Pearl Awards night will be ‘a Clash of Corporate titans,’ Says: Tayo Orekoya

Tayo Orekoya

The annual PEARL Awards that celebrates winners on the nation’s stock exchange market, scheduled for tomorrow at Eko Hotel, Lagos, has been described as a huge clash of corporate titans.


Speaking to newsmen ahead of the event, the President of Pearl Awards Nigeria, Mr. Tayo Orekoya, said, he is particularly elated “because there is so much excitement in the air among the quoted Companies and the list of high performing nominees already released by the Awards Board of Governors, assures that it promises to be another night of the clash of corporate titans in the capital market.

Orekoya said that his expectations are high and he looks forward to a night of excellence and glamour to be graced by who is who in Government, corporate Nigeria and indeed captains of Industry, as in past years. 

“It is a night to wine and dine and savor the joy of corporate excellence, away from the usual strategizing and business decision making board rooms.”

Orekoya said that the fact that the awards is holding this year, underscores the truth that the nation's economy is on the path of recovery, considering that after the contraction of the GDP for 5 consecutive quarters, picked up in the second quarter of this year with the impact felt on the capital market with about 2.2 trillion gains in market capitalization in the same period, and indeed a gain of about N3, 5 trillion to date.

He agrees that the government has been supportive of the stock market. “Yes, a number of recent pragmatic and positive fiscal and monetary policies of the Federal Government and CBN respectively have contributed immensely to the Improvement of the stock market performance, including, stability in foreign exchange, improved access through investors and exporters forex window, enhanced national security, have all restored both foreign & local investors’ confidence in the capital market.”

“The early presentation of 2018 budget is commendable however it would be more effective if the national assembly ensures early consideration and passage of this budget. Again, the CBN needs to positively consider reduction in interest rates to enhance performance of the real and manufacturing sector. 

Infrastructural deficit should be addressed vigorously by government to reduce production costs, thereby enabling quoted companies compete favorably globally.

Asked what has been the mainstay of Pearls Awards which has been in existence in the last two decades, Tayo Orekoya replied, “The main stay has been a strong Board of Governors, the objectivity and fairness of the award criteria and process; transparency, as the Awards are based on empirical data utilizing verifiable indices including Turnover Growth; Earnings Yield; Return On Equity; Net Asset Ratio; Share Price Appreciation; Profit Margin Ratio; Dividend Cover; Dividend Growth and Dividend Yield. Also, as a matter of policy, unlike most other Awards, the PEARL Awards doesn’t charge a fee for winning the awards.

It is purely based on performance. PEARL Awards’ endorsement by the Securities & Exchange Commission, the apex capital market regulatory authority since 2003 along with all the above have enhanced the credibility of the awards sustainably for 22 years.

This year’s award theme is “Winning with Tenacity. Tenacity implies doggedness, strong will and determination to achieve success or stay on the winning edge in spite of challenges in the operating environment. It is our believe that companies that have outperformed competition despite recession, FOREX instability, sprawling inflation, low purchasing power among other challenges very well deserve to be rewarded. And the lesson for all the quoted companies this year, I dare say is, ‘when the going gets tough only the tough gets going’.