We need stable capital market for growth, says Sanwo-Olu

* As Total Energies, Transcorp, others win awards

By Esther Uyor

Nigeria needs a stable and highly liquid capital market to provide necessary funding for the development of major infrastructure necessary for economic growth.

Governor of Lagos State, Mr. Babajide Sanwo-Olu, who spoke at the 25th edition of the PEARL Awards in Lagos, said the importance of the capital market cannot be overemphasised in national growth.

Sanwo-Olu, who is also a well-regarded investment banker, said Nigeria needs amenable long-term funding to support its infrastructural development.

“We need the funding and the stability of the capital market even as public administrators to be able to deal and have long term funding,” Sanwo-Olu said.

He commended the effort of the organizers while noting the credibility and essence of the PEARL Awards over the years.

“It is an award that has remained credible and steadfast at promoting the capital market. I want to specially commend the organizers, and everyone present here,” Sanwo-Olu said.

Total Energies Marketing Plc was presented with the Overall Highest Award, the PEARL, in recognition of its outstanding results as the best-performer in the capital market for the year 2022 despite the challenging macroeconomic environment. The company also demonstrated its leadership in the oil and gas sector as it clinched two other awards to make it three.

Total Energies Marketing emerged top in the Sectoral Leadership category, Oil and Gas-petroleum products as it outclassed Conoil plc and Seplat Energy Plc who were also nominees. The company also won the Special Recognition Awards for Corporate Governance.

Total Energies expressed gratitude to the organizers and to everyone who has shown immense support to the company even as it reiterated its commitment to guarantee the return of investments to shareholders.

President, Pearl Awards, Tayo Orekoya, said the awards project was committed to recognizing leaders who represent beacons of hope for the capital market.

According to him, it was gratifying to note that in spite of tight and challenging business environment, a number of quoted companies have continued to deliver superior performance, quantum leap in bottom lines and good returns to shareholders.

Orekoya noted that recognizing the efforts of stakeholders in the market had improved very healthy competition among operators and further contributed to the wealth of stakeholders.

He affirmed that the PEARL Awards remained the only awards in Nigeria that rewards outstanding performance of quoted companies in the Nigerian capital market ‘based on verifiable facts and figures.

He added that the Awards since its inception has recognized and rewarded over 90 quoted companies and other stakeholder institutions in Nigeria for outstanding operational and stock performance with 21 of them emerging as the overall highest award winners of the stock market at different times.

He urged regulatory bodies improve policies to make the market more conducive for operators.

The award categories featured sectoral leadership awards, market excellence awards and the overall highest award. The theme of the 25th edition was, “Sustaining Excellence through Tenacity”.

Orekoya announced that the award categories are being expanded to accommodate more companies, start-ups and entrepreneurs.

Companies who also won awards in the Sectoral Leadership Category included Presco Plc, agriculture; and Transnational Corporation of Nigeria Plc, conglomerates. Under Consumer Goods, Guinness Nigeria won breweries subsector, Flour Mills of Nigeria won food prod and beverages and Vitafoam Nigeria Plc won under household products. Others in financial services were Fidelity Bank Plc, banking; NEM Insurance Plc, insurance; United Capital Plc, other financial institutions among others

Under the market excellence award, Multiverse won the Highest Turnover Growth Award. Universal Insurance Plc won the Highest Earnings Yield Award, UH Real Estate Investment Trust won the Highest Profit Margin Ratio Award among others. CardinalStone Securities Ltd won the special recognition award for Stockbroking Firm of the Year while Stanbic IBTC Capital Ltd won the special recognition award for Issuing House of the Year.