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Friday, 21 July 2017

TAYO OREKOYA's SPEECH THAT ANNOUNCED THE COMING OF PEARL AWARDS NITE 2017


PRESIDENT/CHIEF EXECUTIVE, PEARL AWARDS NIGERIA, MR TAYO OREKOYA’S ADDRESS AT THE 2017 PEARL AWARDS PRESS BRIEFING HELD AT THE AWARDS SECRETARIAT, AGIDINGBI-IKEJA, LAGOS ON JULY 18, 2017

The Secretary, PEARL Awards Board of Governors,
Distinguished Partners from the Media,
Chairman, Central Working Committee (CWC),
Chairmen of Sub-Committees
Members of the CWC,
Ladies and Gentlemen

On behalf of the Board of Governors and Secretariat of PEARL Awards Nigeria, I have the singular honour and privilege of welcoming you all to today’s

Press Briefing on the 2017 PEARL Awards Nite. Indeed it is a great privilege welcoming you to CITC House, the permanent Secretariat of the PEARL Awards, where this briefing is holding for the very first time, Glory be to God.

I thank you all for making yourselves available despite the
postponement of the event due to circumstances beyond our control. Let me once again apologize for the inconveniences the rescheduling of the briefing might have caused you.

This event is indeed a clarion call for enhanced service towards the
development of the Nigerian Capital Market through our modest
initiative and we truly appreciate your overwhelming support,
remaining faithfully and firmly as our partners in progress over the
past 2 decades.

Permit me at this point to call for a minute silence in honour of
Chief (Dr) Isaac Olusola Dada, MFR who passed on recently in Lagos. Chief Dada was a giant in the Nigerian Capital Market. He was Past President, Institute of Directors and Past President, Chartered Institute of Stockbrokers, among other feats.

He was an ardent supporter of the PEARL Awards Project and as a matter of fact delivered the PEARL Awards Public Lecture in 2014 and had attended almost all the editions of the PEARL Awards Nite and Public Lectures since inception. He was indeed a great friend of the house. May his gentle soul rest in perfect peace (Amen).

As you are all aware, the PEARL Awards is the only Award in this part of the Continent that identifies and rewards Performance, Earnings and Returns Leadership by companies quoted on the Stock Exchange, using empirical and clearly defined criteria and methodology. The Awards process is based on verifiable facts and figures assessed utilizing credible and acceptable parameters and tools of data evaluation.

This is the uniqueness of the Awards, which was instituted in 1995 and endorsed by the apex Capital Market regulatory authority, Securities & Exchange Commission in 2003. This year therefore marks, with your support and partnership, 22 years of meritorious service to our fatherland.

As widely acknowledged by capital market stakeholders including quoted companies, Stockbrokers, Registrars, Shareholders Associations, Media executives among others, for its objectivity and impartiality over the years, over 2 decades after, PEARL Awards remains committed to objectivity, fairness and absolute neutrality in rewarding outstanding quoted companies based on actual performance as reflected in their audited annual reports and other relevant documents from the Stock Exchange.

As you may be aware, the PEARL Awards was stepped down last year due to the vagaries in the economy resulting in unimpressive performance of a good number of the quoted companies as reported in their audited financial reports, coupled with the mood of the nation at the time, which was not in tandem with any form of celebration. It is however gratifying to note that there have been some appreciable improvements in the performances of quoted companies and the economy in general thereafter.

In line with our tradition, I am pleased to formally announce that
arrangements are in top gear to host the 2017 Awards Nite.

I hereby formally announce that the date for the 2017 PEARL Awards Nite is Sunday November 26, 2017 and the venue shall be the Prestigious Eko Hotel & Towers, Victoria Island. This year’s edition promises to be an outstanding night of glamour, funfair and
celebration of excellence.  As witnessed in the recent past, there
would be other side attractions that will include exclusive red carpet reception, cocktails and high-class executive networking opportunities etc.

It is gratifying to note that The PEARL Awards remains the only
enduring institutionalized honours for deserving quoted companies to be recognized and rewarded for outstanding performance, with the resilience to keep waxing strong over the past two decades and beyond.

You will recall that as part of efforts to mark the 20th anniversary
of the Awards in 2015 and in response to the yearnings of stakeholders of our capital market, the PEARL Awards was broadened to incorporate other stakeholder’s institutions. Thus, there was re-classification of the Awards into 3 new broad categories as analyzed below:
 
Main Competitive Category
 
a)      Sectoral Leadership Awards
b)      Market Excellence Awards
c)      Overall Highest (The PEARL) Awards

Special Recognition Awards Category
 
a)      Stockbroking Firm of the Year Award
b)      Issuing House of the Year Award
c)      Good Corporate Governance Award

Honorary Awards Category
 
a)      CEO of the Year Award
b)      Capital Market Development Award
c)      Capital Market Correspondent of the Year Award
d)      Media Award for Capital Market Development

The 2017 PEARL Awards would therefore be in three main categories as highlighted above.  The Main Competitive Awards Category this year’s Awards, like previous ones will be determined utilizing key ten of the globally acceptable parameters which are as follows - Turnover Growth; Return on Equity; Earnings Yield; Share Price Appreciation; Dividend Cover; Profit Margin Ratio; Market Activity; Dividend Growth; Net
Asset Ratio and Earnings Yield.

Similarly, the Awards under the Special Recognition Awards Category as highlighted above would be determined utilizing acceptable parameters emanating from the volume and value of market transactions as documented by both the NSE and SEC.

The current economic recession pervading our country is no doubt
taking its toll on the capital market like most other sectors of our
economy. The market performance has nose-dived in recent past due to decline in stock and bond investments. The development, has been necessitated by dwindling investors’ confidence in the capital market.

It is pertinent to state that investors’ confidence must be fully
restored to enhance the growth and development of the capital market.
 
To this end, active investor sensitization and education is essential
to further restore investors’ confidence in the market. In the light
of this, we believe the Securities and Exchange Commission and the Nigerian Stock Exchange need to do more towards investor education to rebuild confidence in the market.

On our part, PEARL Awards Nigeria remains committed to partnering with the regulatory authorities and other stakeholders towards achieving sustainability, growth and deepening of the market. We would also like to use this medium to reiterate our call for a strong collaboration between the market operators and the media towards ensuring that we make the capital market more meaningful and relevant to both the local and foreign investors.

Gentlemen of the Press, it is noteworthy to mention that after 2
decades (1995-2016) of publishing the Nigerian Stock Market Annual (NSMA), a decision to rest the publication and replace it with a stronger and richer online publication has been taken. Thus, effective from this year, PEARL Investors’ Review would be published online on a quarterly basis while the bumper edition would be published in hard copy and presented publicly at the annual Awards Nite.

The objective is to make it more practical, analytical and readers’
friendly in line with technological changes in the environment.

Towards effective event planning and management of the 2017 Awards, a very formidable Organizing Committee, whose Media and Publicity Sub-Committee put together this Briefing, has been constituted. The Committee is desirous to make this year’s Awards more successful than previous editions in all ramifications.

While we once again appreciate the support of the media over the
years, it is our hope that you would kindly give the 2017 edition of
the PEARL Awards the widest publicity possible through your various
media.

Once again, we are very pleased to have you honour our invitation to attend this briefing. On behalf of the PEARL Awards Board of
Governors, the Awards Secretariat, and the 2017 Organizing Committee, I welcome you all and  thank you for your kind attention.

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