The President, PEARL Awards Nigeria, Tayo Orekoya, who identified policy somersault as one of the major problem affecting the growth of the capital market, urged government to ensure that it initiates policies that would attract more investments
For the nation’s capital market to become more competitive and attract huge investors’ participation, the need for consistency in policies and regulations has been stressed.
The President, PEARL Awards Nigeria, Tayo Orekoya, while fielding questions to Journalists at a press briefing to announce the 2017 Pearl Awards Nite slated for November 26, 2017 in Lagos, identified policy somersault as one of the major impediments to capital market growth.
According to him, more consistency in government initiatives would boost investors’ confidence and attract more investment into the market.The PEARL Awards Nigeria instituted in 1995 is a private sector, not-for-profit, non-partisan and Non-Governmental Organization initiative to reward companies quoted on the Nigerian Stock Exchange for Operational and Stock Performance based on objective and globally accepted parameters, thereby enhancing vibrancy, growth and development of the market.
Furthermore, Orekoya, who expressed optimism that the nation would wriggle out of recession by the first quarter of 2018, also emphasised the need to sensitize and educate investors actively on the operations of the market.
He regretted the shallow knowledge of market operations by investors in the capital market while urging the Securities and Exchange Commission (SEC) to intensify efforts on investors’ education, even as they continue to introduce other initiatives that would sustain market rebound.
Orekoya disclosed that the 2017 Peal Award which marks the 22nd year of the project was initiated to reward the performance, earnings and returns leadership of quoted companies on the Nigerian Stock Exchange, adding that these companies performance would be assessed based on the result posted during the financial year ended June 30, 2016 to July 2017.
The criteria and methodology used, according to him was based on verifiable facts and figures obtained through credible parameters and tools of data evaluation.He said the award project would serve as a guide to the investing public on the right choice of stock while making their investment decision because the award is coming at a time when quoted companies are trying to wriggle out of recession.
The Secretary, Board of Governors Lekan Adekoya said the PEARL Awards, after two decades (1995-2016) of publishing the Nigerian Stock Market Annual (NSMA) has decided to rest the publication and replace it with a stronger and richer online publication.
“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.”
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