The 2010 edition of the prestigious PEARL Awards, a celebration of outstanding quoted companies in Nigeria is scheduled to hold on Sunday November 28, 2010 at the Grand Ball Room of the prestigious Lagos Oriental Hotel, Victoria Island, Lagos.
Mr. Tayo Orekoya, President PEARL Awards Project at a press briefing to announce the Awards said the PEARL Awards rewards Performance, Earnings and Returns Leadership by companies quoted on the Nigerian Stock Exchange.
He stated that the uniqueness of the Awards, endorsed in 2003 by the apex Capital Market regulatory authority, Securities & Exchange Commission, is underscored by its defined criteria and methodology. “The Awards process is based on verifiable facts and figures assessed utilizing credible parameters and tools of data evaluation,” he said.
He indicated that the 2010 Awards is the 15th year edition of the nationally acclaimed PEARL awards, having been instituted in 1995, with the maiden edition held on 27 May, 1995. Widely acknowledged by capital market stakeholders including quoted companies, stockbrokers, Shareholders Associations, among others, for its objectivity over the years, the Award process would reward outstanding quoted companies based on actual performance in the 2009 financial year, for this year’s Awards.
The 2010 Awards Nite, being a special 15th year edition, according to Orekoya promises to be much more glamorous than previous years’ editions. The event is being packaged to be a night of excellence and glamour, where corporate chieftains and captains of commerce and industry will savour the joy of excellent operational and stock trading performance after a turbulent economic period.
It would also, as in past years, provide a forum for quoted companies to be recognized and rewarded for the results of the various measures adopted in the wake of the stock market volatility during the previous financial year, to be on the winning edge. In spite of the vagaries of economy and the capital market, a number of companies that strategically outperformed others must be recognized and celebrated, Orekoya stated.
He reiterated that the institution of the Performance, Earnings And Returns Leadership (PEARL) Awards 15 years ago followed the long overdue need to recognize and reward deserving quoted companies for outstanding performance.
He stated further that this year’s Awards, like previous ones will be determined utilizing ten operational and stock performance indices namely Turnover Growth; Return on Equity; Earnings Yield; Share Price Appreciation; Stock Activity; Dividend Cover; Dividend Yield; Net Asset Per Share; Dividend Growth and Profit Margin Ratio.
He noted that for the 2010 edition, the PEARL Awards would be in three main competitive categories namely the Sectoral Leadership Awards, which rewards a company for out-performing other companies within the same sector, based on aggregate points garnered from all the ten indices utilized for ranking.
The Market Excellence Awards category, in recognition of entire market leadership in respect of each of the ranking indices while the third category is the Overall Highest Award category – The PEARL of the Nigerian Stock Market.
A fourth category for Special Honourary Awards, introduced in the year 2000 to reward and honour individuals and media institutions that contribute remarkably to Capital Market development in Nigeria, would also feature in this year’s Awards. Notable past recipient of Awards in this category of Awards include Mr. Gamaliel Onosode, Dr. Suleyman Ndanusa, Dr. Christopher Kolade, Late Asiwaju Akintunde Asalu, Dr. Umar Faruk, Mr. Wole Adetunji and Sir Sunny Nwosu.
Also under this honorary category is the PEARL outstanding CEO of the year Award won by the following, among others – Mr. Jim Ovia, former Managing Director/CEO, Zenith Bank Plc. and Mr. Jacob M. Ajekigbe, former MD/CEO, First Bank Plc in the 2007 edition.
Orekoya also stated that the PEARL Awards Project in charting a new course has appointed frontline professionals into its Board of Governors to provide policy direction for the Awards Project. These personalities include Alhaji U. F. Abdullahi, Chief Alex Akinyele, Prof Herbert Orji, Alhaji Ahmad Rabiu, Mrs. Eniola Fadayomi, Mr. Wole Adetunji, Mrs. Funmi Babington-Ashaye, Dr. Biodun Adedipe, Mrs. Lola Oyebadejo, Dr. Faruk Umar, Mazi Unegbu.
According to Orekoya, the PEARL Awards identifies with the changes being initiated by the current leadership of the Securities and Exchange Commission, particularly as it relates to the Nigerian Stock Exchange. He posited that some of these changes were indeed overdue.