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PEARL Awards tasks listed firms on innovation

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PEARL Awards Nigeria has stressed the need for companies quoted on the Nigerian Exchange Limited (NGX) to become more innovative and navigate the current prolonged hardship for sustained growth.

The President, Tayo Orekoya, said a major factor that can sustain growth and enhance the profitability of listed firms at this critical time is innovativeness.

PEARL Awards Nigeria is one of Nigeria’s foremost award recognition bodies, focusing on rewarding corporate excellence in local institutions and promoting healthy competitiveness amongst quoted companies.

Orekoya who spoke in a chat with The Guardian at the end of a press briefing to unveil the 2022 PEARL Awards Nite slated for Sunday, November 27, 2022, in Lagos said the impact of the COVID-19 pandemic on corporates has caused indelible economic scars, noting that most organisations are still trying to wriggle out of the situation.

According to him, one major challenge hitting hard on quoted companies currently is fluctuations in the exchange rate, which has reduced the purchasing power of the average Nigerian.

However, he pointed out that some other corporates have seized the initiatives provided by the economic challenges to latch onto opportunities availed by the situation.

To enhance the depth, growth and sustainability of the stock market, he implored major stakeholders including, the government, regulatory authorities and other market players to collaborate with the government and continue to strive towards achieving market growth, stability and innovativeness.

Furthermore, he urged regulators to intensify efforts towards utilising innovative approaches to restore investors’ confidence in the market and deepen the market for enhanced development.

“As partners in progress with capital market regulators, our focus is to continue to promote healthy competitiveness, and reward outstanding performance, thereby, enhancing the vibrancy of the market.

“We are convinced that this will go a long way to compliment the efforts of the regulatory authorities in delivering the market that we all desire, thereby maximising stakeholders’ wealth and contributing to national economic development.”

Orekoya also added that the theme for this year’s edition is “Sustaining Excellence Through Tenacity,” in realisation of the need to recognise and reward companies that, in spite of the challenges in the operating environment, have to continue to be on the winning edge and have sustained their leadership in the capital market.

Chairman PEARL Awards Board, Farouk Umaru said due to the COVID-19 pandemic, the Awards Nite was shelved for two years, assuring that the current edition is being packaged with special features and innovations to be a remarkable night of excellence and glamour to stakeholders.