Lagos: Sen. Udoma Udo Udoma, Chairman of Seplat Energy Plc, emphasized the crucial role of a transparent, innovative, and investor-friendly capital market in driving sustainable economic development. Udoma shared this insight at the 30th Anniversary Pearl Awards Night, themed ‘Celebrating a Legacy of Corporate Excellence,’ held on Sunday night in Lagos. He asserted that strong market governance boosts investor confidence, enhances capital flow, facilitates company growth, creates jobs, and fosters economic and social development.
According to News Agency of Nigeria, Udoma highlighted that a vibrant capital market is essential for directing funds into productive enterprises across Nigeria. He noted the significant maturation of the Nigerian capital market, which has generated broader opportunities for businesses and contributed substantially to national development. Udoma pointed out the remarkable evolution of the market over the past three decades, transitioning from manual trading floors to digital platforms and diversifying to include technology, financial technology, and the energy transition.
Udoma expressed his admiration for the market’s transformation, noting the expansion of market products and instruments and the establishment of a fully digitalized trading and settlement environment. He commended the foresight of the Pearl Awards founders for motivating performance excellence and acknowledged the companies that excelled in various award categories, describing their performances as commendable and reflective of the market’s high standards.
The Governor of Enugu State, Dr. Peter Mbah, represented by Deputy Governor Barr. Ifeanyi Ossai, stressed the importance of expanding possibilities for greater success. Mbah highlighted the struggle of sub-national governments to revamp critical infrastructure and the challenges in accessing development finance. He called for a separate portfolio for development finance with lower and more flexible interest rates to enable infrastructure investments necessary for business growth.
Mr. Jude Chiemeka, CEO of Nigerian Exchange Ltd. (NGX), noted the exchange’s evolution into a multi-asset platform with 147 listed companies and 102 FGN bonds. He emphasized the significance of the Pearl Awards in recognizing corporate achievements within Nigeria’s economy and urged the government to implement policies encouraging more corporate listings on the stock exchange.
Mr. Tayo Orekoya, President of Pearl Awards, underscored the awards’ role in championing vision, integrity, impact, and resilience over three decades. He explained that the awards honor publicly quoted companies based on performance, earnings, and returns, serving as a symbol of transparency, credibility, and merit. Orekoya announced the introduction of a new category, the Pearl Excellence in Public Governance Award, to acknowledge governance and public service’s role in national development.
The News Agency of Nigeria reports that organizations such as Presco Plc, BUA Foods Plc, Transnational Corporation Plc, and Unilever Nigeria Plc were among the winners in various categories. Public governance awards were presented to the Governor of Enugu State, Dr. Peter Mbah, and the Governor of Lagos, Mr. Babajide Sanwo-Olu. Dr. Owen Omogaifo, Group Chief Executive Officer of Transnational Corporation Plc, received the Pearl CEO of the Year award, while Bua Foods Plc secured the 2025 Pearl of Capital Market award.