Chairman of Seplat Energy Plc, Sen. Udoma Udo Udoma, has emphasised that Nigeria’s economic future depends heavily on building a capital market that is transparent, innovative and attractive to both local and foreign investors.
Udoma made the call on Sunday night in Lagos during the 30th Anniversary Pearl Awards themed “Celebrating a Legacy of Corporate Excellence.”
He said that when the capital market operates with strong governance principles, investor confidence grows, capital inflow increases, and businesses can scale more efficiently—ultimately translating into job creation, wealth generation and stronger national development.
Nigeria’s Capital Market Has Transformed — Udoma
The Seplat Chairman noted that the Nigerian capital market has undergone remarkable transformation over the past three decades.
He highlighted the transition from manual trading floors to fully digitalised platforms, and from a limited pool of listed companies to a diversified market now accommodating players in technology, fintech and the evolving energy transition.
“I am very impressed by the scale of transformation we have witnessed,” Udoma said.
“The expansion of market products and instruments, along with the digitalisation of trading and settlement systems, stands out as one of Nigeria’s quiet success stories.”
Udoma also commended the vision of the founders of the Pearl Awards, noting that their commitment to objectively recognising corporate performance has strengthened discipline, transparency and excellence across the capital market.
He congratulated the companies that secured top honours in various award categories, describing their achievements as reflective of the high standards the market aspires to maintain.
Good Governance Is the Foundation of Corporate Success — Gov. Mbah
In his goodwill message, the Governor of Enugu State, Dr Peter Mbah, represented by Deputy Governor Barr. Ifeanyi Ossai, said that while celebrating corporate excellence is important, Nigeria must also create room for even greater achievements.
Mbah stressed that corporate success can only flourish when backed by a functional governance structure and enabling environment.
He pointed out that sub-national governments continue to struggle with expanding and modernising critical infrastructure due to limited access to development finance.
According to him, a major challenge is the inability to differentiate between development finance and commercial finance—two categories with different objectives and expected returns.
“I appeal to the capital market and corporate Nigeria to collaborate on creating a specialised portfolio dedicated to development finance,” he said.
“Such a window, with lower and more flexible interest rates, would empower states to invest in the infrastructure needed for businesses to thrive.”
NGX Highlights Market Growth and Role in $1 Trillion Economy Agenda
Chief Executive Officer of the Nigerian Exchange Ltd. (NGX), Mr Jude Chiemeka, said the exchange has evolved into a multi-asset marketplace with 147 listed companies, 102 Federal Government bonds, and a variety of additional instruments.
Chiemeka welcomed the Pearl Awards’ commitment to spotlighting corporate performance, adding that listed companies remain more tax-compliant and more aligned with economic growth objectives.
He stated that the NGX is committed to supporting the Federal Government’s ambition to build a $1 trillion economy, and urged policymakers to introduce measures that would encourage more companies to list on the exchange.
Pearl Awards Unveil New Category, Launch 2026 Stock Market Annals
President of the Pearl Awards, Mr Tayo Orekoya, said that over the last 30 years, the awards have promoted values such as integrity, vision, and resilience—qualities that have shaped the Nigerian capital market.
He explained that winners are selected strictly based on verified data, not popularity or influence, making the Awards one of the most credible recognition platforms for publicly quoted companies.
This year’s event also witnessed the formal presentation of the 2026 Stock Market Annals, a publication containing metrics, criteria, and detailed analysis of the performance of quoted companies.
A new category — the Pearl Excellence in Public Governance Award — was introduced to recognise outstanding contributions to public service, reflecting the importance of governance in national development.
“Excellence is not confined to the private sector. Strong governance in the public sector can transform lives,” Orekoya said.
He added that the next phase of the Pearl Awards will focus on strengthening data-driven insights and expanding reviews to include Micro, Small and Medium Enterprises (MSMEs).
Top Winners
Companies such as Presco Plc, BUA Foods Plc, Transnational Corporation Plc, and Unilever Nigeria Plc, among others, emerged winners across various categories.
In the public governance segment, awards were presented to:
- Governor Peter Mbah of Enugu State
- Governor Babajide Sanwo-Olu of Lagos State
The Pearl CEO of the Year Award went to Dr Owen Omogaifo, Group Chief Executive Officer of Transnational Corporation Plc.