Prominent Nigerian leaders have issued a strong call for enhanced transparency and efficiency within the nation's capital markets, identifying them as the critical engine for achieving long-term economic expansion and national development goals.
Leaders Champion Market Integrity for Growth
Udoma Udo Udoma, a former Minister of Budget and National Planning and immediate past Chairman of the Securities and Exchange Commission (SEC), delivered a keynote address at the 30th-anniversary celebration of the PEARL Awards. He stated unequivocally that Nigeria's journey towards sustainable economic growth is intrinsically linked to the strength of its capital market.
"A vibrant capital market is essential for channelling funds into productive enterprises. When governance is strong, confidence rises and growth becomes inevitable," Udoma asserted. He explained that robust market governance directly fuels investor confidence, improves capital flows, accelerates corporate expansion, creates jobs, and ultimately enhances national development.
Reflecting on the market's evolution, Udoma praised its remarkable transformation over three decades. He highlighted the shift from manual trading floors to fully digitalised platforms, the expansion of product offerings, and the embrace of new sectors like technology, fintech, and energy transition. "The evolution of our capital market is truly one of Nigeria's success stories," he remarked.
Addressing Infrastructure and Development Finance
Enugu State Governor, Dr. Peter Mbah, represented by his Deputy, Ifeanyi Ossai, echoed the importance of market excellence but pivoted to a pressing challenge for sub-national governments. He highlighted the struggle to upgrade critical infrastructure, which remains a major constraint on private sector growth.
Governor Mbah identified a key obstacle: the confusion between development finance and commercial investment finance. He clarified that while investment finance seeks returns, development finance is designed to catalyse broader economic growth. He stressed the urgent need to create a separate financial portfolio with lower, more flexible interest rates specifically tailored for development finance. This, he argued, would enable states to invest in the essential infrastructure needed to unlock economic potential.
NGX and PEARL Awards Commit to Data-Driven Excellence
Jude Chiemeka, Chief Executive Officer of the Nigerian Exchange Group (NGX), outlined the Exchange's progress as a multi-asset platform, currently hosting 147 listed companies and 102 Federal Government bonds. He reaffirmed NGX's alignment with the Federal Government's ambition to build a $1 trillion economy and urged policies to encourage more corporate listings, noting that listed companies tend to be more tax-compliant.
Tayo Orekoya, President of PEARL Awards Nigeria, reflected on the awards' 30-year legacy of promoting transparency, credibility, and meritocracy based on verifiable performance metrics like earnings and returns. He announced significant expansions for the awards' next phase, including a deeper review of Micro, Small, and Medium Enterprises (MSMEs) to support their growth and the introduction of a new PEARL Excellence in Public Governance Award to recognise outstanding leadership in the public sector.
A highlight of the evening was the formal presentation of the 2026 Nigerian Stock Market Annals, a comprehensive document detailing the methodologies and data behind the awards. The event also saw several top companies honoured, including Prescott Plc, BUA Foods Plc, and Seplat Energies. The prestigious PEARL Awards CEO of the Year award was presented to Dr. Owen Omogiafo, Group CEO of Transnational Corporation Plc.
