Udoma and Mbah Call for Transparent, Efficient Nigerian Capital Market at PEARL Awards
Former Minister of Budget and National Planning, Udoma Udo Udoma, has called for greater transparency in Nigeria’s capital market, emphasizing its critical role in driving sustainable economic growth. Speaking at the 30th anniversary of the PEARL Awards, Udoma highlighted that robust market governance strengthens investor confidence, accelerates corporate expansion, and fuels job creation, ultimately boosting national development. “A vibrant capital market channels funds into productive enterprises. When governance is strong, growth becomes inevitable,” he said.
Udoma praised the remarkable transformation of the Nigerian capital market over the past three decades. From manual trading floors to fully digitalized platforms, the market now offers diverse instruments and opportunities, including in technology, fintech, and energy transition sectors. He commended the PEARL Awards for promoting performance excellence and transparency by using verifiable metrics, noting the awards’ role in elevating market discipline and competitiveness.
Represented by his deputy, Enugu State Governor Dr. Peter Mbah highlighted the need for development finance tailored to infrastructure and socio-economic projects. He explained that while commercial investment aims for financial returns, development finance should catalyze growth, offering more flexible financing options for states to improve critical infrastructure and support private sector expansion.
Nigerian Exchange Group (NGX) CEO, Jude Chiemeka, discussed the Exchange’s evolution into a multi-asset platform, now hosting 147 listed companies and over 100 federal bonds. Chiemeka reaffirmed NGX’s support for the PEARL Awards, stressing that listed companies tend to be more tax-compliant and urging government policies that encourage wider corporate participation in the market, aligning with the federal goal of building a $1 trillion economy.
The PEARL Awards’ President, Tayo Orekoya, reflected on the 30-year legacy of the awards, which honor companies based strictly on performance indicators like earnings and operational excellence. He announced the new “PEARL Excellence in Public Governance Award” to recognize outstanding public sector leadership. The evening also featured the 2026 Nigerian Stock Market Annals, spotlighting market insights, and celebrated top companies including BUA Foods Plc, Unilever Nigeria Plc, Seplat Energies, and GTCO, while Dr. Owen Omogaifo of Transnational Corporation Plc received the CEO of the Year award.
source: The Guardian