In response to the prevailing economic downturn which has affected every facet of the national economy, the Board of Governors of PEARL Awards Nigeria in conjunction with the Central Working Committee has resolved to step down the 2016 PEARL Awards Nite.
According to a statement by Olalekan Adekoya, Secretary, PEARL Awards Board of Governors, the decision to step down this year Awards was necessitated by the gripping economic recession in the nation, which has negatively impacted the operational performance of a good number of the quoted companies.
In the opinion of the Awards Board of Governors, the capital market as a critical integral part of the national economy is deeply affected by the vagaries of the economy while its market activities cannot be isolated from the economic activities of the larger society.
The PEARL Awards Nigeria as a responsive organization has deemed it fit at this critical time to align its interest with the majority of capital market stakeholders by stepping down this year Awards in recognition of the harsh economic situation.
Indeed, the decision of the Awards Board is underscored that the current times is not one for wining, dining or celebration, hence the resolution to step down this year Awards event.
While it is acknowledged that some quoted companies may have out-performed others and deserved to be recognized and rewarded, it is however imperative to state that the overall interest of major stakeholders of the capital market is above other considerations.
It would be recalled that the 2016 PEARL Awards Nite was earlier scheduled to hold on Sunday 27th, November, 2016 at the Eko Hotel and Suites, Victoria Island, Lagos. The PEARL Awards is hopeful that the concerted efforts by the current administration to address the myriad of challenges facing the economy at this time would not only stabilize the economy but would ultimately return it to the path of growth in no distant time.
It is the determination of the Board that by the grace of God, the PEARL Awards would return next year to recognize and celebrate deserving companies and hold the 2017 Awards Nite in a grand style with all the fanfares for which it has been renowned over the past 2 decades. The PEARL Awards Nigeria takes this medium to appreciate all capital market stakeholders who had been supportive of the Awards Project for the confidence reposed in us over the years.