The Nation Newspaper

Tag: companies

  • Companies look toward shareholders to fund growth

    Companies look toward shareholders to fund growth

    • Rights issue market booming

    A combination of cost management, corporate relations, legal requirement and market situation is encouraging most companies to look inward to shareholders to fund their growth.

    The Nation’s Market Intelligence at the weekend indicated that more than 90 per cent of recent capital raising and prospective new equity issues were rights issue, a mode of issuance that primarily limits issuance to shareholders at a particular period.

    The review of regulatory documents and transactions at the capital market showed that not less six companies are in the process of rights issue, the largest and most dominant of activities in the primary market segment.

    The companies include FBN Holdings, VFD Group, Jaiz Bank, Wema Bank, Fidelity Bank and Ellah Lakes. 

    Experts said the companies were turning to rights issue as a cheaper and most compliant alternative.

    Executive Director, Investment Banking, Cordros Capital Group, Mr. Femi Ademola said most companies that require to increase their capital to conduct their businesses see rights issue as a more agreeable alternative.

    According to him, since the cost of debt or interest rate has gone up so much, and it is bringing a high risk, companies are turning to raising equity.

    Read Also; Plan to decongest Lagos port through rail suffers setback

    “Unfortunately, since the global financial crisis of 2007-2008, public offering of shares in the Nigerian market has gone into non-existence. So, the most appropriate option available for companies to raise equity capital is through rights issue.

    “In addition, the new company’s Act, CAMA 2020, stipulates that before any existing shares can be issued to new investors, they should be issued to existing shareholders first unless they waive their rights to the issue of shares. This can only be done through rights issue,” Ademola said.

    Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said companies were also turning to rights issue because it guarantees faster way to success, especially for companies with good fundamentals and investors’ relations.

    “Traditionally, rights issues are preferred by quoted companies because they will be aiming for shareholders that are already familiar with the company and with whom they’ve already built track record and loyalty. So, raising funds through them is easier and straight-forward,” Amolegbe said.

    He noted that companies also deploy rights issue as part of investor or corporate relations as the traditional discounted price of rights issue is seen as a way for the company to reward shareholders.

    Shareholders with discounted prices can offer to trade at the higher prices at the Nigerian Exchange (NGX), thus making additional returns on their investments.

    Managing Director, APT Securities and Funds Limited, Mallam Garba Kurfi, said companies find it easier to issue rights issue in compliance with the pre-emptive rights clause of the revised company’s law

    The Nigerian Exchange (NGX) at the weekend indicated that it had approved proposal by Ellah Lakes to raise N2.9 billion from its existing shareholders. Ellah Lakes, a diversifying agro-allied company, plans a rights issue of one billion ordinary shares of 50 kobo each at N2.90 per share. The rights will be pre-allotted on the basis of one new share for every two held as at the close of business on Friday, February 10, this year.

    VFD Group has also submitted application for approval for N12.5 billion rights issue. It plans to issue 63.34 million ordinary shares of 50 kobo each to shareholders at a price of N197.33 per share. The rights issue will be pre-allotted on the basis of one new share for every three ordinary shares held as at the close of business on Thursday, October 12.

    FBN Holdings plans to float a rights issue of 8.974 billion ordinary shares of 50 kobo each at offer price of N15.50 per share. The rights issue will be pre-allotted to shareholders on the register of the company as at close of business on October 9, 2023, on the basis of one new ordinary share of 50 kobo each for every four ordinary shares of 50 kobo each held.

    Nigeria’s premier and largest non-interest bank, Jaiz Bank is undertaking a rights issue of about 5.41 billion ordinary shares of 50 kobo each at offer price of N1 per share, representing initial offer size of N5.4 billion. The rights issue will be pre-allotted on the basis of 87 new ordinary shares for every 250 ordinary shares held as at the close of business on Friday, October 6.

    Also, Nigeria’s oldest surviving indigenous bank, Wema Bank Plc, is completing arrangements for a rights issue of about N40 billion. It will issue 8.572 billion ordinary shares of 50 kobo each at N4.66 per share to all shareholders on its register as at close of business on Thursday, September 28, 2023. The rights will be pre-allotted on the basis of two new ordinary shares for every three held as at the September 28, 2023.

    Fidelity Bank Plc had launched a hybrid capital raising plan aimed at sourcing some N90 billion in new equity funds from existing and new shareholders. The bank plans to issue 13.2 billion ordinary shares of 50 kobo each to new and existing investors to boost its capital base.

    Under the plan, the bank is seeking to float a public offer of 10 billion shares and a rights issue of 3.2 billion shares. The rights issue will be allotted on the basis of one new share for every 10 shares held.

  • ‘Companies must invest in waste management’

    Mr. Baker Magunda is Managing Director/Chief Executive, Guinness Nigeria Plc, a Diageo company. Magunda who was the convener of the CEO Roundtable on Sustainability, a yearly event organised by the Lagos Business School, joined over 70 other upwardly mobile executives to generate debate and chart a course of action aimed at turning the tide in the quest to build a clean environment, reports Ibrahim Apekhade Yusuf

    Increasingly, the desire to build a livable and sustainable environment is one goal many individuals and corporate bodies are striving to achieve but this is at great cost.

    The cost, notwithstanding, there is a consensus among many individuals that this uphill task must be achieved.

    This and many more formed the crux of discussion at this year’s edition of the CEO Roundtable on Sustainability, the brainchild of the Lagos Business School.

    The various interface and discussion sessions whose overarching theme was, ‘Action to Mitigate Plastic Pollution,’ with players in different public and organised private sectors, bankrolled by Guinness Nigeria Plc, a leading beverage alcohol firm, was engaging as well as intellectually stimulating.

    “As a business, we are very conscious of the global initiative towards waste reduction and possibly, eradication. The idea of a circular economy combines three key goals in the United Nations Sustainable Development Goals, which are good health and wellbeing, clean water and sanitation and affordable and clean energy. When we reduce plastic waste pollution, we would be addressing the issue of non-degradable waste, for which plastic wastes contribute immensely. Presently, the tons of plastic wastes that flows into our waters also raise concerns over our hydrological cycle, including the safety of our aquatic life and what eventually comes down as rain to fertilize our farm produce. Consequently, to enjoy good health and wellbeing, we can no longer wait, but to act against the potential hazards of increased plastic waste,” Magunda stated.

    The top brewer, who delivered the convener’s remark, noted that there is need for a call to action. “What is required of us as companies, government, civil society groups and the general public to begin to take specific steps towards tackling the issue of plastic pollution. The world at large is dealing with this global epidemic, at least 8 million tonnes of plastics are dumped into the ocean every year which literally is the equivalent of a garbage truck dumping its load into the ocean every minute.

    “Mitigation of plastic pollution is pertinent because environmental pollution is one of the most pressing challenges societies and business face today. It is no longer news that plastic pollution, in particular, has confirmed adverse effects on the health and well-being of humans, aquatic life and society at large.”

    Magunda, who was quick to observe that the federal government has since introduced the Extended Producer Responsibility (EPR) policy to promote total lifecycle and environmental improvement of production systems, said the initiative has the imprimatur of support of the National Environmental Standard & Regulations Enforcement Agency (NESREA).

    According to him, NESREA, which is the implementing agency of the EPR programme is also building a synergy of cooperation with the organised private sector.

    NESREA, he noted, has since extends “The responsibility of the manufacturers to various parts of the entire lifecycle of their product. This means businesses must play an active part in the take-back, recycling and the final disposal of their product.”

    On Guinness’role in the scheme of things, he said the company considers it a bounden duty of sorts and takes this responsibility very seriously and such is ready to implement it through its waste management strategy called the 4Rs, Reduction, Reuse, Recovery and Recycling.

    Magunda added that “presently, the global trend is driving a waste to wealth initiative. For circular economy to thrive, the government must be deliberate in creating awareness about the opportunities that are available in proper waste management, such as the huge potentials of job creation. In terms of energy generation, geocycle is the way to go- turning waste into energy and recycled materials. By this, we contribute to a reformative circular economy to achieve a zero-waste society. For instance, Guinness supports the effort of the government through our ‘4R’ waste management strategy, which are Reduction, Reuse, Recovery and Recycle. To this end, we will continue to advocate improved waste management practices, contribute to increased collection and recycling rates countrywide, and provide employment opportunities through scalable recycling solutions.”

    “Our goal is simple: to create a closed-loop, sustainable system for all our packaging materials. That means finding innovative ways to minimise our environmental impact and thinking holistically across the entire lifecycle of our products.”

    Going down memory lane, Magunda who was named the CEO of Guinness Nigeria in 2018, recalled that “In April 2018, Guinness Nigeria signed up Wecyclers, a for-profit social enterprise that promotes environmental sustainability, socio-economic development, and community health to support Guinness’s waste management agenda by collecting household waste across different formats such as PET, cans and glass, this effort is not restricted to only Guinness branded products.”

    Expatiating, he said, “At the regional level, Diageo alongside other Multinationals such as Coca-Cola and Nestle have formed the Africa Plastics Recycling Alliance (APRA) and are working with key stakeholders to strengthen and accelerate the collection and recycling of all kinds of plastics packaging.

    “It has become clear that this issue will not resolve itself, it will require the collective efforts of everyone in this room through personal action, corporate programs, and government strategies to address the global challenge of single use plastic pollution and the harm it inflicts on our environment. I strongly believe that a proactive approach to establish new, and leverage existing, multistakeholder partnerships which support the collection, processing, recycling of plastics will lead to the transformative solutions needed to not only tackle the issue of plastic pollution but also help protect the environment on which our very lives and the businesses we run depend on.”

  • Companies to receive awards for dividend payment

    The board of directors of Third Observers Nigeria Limited has concluded arrangements to present awards to quoted companies that delight investors with good dividend payouts. The awards ceremony is scheduled for next week in Lagos.

    The theme for second edition of the awards is: How Regulations Protect Investments and Help Secure Dividend. The key presenters of the theme are from the Securities and Exchange Commission (SEC) and Investments and Securities Tribunal (IST).

    The 2019 award winners are the companies that have paid dividend for a minimum of 10 years and above. These include Nigerian Breweries, Vitafoam Nigeria, Nigerian Aviation Handling Company (NAHCO), FBN Holdings, FCMB Group, Unilever Nigeria and CAP among others. There are 52 award winners with the awards ranging from bronze, silver and gold.

    REad also: Seplat urges public, private sector investments

    Managing Director, Third Observers Nigeria Limited,  Abiodun Ayodele said the yearly awards ceremony was established to highlight dividend payment performances of listed companies in Nigeria with the core objective of encouraging both the investors and the paying companies.

    He noted that by showcasing outstanding performances of dividend-paying companies, other non-dividend paying companies will be encouraged to catch up with their peers.

  • Companies to show compliance with sustainability principles

    Quoted companies on the Nigerian Stock Exchange (NSE) will now be required to show compliance with sustainability principles as part of efforts by the Exchange to champion sustainable capital market practices in Africa.

    Under the Sustainability Disclosure Guidelines of the NSE recently approved by the Securities Exchange Commission (SEC), companies are expected to show their compliance with Environmental, Social and Governance (ESG) principles.

    The guidelines primarily provide the value proposition for sustainability in the Nigerian context. It also articulates a step by step approach to integrating sustainability into organisations, indicators that should be considered when providing annual disclosure to the Exchange, and timelines for such disclosures.

    The guidelines will become effective on January 1, 2019 and they will be mandatory for companies listed on the premium board of the Exchange.

    Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, said the Exchange was supporting the global agenda of green and sustainable finance, which is so critical for Africa.

    According to him, as the first Exchange to list a sovereign green bond in Africa, the issuance of the sustainability guidelines is to further enable investors ascertain their exposure to ESG risks while providing quoted companies a platform to disclose them along common themes for comparability.

    “We encourage peer exchanges on the continent to continue to enhance information disclosure in their markets as this will help build trust,” Onyema.

    Head, Corporate Communications, Nigerian Stock Exchange (NSE), Mr. Olumide Orojimi, noted that with continued global participation in the Nigerian capital market, a shared framework of ESG principles with multi-stakeholder approach and metrics is imperative.

    He outlined that the guidelines set out recommendations for good practice in 13 thematic areas under four core principles in ESG reporting adding that with the launch of the guidelines, investors can look forward to a consistent approach to ESG reporting from quoted companies on the NSE.

    “As a member of the United Nations Sustainable Stock Exchanges (SSE) initiative, and the World Federation of Exchanges (WFE), NSE is committed to providing its listed companies with guidance on sustainability reporting, and has taken steps to demonstrate its commitment through a number of pre-implementation activities,” Orojimi said.

     

  • Patience Jonathan’s $15.5m: Companies’ seek guilty plea reversal

    FOUR companies, which pleaded guilty to laundering $15.5 million allegedly belonging to former First Lady Dame Patience Jonathan, yesterday urged the Federal High Court in Lagos to reverse their guilty plea.

    The Economic and Financial Crimes Commission (EFCC) arraigned them with a former Special Adviser on Domestic Affairs to President Jonathan, Dr. Waripamo Dudafa, a lawyer Amajuoyi Briggs, who is the companies’ secretary and a banker, Adedamola Bolodeoku.

    Unlike the companies, Dudafa, Briggs and Bolodeoku pleaded not guilty to the 17-count charge.

    The companies’ lawyer Chief Mike Ozekhome (SAN) told Justice Babs Kuewumi that his clients were not given a fair trial before their conviction because they had no legal representation of their choice.

    “Throughout the trial, they did not have any counsel or counsel of their choice,” the SAN said.

    He added that had the judge’s attention been drawn to it, he would have ordered the prosecution to provide a counsel for the defendants.

    Ozekhome said he was briefed to represent the companies after its directors pleaded guilty despite not being authorised by the board to do so.

    Moving his motion seeking to set aside the companies conviction, Ozekhome said they were convicted “in gross violation” of the 1999 Constitution, which, he said, occasioned a miscarriage of justice.

    He prayed that the trial be done de novo (afresh) and that the previous proceedings be declared null, void and unsustainable in law.

    But, prosecuting counsel Rotimi Oyedepo urged the court to refuse the application for being an abuse of court process.

    According to him, it amounted to asking the judge to revisit his ruling and to assume the position of an appellate court.

    “Your Lordship is functus officio (a doctrine which prevents the re-opening of a matter before the same court),” he said, adding that the companies have a right to appeal their conviction.

    “Re-inviting my lord to change his earlier findings is like asking him to return to Egypt when he has crossed the red sea. This application is asking my lord to constitute himself into an appellate court. This application is a violent abuse of process of this court and should be frowned at,” Oyedepo said.

    He denied that the directors, who pleaded guilty, were not authorised to do so, saying there was evidence that they were indeed the companies’ directors from the Corporate Affairs Commission (CAC) and from the companies’ bank accounts.

    Justice Kuewumi adjourned until July 3 for ruling and hearing of a pending application by Briggs.

     

     

  • BOI, companies jostling for partnership with Ibadan Tech U

    BOI, companies jostling for partnership with Ibadan Tech U

    The Bank of Industry (BOI) and some private companies are already getting the nod from the Technical University (Tech U), Ibadan to build workshops and factories on the university campus with the aim of building technical capacity of its students.

    The Vice Chancellor of the institution, Prof. Ayobami Salami, disclosed this in an interaction with reporters yesterday.

    He also revealed that the pioneer students of the institution will matriculate next Friday, adding that the Chancellor, Dr Tunde Afolabi, will also be installed the same day.

    Salami said the partnerships being undertaken by Tech U was to fulfill its aim of concentrating on both practical and theory in its academic training.

    According to him, BOI has already expressed readiness to work with the institution while many private companies have submitted proposals on partnerships. He said the landscape of Tech U campus will become and industrial hub within the next three years to the full advantage of students.

    Already, Salami said the students are being trained in entrepreneurial studies as well as French classes to make them versatile in another foreign language.

    The Vice Chancellor emphasized that the appointment of Dr Afolabi as the Chancellor underscores the seriousness of the Oyo State Government in ensuring that Tech U delivers a different model of university education in Nigeria.

    According to him, the chancellor is a geologist whose company plays in the oil and gas sector in Nigeria and the United States of America.

    Salami revealed that about 150 students will matriculate on Friday, stressing that the number far beat the original forecast of 50 pioneer students. He attributed the success to Tech U’s to acceptance by members of the public.

    He said the number could grow as many students were still completing the process of changing institution of choice because Tech U commenced activities four months after the Unified Tertiary Matriculation Examination (UTME) was written.

    The institution currently runs the faculties of Natural Sciences and Engineering.

  • NSE places 44 companies on red alert

    NSE places 44 companies on red alert

    The Nigerian Stock Exchange (NSE) authorities have placed 44 companies on red alert, raising a caution to investors to beware of underlying corporate governance abuse.

    The latest tracker report on corporate governance, regulation and compliance obtained by The Nation at the weekend indicated that 44 companies have pending and unresolved compliance and governance issues that place them below the high standards required of quoted companies.

    The report, however, underlined an improvement from the previous number of 49 companies to 44 companies.

    The number of companies placed on red alert represents about a quarter of the total number of quoted companies at the NSE.

    The report was based on the Compliance Status Indicator (CSI) of the NSE, which uses three-letter code to mark out companies that fall below the post-listing requirements at the Exchange. The tracker is updated regularly with addition of newly deficient companies and release of newly compliant companies.

    The  companies under the red-alert warning included Union Bank of Nigeria; Skye Bank; Transcorp Hotels; Resort Savings and Loans; Evans Medical; Academy Press; Nigerian-German Chemicals and Caverton Offsshore Support Group.

    A breakdown of the compliance report indicated that about half of the companies were flagged for failure to submit their earnings reports within the scheduled timeline while others were tagged for free float deficiencies, delisting process, restructuring and other compounded regulatory issues.

    The flagged companies included Capital Hotel; Chellarams; Interlinked Technology; Infinity Trust Mortgage; E-Tranzact; Omatek Ventures; Roads Nigeria; Multi-Trex Integrated Foods; Aso Savings & Loans; Ekocorp; Ikeja Hotel; Union Homes and Savings; Deap Capital Management & Trust; International Energy Insurance; Afrik Pharmaceuticals; Anino International; African Paints; Goldlink Insurance and Thomas Wyatt Nigeria.

    Others included Golden Guinea Breweries; FTN Cocoa Processors; Austin Laz & Company; Daar Communications; Juli; Great Nigerian Insurance; Capital Oil; Union Dicon; Union Diagnostics; Universal Insurance; Premier Paints; Afromedia; Paints and Coatings Manufactures; Tourists Company of Nigeria; DN Tyres & Rubber and Smart Products Nigeria.

    The NSE uses 10 codes to tag companies with regulatory and compliance issues in order to draw attention to the unresolved deficiencies as part of efforts to enhance market integrity and ensure investors have full and transparent disclosures to make their decisions.

    The code-Below Listing Standard (BLS) comprises all deficiencies regarding continuing listing standards. Missed Regulatory Filing (MRF) implies that the company missed regulatory filing deadline. Delisting Watch-list (DWL) relates to companies that have been served with a delisting notice but the delisting process has been put on hold because they have received a stay of action from the Exchange for a defined period during, which they undertake to cure the issues that led to the issuance of the delisting notice. If they fail to cure the issue within the defined period or any extension thereof, the hold on the delisting process will be lifted.

    Also, Delisting in Progress (DIP) defines companies that are in the delisting process, mandatory or voluntary. Usually, the delisting process commences with a notice of intention to delist from The Exchange to an issuer, in the case of mandatory delisting, or to the Exchange from an issuer, in the case of voluntary delisting. Awaiting Regulatory Approval (AWR) implies that the companies that are awaiting the approval or no objection of their primary or another government regulator before releasing their audited financial statements.

    Other codes included Restructuring (RST), which relates to companies that are in the process of restructuring; Below Listing Standard and Missed Regulatory Filing (BMF), companies that  missed regulatory filing and were below listing standard; Below Listing Standard and Awaiting RegulatoryApproval (BAA), companies with below listing standard and awaiting regulatory approval; Below Listing Standard and Restructuring (BRS), below listing standard and restructuring; Missed Regulatory Filing and Restructuring (MRS), missed regulatory filing and restructuring; and Below Listing Standard, Missed Regulatory Filing and Restructuring (BMR), which defines companies with below listing standard, missed regulatory filing and restructuring codes.

  • NAICOM licenses two Takaful companies

    NAICOM licenses two Takaful companies

    • Islamic insurance is Sharia compliant, says Sanusi

    The  National Insurance Commission (NAICOM) has licensed two Takaful companies to operate while the processing of other applications is on-going, Commissioner for Insurance Mohammed Kari has said.

    Kari, who stated at this the weekend in his goodwill message at the  inuaguration of the Kano Branch of Jaiz Takaful in Kano State, said Takaful Insurance would solve the challenge of public apathy to insurance, religious and cultural beliefs, especially in the North. Takaful Insurance is another name for Islamic Insurance and it is a unique Islamic concept of Sharia compliance beneficial to both Muslims and non Muslims

    Kari said attempts by the Commission and insurance operators to penetrate markets in the northern part of the country with the conventional insurance products have  not yielded the much result due to a number of challenges arising from public apathy to insurance, religious and cultural beliefs.

    He stressed that the compulsory classes of insurance made mandatory by the law for every Nigerian to undertake are still being resisted by both government and people, especially in the northern part of the country due to the challenges earlier mentioned.

    He disclosed that in recognition of the public apathy to insurance, the Commission, in line with the desire to deepen insurance penetration in the country, developed a medium-term initiative code-named: Market Development and Restructuring Initiative (MDRI), to amongst others, promote public understanding and confidence in the insurance industry.

    The initiative, he said, was also aimed at creating awareness of certain vital insurance policies made compulsory by law for the protection of innocent third parties.

    He said:“Such compulsory insurances included motor third party, group life, professional indemnity, builders’ occupiers’ liability and public building liability insurance policies.”

    While certain level of success is being achieved gradually in this regard, the Commission introduced Takaful and Micro-insurance products in the country as an attempt to reach the segment of the market that was either hitherto reached or not comfortable with the conventional insurance products.

    The Emir of Kano, Alhaji Muhammadu Sanusi II, who was at the event, said Islamic compliance insurance scheme serves as an alternative to conventional insurance in the country.

    He said:“Islamic insurance also known as Takaful is a unique Islamic concept of Sharia compliance insurance beneficial to both Muslims and non-Musllims.

    The Royal Father also stated that the system of Takaful insurance is based on the concept of social solidarity, cooperation and mutual indemnification of losses of members.

  • 64 companies compete for PEARL Awards

    The Board of Governors of PEARL Awards Nigeria has approved the preliminary qualification and nomination of about 64 companies to compete in the various categories of the highly regarded awards.

    The research & collation committee of the Awards Central Working Committee had conducted wide-ranging analysis of performance of quoted companies based on audited report and accounts presented to the Nigerian Stock Exchange (NSE). The Technical Committee of the Board thereafter reviewed the report of the research and collation committee and forwarded its review for consideration and approval of the Board of Governors.

    President, PEARL Awards Nigeria, Mr. Tayo Orekoya, said the PEARL Awards occupies a unique position in the capital market as the Awards that identifies and rewards quoted companies based on empirical data, a uniqueness that earned the Awards the endorsement of the apex capital market regulatory authority, the Securities & Exchange Commission (SEC) in 2003.

    He outlined that the Awards was re-classified into three main categories to broaden its scope and recognise the contributions of other stakeholders to the capital market.

    The categories of the Awards include the main competitive awards category, which recognises sectoral leadership, market excellence and overall highest performing company. The honorary awards category recognises PEARL Chief Executive Officer (CEO) of the Year, special recognition award for capital market development, capital market journalist of the year and media award for capital market reporting. The third category-the special recognition awards category, recognises NASD Traded Security of the Year, NASD participating institution of the year, issuing house of the year, stockbroking firm of the year and good corporate governance award.

    Companies that have been nominated for the awards include Livestock Feeds Plc, Okomu Oil Palm Plc, Presco Plc, UAC of Nigeria Plc, Chellarams Plc, John Holt Plc, Chams Plc, Computer Warehouse Group Plc, E-Transact International Plc, Guinness Nigeria Plc, International Breweries Plc, Nigerian Breweries Plc, Flour Mills of Nigeria Plc, Dangote Sugar Refinery Plc, Nascon Allied Industries,  PZ Cussons Nigeria Plc, Unilever Nigeria Plc, Nigeria Enamelware Co. Plc, Zenith Bank Plc, Guaranty Trust Bank Plc, United Bank for Africa, NEM Insurance Plc, AIICO Insurance Plc, Unity Kapital Assurance Plc, Africa Prudential, FCMB Group Plc, United Capital Plc, GlaxoSmithKline Consumer Nigeria, Neimeth International Pharmaceutical  Plc, Fidson Healthcare Plc, Lafarge Africa Plc, Dangote Cement Plc and CAP Plc among others.

    “Since inception and to date, we have been guided by the principles of fairness, transparency and objectivity in our selection process while our scientific approach in determining nominee companies remains impeccable. We are not unaware of the huge responsibility placed on our shoulders as a result of the reliability on our sense of judgment by investors and shareholders alike, but are determined to continue to play our part with every sense of fairness, objectivity and equity,” Orekoya said.

    He noted that as Nigerian capital market continues to strive towards market stability and growth and regulators continue to work towards restoration of investors’ confidence in the market, PEARL Awards would continue to focus on engendering healthy rivalry, rewarding outstanding performance, thereby enhancing vibrancy of the market.

  • Stop cutting roads, lawmaker warns companies

    A member of the Lagos State House of Assembly, Mrs. Adefunmilayo Tejuoso, has condemned the nonchalant attitude of people to government property and continued misuse of state or national assets to achieve selfish gains.

    She said government was spending huge funds to fix a number of infrastructural facilities such as roads, which hardly lasted a year before they got damaged by people through abuse.

    Mrs Tejuoso, representing Mushin Constituency 1 in the Assembly, spoke at a constituency stakeholders’ meeting in Lagos.

    She noted that despite the state government fixing 114 roads across the state this year, many of the complaints of the people at the stakeholders’ meeting were on bad roads.

    Mrs Tejuoso said: “I can confirm to you that our roads are good. But our people must stop doing the wrong things with our road. Many people don’t respect government property. For instance, you can’t have tanker drivers parking on the road, repairing their vehicles and draining the oil and expect the road to be durable; it is going to cause wear and tear fast on that road.”

    She also condemned the practice of cutting the road by people and companies erecting telecommunication, electricity and water cables and leaving the place uncovered for a long time or haphazardly done.

    “We don’t need people dropping their refuse on the roadside; it is not only unhygienic, it causes a colossal damage to the road when it rains,” she lamented.

    According to the lawmaker, the suggestions and demands made in the previous two meetings by the people have been forwarded to the Executive arm of government, adding, “Most of the infrastructural projects, which are evident and visible across the state are the outcome of the 2015 and 2016 meetings.”

    She said the eighth Assembly has attended to over 600 petitions conclusively out of about 850 received.