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Group steps down award nite over recession

By Editor
09 November 2016   |   1:10 am
Following the prevailing economic downturn, which has affected the national economy, the Board of Governors of PEARL Awards Nigeria in conjunction with the central working committee ...
Recession

Recession

Following the prevailing economic downturn, which has affected 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 the secretary, PEARL Awards Board of Governors, Olalekan Adekoya, the decision to step down this year’s 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.

They explained that in the opinion of the awards Board of Governors, the capital market as an integral part of the 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 group responsive organisation has deemed it fit at this critical time to align its interest with the majority of capital market stakeholders by stepping down this year’s 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’s Awards event.”

The group, while acknowledging that some quoted companies may have out-performed others and deserved to be recognised and rewarded, it is however imperative to state that the overall interest of major stakeholders of the capital market is above other considerations.

The group stated 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 group added that the concerted efforts by the current administration to address the myriad of challenges facing the economy at this time would not only stabilise the economy but would ultimately return it to the path of growth in no distant time.

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