November 24, 2013/ Press Release
Nigeria's leading financial services group, FBN Holdings Plc and other organisations were amongst institutions who received sundry honours at the 2013 PEARL awards over the the weekend in Lagos.
The awards held annually, celebrates corporate excellence and recognizes quoted companies who have been exceptional in terms if performance and adherence to good corporate governance.
FBN Holdings emerged as the sectoral leader in the Other Financial Institutions category. The organisers applied indices including turnover growth, return on equity, earnings yield, share price appreciation, dividend cover, dividend yield, net asset ratio, dividend growth and profit margin ratio in determining the winners.
PEARL's president/CEO, Tayo Orekoya said the awards since inception 18 years ago, have been guided by principles of transparency and objectivity in its selection process. "our scientific approach in determining nominee companies as well as emergent winners has positioned the awards as a unique and exceptional initiative," he said.
Speaking on the company's award, Chief Executive Officer, FBN Holdings Plc , Bello Maccido said it reinforces the leading role of the FBN Group in the sector barely one year after it adopted the holding company structure.
FBN Holdings Plc was incorporated in Nigeria on 14 October 2010, following the business reorganisation of the First Bank group into a holding company structure. The group's subsidiaries include First Bank of Nigeria Limited, FBN Capital Limited, FBN Life Assurance Limited and FBN Micro finance.
Maccido said: "We are delighted at being recognised for excellence and remain committed to providing superior financial solutions to our customers across the entire value chain and growing our different business lines by realising the synergies and cross-selling opportunities that exist across the Group."
Other winners include Dangote Cement Plc (highest dividend growth/highest profit margin ratio), Pharmadeko Plc, (highest earnings yield), MRS Oil (highest net asset ratio), UAC Plc (sectoral leader, conglomerates), Nigeria Breweries Plc (sectoral leader, consumer goods), UBA Plc (sectoral leader, banking), and Aiico Insurance (sectoral leader, insurance), among others.
PEARL bases its rankings from data sourced from the annual reports of quoted companies duly filed with the Nigerian Stock Exchange (NSE) and the Stock Exchange Daily Official list for the year under consideration.
The report of the research and collation sub-committee is usually reviewed, verified and thereafter endorsed by the board’s technical committee, which subsequently presents it to the full board for consideration and approval.
Usually, the awards are in three categories – the sectoral leadership awards, market excellence awards, and overall highest award category (the PEARL of the Nigerian Stock Exchange).