Nigerian Today’s Headlines: INEC Plans by-elections to Replace Late Ifeanyi Ubah And Others: OPS, others decry hunger protests, fear investments losses

INEC Plans by-elections to Replace Ifeanyi Ubah, Others

The Independent National Electoral Commission (INEC) plans to hold by-elections to replace four deceased National Assembly members after the Edo and Ondo governorship elections in September and November 2024. The members who passed away are Isa Dogonyaro, Ekene Adams, Musiliudeen Akinremi, and Senator Ifeanyi Ubah. The by-elections aim to fill these vacancies in the 10th Assembly.

APRA Urges Dialogue

The African Public Relations Association (APRA) showed support for Nigeria amidst protests over rising living costs. APRA urged for ongoing dialogue to resolve the issues. They praised the government’s stance on civil liberties but condemned the violence, deaths, and vandalism resulting from the protests. APRA called for cooperation between government and stakeholders to restore normalcy and aid economic recovery. The statement was endorsed by APRA President Arik Karani.

OPS, others decry hunger protests, fear investments losses

The Organised Private Sector and economic experts warned that the nationwide hunger protests in Nigeria could harm the economy and deter investments. Gabriel Idahosa from the Lagos Chamber of Commerce and Industry noted that the protests, which began on August 1, 2024, caused business closures and investor hesitancy. Dr. Muda Yusuf of the Centre for Promotion of Private Enterprise highlighted increased risks to life and property. The Director-General of the Nigeria Employers’ Consultative Association urged the government to address private sector challenges. Financial analysts also expressed concerns about the protests’ impact on banks and investments.

Retail investors may shun bank stocks after N1.6tn loss

Since the Central Bank of Nigeria’s recapitalisation directive in March, banking stocks on the Nigerian Exchange have lost about N1.62 trillion in market capitalisation. The directive mandates banks to increase their capital base, leading to a decline in stock values. Investor interest in raising additional capital has been dampened by regulatory pressures, including a windfall tax and restrictions on retained earnings. As of early August, the combined market cap of banking stocks had dropped significantly, reflecting a challenging environment for capital-raising efforts.