🇳🇬NigeriaWest Africa
61 opposition representatives endorse Ikenga Ugochinyere for House Minority Leader
via Punch Nigeria2 min read
Sixty-one opposition lawmakers in Nigeria's House of Representatives have endorsed Ikenga Ugochinyere, a representative from Imo State, to become the next Minority Leader. This nomination follows the vacancy created by the defection of former Minority Leader Kingsley Chinda to the All Progressives Congress. The lawmakers, representing various opposition parties, have formally submitted Ugochinyere’s nomination to Speaker Tajudeen Abbas for ratification. Documents show that 61 out of 81 opposition members signed the nomination, indicating broad support across party, regional, and religious lines. The decision to back Ugochinyere came after extensive consultations among lawmakers from parties including the African Democratic Congress, Nigeria Democratic Congress, Labour Party, and others. They assert their action aligns with House Rules, specifically Order 7, Rule 7, which empowers minority members to elect their leadership. Lawmakers expressed confidence that the Speaker would respect their decision. The opposition caucus has also reached an understanding on the Deputy Minority Leader and Minority Whip positions. Supporters cited Ugochinyere's legislative experience and contributions, noting his sponsorship of numerous bills, motions, and petitions, and his prior service as Senior Special Adviser to a Senate President. Ugochinyere, representing Ideato North/Ideato South Federal Constituency, is known for his vocal presence and involvement in debates on governance and electoral
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This summary was AI-generated from a story originally published by Punch Nigeria.
Must ReadThe Nigerian domestic bourse experienced its third consecutive loss on Wednesday, with widespread profit-taking activity leading to a N2.28 trillion reduction in the equities market capitalization. This bearish trend caused key performance indicators to decline, primarily driven by price depreciation in large and medium-capitalized stocks. The All-Share Index fell by 3,736.05 points, a 1.51 percent decrease, closing at 243,132.61 points, which brought the year-to-date return down to 56.24 percent. The market capitalization of listed equities also decreased to N155.94 trillion. Market analysts attributed this contraction to profit-taking in premium equities such as MTN Nigeria Communications, Lafarge Africa, Nigerian Exchange Group, FBN Holdings, Nigerian Breweries, and Zichis Agro Allied Industry. Analysts at Cowry Assets Management Limited noted that investor sentiment remained weak amid the sell-offs, expecting the bearish tone to continue. The market breadth was broadly negative, with 43 decliners and 15 advancers. Lafarge Africa led the losers with a 9.97 percent drop, followed by Zichis Agro Allied Industry, which fell 9.82 percent. Conversely, Abbey Mortgage Bank was the top gainer, rising 9.93 percent. Despite the equity price depreciation, market liquidity strengthened, with total volume traded increasing by 57.1 percent to 922.97 million units, valued at N42.27 billion, across 69,332 deals. Sterling Financial Holdings led the activity chart with 264.59 million shares
The Super Eagles played to a 2-2 draw against Poland in an international friendly match on Wednesday. Terem Moffi opened the scoring for Nigeria in the 23rd minute. Poland equalized just before halftime with a goal from Potulski in the 46th minute. Nigeria took the lead again in the 77th minute through a penalty converted by Paul Onuachu. However, Poland secured a draw in stoppage time when Wiśniewski scored in the 95th minute, leveling the game at 2-2.
The Central Bank of Nigeria has approved the conversion of Abbey Mortgage Bank Plc from a primary mortgage bank to a regional commercial bank. This was announced in a regulatory filing submitted to the Nigerian Exchange Limited. As part of this transition, the financial institution has also changed its corporate name from Abbey Mortgage Bank Plc to Abbey Bank Plc, a resolution passed by shareholders at an Extraordinary General Meeting on January 24, 2025. The management views this as a significant milestone in the bank’s expansion plans within the Nigerian financial services sector. Earlier, Abbey Mortgage Bank Plc had outlined plans to expand its digital ecosystem and enhance financial inclusion after its 34th Annual General Meeting. During this meeting, shareholders supported the bank's vision, approving a capital raise and a dividend payout. The new capital injection aims to accelerate the bank’s transformation into a more robust financial services provider, reaching previously underserved demographics. Mobolaji Adewumi, the Managing Director and Chief Executive Officer of Abbey Mortgage Bank, stated that the institution's future involves breaking down conventional banking barriers and delivering seamless, digitally driven banking experiences.
Nollywood actress and producer Mary Remmy Njoku has called on Christians to combine prayer with practical action to tackle societal issues like poor roads, insecurity, and failing healthcare systems. In an Instagram post, Njoku emphasized that while prayer offers guidance, strength, and wisdom, physical problems demand practical solutions. She stated that one cannot pray away bad roads, a failing healthcare system, or bandits. Njoku highlighted that food does not appear through prayer alone, as it requires cultivation, harvesting, transportation, or preparation. She further noted that critical areas such as infrastructure, healthcare, education, security, and economic development necessitate deliberate efforts from both leaders and citizens, asserting that these improvements will not materialize solely through prayer. She concluded that physical problems must be addressed with physical action, planning, accountability, and hard work.