Hello and welcome! In today’s trending news stories;
1. The Federal Government and Organized Labour have postponed the minimum wage talks to Thursday, awaiting Finance Minister Wale Edun’s submission of a salary template to President Bola Tinubu. The delay follows Tinubu’s directive for a cost implication report on the new minimum wage within 48 hours. The Tripartite Committee on National Minimum Wage seeks to continue negotiations post-submission. The labour unions agreed to the delay, expecting progress once the template is submitted. Minister of Information Mohammed Idris confirmed the President’s intention to balance financial realities with wage increases, involving both public and private sectors in the discussion. Despite recent strikes, Tinubu’s administration aims for a new, sustainable minimum wage within a week.
2. The Nigeria Police, led by Inspector-General Kayode Egbetokun, has appointed Assistant Inspector-General of Police Yetunde Longe as the first female Force Secretary, promoting gender inclusivity. Longe, who joined the police in 1990 and holds a degree in Forensic Toxicology, brings extensive experience to her new role. She has held various key positions, including Commissioner of Police for the Port Authority Police and AIG in the Department of Training and Development. The Police Service Commission (PSC) Chairman, Solomon Arase, expressed concerns over the deteriorating image of the police, attributing it to poor recruitment practices and external influences. He emphasized the need for a meticulous recruitment process to restore the force’s integrity. The PSC recently conducted a rigorous recruitment exercise, receiving over 609,000 applications, with multiple screening stages to ensure transparency and fairness.
3. Sixteen Republican congressmen have urged President Joe Biden to intervene in the case of Tigran Gambaryan, a Binance executive detained in Nigeria since April. They allege that Gambaryan, a US citizen and head of financial crime compliance at Binance, has been wrongfully detained by Nigerian authorities as a coercion tactic against Binance. The lawmakers argue Gambaryan should be considered a “U.S. Citizen wrongfully detained by a foreign government.” Nigerian officials deny these allegations, maintaining that Gambaryan faces charges of non-payment of taxes and complicity in aiding tax evasion. The Nigerian information minister insists Gambaryan is being treated according to the law and is not in danger. The issue has been escalated by Nigeria’s ongoing crackdown on cryptocurrency, which authorities claim has destabilized the national currency. The situation is part of broader legal challenges faced by Binance, including a significant financial settlement and a prison sentence for its founder in the US.
5. Nvidia has overtaken Apple to become the world’s second-most valuable company, reaching a valuation of over $3 trillion, driven by high demand for its AI processors essential for systems like ChatGPT. Nvidia’s shares have surged by over 150% this year and more than 600% since November 2022, making its founder, Jensen Huang, one of the wealthiest people globally, with a net worth of $107 billion. Nvidia’s market value recently surpassed the entire FTSE 100. The company’s share price has risen nearly 30% in two weeks, boosted by a sevenfold profit increase and an upcoming stock split. Nvidia’s GPUs, originally for video games, are now vital for AI, with major companies investing heavily in them. This growth has significantly contributed to the US stock market’s all-time highs, with Nvidia accounting for over a third of the S&P 500’s rise this year
6. Kylian Mbappe played a key role in France’s 3-0 victory over Luxembourg as part of their Euro 2024 preparations. Mbappe assisted Randal Kolo Muani and Jonathan Clauss before scoring himself in a comfortable match at Stade Saint-Symphorien. France dominated from the start, with Antoine Griezmann hitting the post early and Luxembourg’s goalkeeper Anthony Moris making several crucial saves. Mbappe’s first assist came just before halftime, setting up Kolo Muani for the opening goal. He later assisted Clauss, who scored with a powerful 20-yard strike. Luxembourg had a near miss saved by Mike Maignan, but Mbappe sealed the win with a precise finish from Bradley Barcola’s pass
7. Fulham confirmed Tosin Adarabioyo’s departure ahead of his anticipated move to Chelsea. The 26-year-old defender, who joined Fulham in 2020 from Manchester City and played 132 games for the club, is one of 11 players leaving this summer. According to transfer expert Fabrizio Romano, Adarabioyo has completed his medical at Chelsea, with an official announcement expected soon. He will be the first signing under Chelsea’s new manager, Enzo Maresca, who previously worked with him at Manchester City. Despite representing England at youth levels, Adarabioyo has yet to make his senior debut and remains eligible to play for Nigeria.
