Hello and welcome! In today’s trending news stories;
1. On Wednesday in Abuja, President Bola Tinubu signed the National Anthem Bill, 2024, into law, bringing back Nigeria’s old national anthem, “Nigeria, We Hail Thee,” written in 1959 by Lillian Jean Williams and composed by Frances Berda. According to him, the anthem represented Nigeria’s diversity and emphasized the importance of preserving democracy for future generations. However, the anthem has led to widespread criticisms as critics argue that the change is ill-timed given Nigeria’s current issues such as insecurity, rising inflation, and a foreign exchange crisis. Many Nigerians expressed outrage on social media, questioning Tinubu’s priorities and the lack of public consultation. Former Education Minister Oby Ezekwesili declared she would continue to sing the previous anthem, “Arise O Compatriots.” Some critics also highlighted that the old anthem was written by colonizers, making the decision appear regressive.
2. Federal Government representatives, leaders from the Trade Union Congress (TUC) and the Nigeria Labour Congress (NLC), and representatives from the Organised Private Sector in Nigeria will reconvene on Friday, May 31, 2024, for further negotiations on the new minimum wage. This will be the seventh meeting as the parties try to agree on a new minimum wage. The last meeting hit a dead end as the labour rejected the government’s ₦60,000 offer. Labour unions have revised their demand from an initial ₦615,000 to ₦494,000. The negotiations have been ongoing for months, with the Federal Government initially proposing ₦48,000 and ₦54,000, both of which were rejected by labour. Labour leaders emphasize that the current minimum wage of ₦30,000 is insufficient, especially given Nigeria’s inflation rate of 33.69% as of April 2024. They argue that the government’s latest offer does not align with the economic realities faced by workers. President Bola Tinubu’s administration has faced criticism from labour leaders for its economic policies and handling of the wage negotiations.
3. Justice Peter Lifu of the Federal High Court in Abuja is set to hear the bail application of Mrs. Chioma Okoli, a Facebook user accused of reviewing a tomato paste belonging to Erisco Foods Limited. Okoli, who pleaded not guilty to charges of conspiracy and cyber-stalking, had her bail application postponed until Friday following her arraignment by the Office of the Inspector General of Police. The charges stem from alleged damaging reviews of Erisco Foods’ Nagiko Tomatoes brand in September of the previous year. Okoli’s lawyer argued for bail, citing her client’s suffering of a miscarriage due to the psychological stress from the case. However, the prosecution opposed the bail, stating Okoli’s prior failure to comply with bail conditions. The court adjourned the ruling on the bail application to Friday and set the main hearing for June 13.
4. On Wednesday, the Nigerian naira appreciated to N1,490 per dollar in the parallel FX market, a 2% increase from N1,520 on May 27. Bureau de change operators in Lagos quoted the dollar’s buying price at N1,460 and selling at N1,490. Conversely, at the official window, the naira depreciated by 13.26%, from N1,173.88/$ on May 28 to N1,329.65. The exchange rate fluctuated between N1,506 and N1,010, with a daily turnover of $336.54 million. The Central Bank of Nigeria (CBN) recently updated guidelines for Bureau de Change (BDC) operations, raising the capital requirement for tier-1 operators from N35 million to N2 billion and for tier-2 operators to N500 million. The Association of Bureau De Change Operators (ABCON) has requested the CBN to lower these requirements to N500 million for tier-1 and N100 million for tier-2, suggesting a range of N500 million to N1 billion for operators seeking to expand with branches or franchises. ABCON also proposed that BDCs be allowed to recapitalize rather than reapply for licenses.
5. Bayern Munich have appointed Vincent Kompany as their new head coach, replacing Thomas Tuchel. Kompany, 38, signed a three-year contract through to June 2027. He joins after two seasons managing Burnley, where he achieved promotion to the Premier League before being relegated back to the Championship. Kompany expressed excitement for the role, emphasizing his coaching philosophy of creativity, aggression, and courage. His coaching experience includes managing Anderlecht, where he led the team to fourth- and third-place finishes in the Jupiler Pro League, and winning the 2022/23 English Championship with Burnley. As a player, Kompany spent 11 years at Manchester City, winning numerous titles, and helped Belgium secure third place at the 2018 FIFA World Cup. Bayern’s sporting director, Max Eberl, praised Kompany’s leadership qualities and expressed confidence in his ability to bring continuity and success to the club.
6. Olympiacos has made history as the first Greek club to win a European title, defeating Fiorentina 1-0 after extra time in the UEFA Europa Conference League final at the OPAP Arena in Athens. The decisive moment came in the 116th minute when Ayoub El Kaabi scored, securing a landmark victory for Jose Luis Mendilibar’s side at the home of their rivals, AEK Athens. Before this triumph, Panathinaikos was the only Greek club to reach a European final, losing to Ajax in the 1971 European Cup final. The match saw high intensity from the start, with key moments including a fine save by Fiorentina’s goalkeeper from Daniel Podence and an offside goal by Fiorentina. Olympiacos’ goalkeeper Konstantinos Tzolakis was crucial, making several key saves. The second half had fewer opportunities, with Tzolakis again making an important save. Vicente Iborra nearly scored for Olympiacos late in regulation time, but the match went into extra time. Olympiacos appealed for a penalty early in extra time, but it was denied. The breakthrough came when El Kaabi headed in Santiago Hezze’s cross, his 16th European goal of the season, confirmed after a VAR check, leading to jubilant celebrations.
7. Concerns have emerged regarding Mike Tyson’s health ahead of his upcoming bout against Jake Paul on July 20. At 57, Tyson faces significant health risks due to his age and a long hiatus from professional boxing. Medical experts have highlighted the potential dangers, particularly after a recent ulcer flare-up during a flight caused him nausea and dizziness. Despite stating that his training is going well, Tyson admitted his body is struggling, feeling sore and less resilient than in his prime. His medical history, including issues like sciatica and severe back problems, has been a topic of concern. Tyson’s past battles with mental health disorders and drug addiction further complicate his health profile.
