Hello and welcome! In today’s trending news stories;
1. President Bola Tinubu announced that he will approve a new minimum wage that is affordable for Nigeria, with a memorandum to be sent to the National Assembly. This statement was made during the 25th Democracy Day Anniversary Dinner in Abuja. The government and private sector had increased their minimum wage offer to N62,000 from an initial N48,000, while organized labor reduced its demand from N615,000 to N250,000. Tinubu emphasized that the final amount must be within the country’s financial capacity. Tinubu also addressed an incident where he tripped at Eagle Square, explaining it humorously as a gesture of respect to democracy, likening it to a traditional Yoruba greeting. The dinner was attended by notable political figures, pro-democracy icons, ministers, governors, and traditional rulers, who celebrated Tinubu’s contributions to Nigeria’s democratic struggle. Notably, Former Senator Shehu Sani, speaking at the Democracy Day dinner, urged Tinubu to release those imprisoned for participating in the EndSARS protests, invoking the spirit of the June 12 democracy struggle.
2. Former Kogi State Governor Yahaya Adoza Bello is scheduled to be arraigned today, Thursday, before a Federal High Court in Abuja on charges of N80.2 billion fraud, as filed by the Economic and Financial Crimes Commission (EFCC). Bello faces a 19-count charge of money laundering and is expected to enter a plea before Justice Emeka Nwite. The proceedings may also involve a bail application from his legal team. The EFCC accuses Bello and others of conspiring in 2016 to convert over N80 billion through a criminal breach of trust and other illegal activities. Additionally, Bello allegedly helped conceal N3 billion and facilitated the transfer of $570,330 to a U.S. bank, both from unlawful sources. Despite previous legal maneuvers, including a bench warrant for Bello’s arrest and a stay of proceedings by the Appeal Court, the trial is set to proceed.
3. Aliko Dangote, Africa’s richest person and founder of the Dangote Group, revealed that he has repaid $2.4 billion of the $5.5 billion loan used to construct his $19 billion refinery near Lagos. Speaking at an event in The Bahamas, he praised local and foreign entities for supporting the project despite attempts to sabotage it. Dangote emphasized the importance of African financial institutions for industrialization, criticizing foreign banks for their lack of interest in Africa’s growth. He discussed challenges faced, including resistance from oil mafias, but expressed confidence in overcoming obstacles with government and public support.
4. Tolaram plans to acquire Diageo’s 58.02% shareholding in Guinness Nigeria Plc, while Diageo retains ownership of the Guinness brand. Announced on June 11, 2024, the transaction includes long-term licensing and royalty agreements for the production of Guinness and Diageo’s local spirits. The deal, pending regulatory approval, is expected to finalize in Fiscal 2025. Tolaram, with a significant presence in Africa, will leverage its expertise in manufacturing and distribution alongside Diageo’s brand and marketing strategies to drive growth. Guinness Nigeria will remain listed on the Nigerian Exchange Ltd., and Tolaram will launch a mandatory takeover offer as per local laws.
5. In response to concerns following Heritage Bank Plc’s license revocation, the Central Bank of Nigeria (CBN) has reassured the public about the stability of the banking system and the safety of deposits. Acting Director of Corporate Communications, Hakama Sidi Ali, refuted claims that CBN might revoke the licenses of Fidelity, Polaris, Wema, and Unity Banks, emphasizing that these allegations are unfounded and intended to cause panic. Sidi Ali clarified that a previous circular about the dissolution of the Boards of Union, Keystone, and Polaris Banks, initially issued in January 2024, was being misrepresented as a new development. She stressed that Heritage Bank’s situation was isolated, and the Nigeria Deposit Insurance Corporation (NDIC) had already begun compensating Heritage Bank’s insured depositors.
6. Basketball legend Jerry West, whose silhouette inspired the iconic NBA logo, has died at 86 years old, confirmed by the Los Angeles Clippers. West, who played 14 seasons with the Los Angeles Lakers, appeared in nine NBA Finals, winning one championship in 1972. He was an NBA All-Star every season of his career and became the third player to score over 25,000 points. After retiring in 1974, he coached the Lakers for three seasons and then became a highly influential NBA executive. He built the Showtime Lakers of the 1980s, contributing to five championships, and held executive roles with the Memphis Grizzlies, Golden State Warriors, and Los Angeles Clippers. NBA Commissioner Adam Silver and the Basketball Hall of Fame lauded West as a basketball genius and a figure of integrity. He passed away peacefully with his wife, Karen, by his side.
7. Nigerian singer Davido and chef Chioma Rowland are set to have their traditional wedding ceremony in Lagos on June 25, 2024. Davido, whose real name is David Adeleke, confirmed the news on Tuesday in a viral video, inviting people in the video to attend the wedding. The couple, who welcomed twins last year, got engaged following the tragic loss of their first child, Ifeanyi, in a swimming pool accident in 2022.
