ALL THE RELEVANT NEWS: WEDNESDAY

31 May ALL THE RELEVANT NEWS: WEDNESDAY

🌎President Bola Tinubu, on Tuesday afternoon, arrived at his office at the Aso Rock Villa, Abuja to start work. His motorcade pulled up at the forecourt of the Villa at 02:38 pm Tuesday. He later went into a closed-door meeting with the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and the Group Chief Executive Officer, Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari. Emefiele did not speak with the media, but Kyari did. He said the Federal Government still owes the company N2.8tn that it had spent on petrol subsidy.

🌎Oil prices fell on Wednesday on a stronger U.S. dollar and as weak data from top oil importer China raised demand fears. Brent crude futures for August delivery were down $1.29, or 1.75%, to $72.42 a barrel at 1013 GMT.

🌎President Bola Tinubu on Tuesday waded swiftly in the clash between the Department of State Security Services (DSS) and Financial Crimes C Commission (EFCC), has he ordered the DSS to immediately vacate the EFCC office in Ikoyi, Lagos in Ikoyi, Lagos.

🌎Nigerian stocks accelerated at their swiftest pace so far this year on Tuesday as the main equity index rose by 5.2 per cent and the value of shares appreciated by over N1.5 trillion.
* Nigeria’s dollar bonds accelerated on Monday, a day after newly inaugurated President Bola Tinubu vowed to harmonise the country’s multiple interest rates.

🌎The Chief Executive officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, said the federal government would not place any price cap on the sale of petroleum products in the country.
* Representatives of the federal government are expected to meet with the leadership of the Nigeria Labour Congress (NLC) today over the planned removal of petrol subsidy.

🌎Dele Alake, a former Lagos commissioner of information and strategy, says he has not been appointed as the spokesperson of President Bola Tinubu.

🌎Former Special Adviser to ex-President Muhammadu Buhari on Media and Publicity, Femi Adesina is set to assume the role of Executive Vice Chairman at The Sun Newspapers starting from September 1.

🌎A joint report by the World Food Programme (WFP) and the Food and Agricultural Organisation (FAO) has warned that over 24.8 million Nigerians are at risk of acute food insecurity between June and August.

🌎The Executive Vice Chairman of the Nigerian Communications Commission, Prof Umar Danbatta, will be conferred with the National Productivity Order of Merit Award, alongside other notable Nigerians.

🌎Security Stories: Over 55 Islamic State–West Africa Province terrorists, including top commanders, have been killed by the Multinational Joint Task Force in Arege, Malam Fatori, Abadam Local Government Area of Borno State.

🌎Russia-Ukraine War: Russian President Vladimir Putin has responded to Tuesday’s drone attacks on the capital Moscow, accusing Ukraine of trying to frighten Russians. He said Ukraine “chose the path of intimidation,” adding that “Kyiv provokes us to mirror actions.”
* The defence ministry said at least eight drones caused minor damage, but Kyiv has denied responsibility. This is the first time the city has been targeted by multiple drones since Russia’s invasion of Ukraine.
* Russia carried out a bombardment of Kyiv overnight — its 17th aerial assault this month — killing at least one person after Ukrainian air defenses shot down 29 Iran-made Shahed drones, Ukrainian officials said.
* Ukrainian President Volodymyr Zelensky said the timing of Ukraine’s long-anticipated counteroffensive has been set, but he did not provide specific details.
* There have been dozens of strikes in several areas of Russia’s Belgorod region by Ukrainian mortar and artillery fire over the last 24 hours — by far the highest reported number in a single day, according to the region’s governor, Vyacheslav Gladkov. The region is located next to Ukraine and has seen a growing incidence of cross-border fire. The governor said one person was killed and two others were injured in an attack on a temporary accommodation center.
* Meanwhile, in eastern Ukraine, shelling by Kyiv’s forces killed five people and injured 19 others in Luhansk, according to the Moscow-backed head of the occupied region.