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Five things to know to start your Tuesday

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PDP mourns Dokpesi

The People’s Democratic Party (PDP) on Monday mourned Raymond Dokpesi, the founder of Daar Communications and African Independent Television (AIT).

In a statement signed by Debo Ologunagba, the PDP’s National Publicity Secretary, Dokpesi was described as an exceptionally committed and courageous nationalist, an insightful and loyal party man, and a brilliant and resourceful entrepreneur.

He said that the PDP family was devastated by the death of one of its leading lights, a member of the Board of Trustees (BoT) and National Executive Committee (NEC), media mogul, statesman, and patriarch of the Dokpesi family.

“Dokpesi was steadfast in his selfless contributions towards the unity, stability, and development of our great party and the nation at large.

“As a patriotic Nigerian, Dokpesi deployed his media empire of AIT, Ray Power FM, and Faaji FM to champion the course of national development and promote greater and more affordable access to information across the country.

“He stimulated good governance, enhanced economic growth and development in all critical sectors, and opened our nation to international limelight and opportunities.

“He was a detribalized Nigerian who put the interest and wellbeing of our nation above every other consideration and made numerous positive landmarks in our national political, economic, and social landscapes,” he said.

Read also: Atiku mourns Dokpesi, says i’ve lost a friend and brother;

NNPC welcomes FG’s decision to remove fuel subsidy

The Nigerian National Petroleum Corporation (NNPC) Limited has welcomed the decision of the President Ahmed Bola Tinubu-controlled Federal Government to remove fuel subsidy.

In a press conference in Abuja on Monday, Mele Kyari, the Group Chief Executive Officer (GCEO) of the corporation charged with harnessing Nigeria’s oil and gas reserves, said the corporation was pleased with the decision of President Tinubu to remove the fuel subsidy.

“We welcome the decision of Mr. President to announce that the subsidy on PMS is over, and this has really been a major challenge for NNPC’s continued operations. We have been funding subsidy from the cash flow of the NNPC since the government is unable to defer the cost of subsidy that is due to the corporation,” Kyari said.

Burdened by the financial cost of importing fuel, Kyari said that the removal of this subsidy will free up funds to make it more commercially viable and do great work for the country.

He urged Nigerians not to engage in panic buying as there was enough of the products in the country.

Ebonyi governor freezes all government bank accounts

Ebonyi State Governor, Francis Nwifuru, has directed the freezing of all government accounts domiciled in the various banks in the state as of Tuesday, May 30.

The directive was contained in a statement signed by the governor’s newly appointed Chief Press Secretary, Monday Uzor, and made available to newsmen.

Nwifuru, in the statement, directed the managers of banks that operate government accounts to immediately comply with the directive.

“No payment should be made from any government account till further notice,” the statement read.

JPMorgan cutting about 500 jobs this week

JPMorgan Chase & Co is cutting about 500 employees this week across its various departments, according to a person familiar with the situation who asked not to be identified discussing personnel matters.

The layoffs will affect employees across the bank’s main businesses — consumer, commercial banking, asset and wealth management — as well as technology and operations, the source said. JPMorgan is the largest U.S. lender.

There are more than 13,000 current job openings at the bank, the source added. (Reuters)

Oil rises on U.S. debt deal, but rate hikes, OPEC+ talks curb enthusiasm

Oil prices rose on Tuesday in an early morning trade following expectations that the debt ceiling deal in the U.S. would encourage more demand from the biggest oil consumer.

Unfortunately, fears of an interest rate rise and an unchanged OPEC+ production quota left gains uncapped.

The U.S. West Texas Intermediate (WTI) crude rose by 0.7 percent, or 53 cents, to close at $73.20 at the close of Friday trade.

However, Brent crude futures climbed 35 cents, or 0.5 percent, to $77.42 a barrel by 0145 GMT after gaining 12 cents on Monday. Unfortunately, there was no settlement for the U.S. WTI because of the public holiday in the U.S.

Discussions around the debt ceiling deal continue to be a major concern for investors, pushing them to buy more riskier assets such as commodities.