Select a category

Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested a former Governor of Delta State, Ifeanyi Okowa, for alleged diversion of N1.3 trillion 13% derivation fund from the federation account between 2015 and 2023.

An EFCC source confirmed the former governor’s arrest to Channels Television on Monday. Okowa was arrested on Monday, November 4, 2024, in Port Harcourt, Rivers State, when he reported at the Port Harcourt Directorate of the EFCC on the invitation of investigators handling his matter.

The former governor was alleged to have failed to render accounts of the funds as well as another N40 billion he allegedly claimed he used to acquire shares in UTM Floating Liquefied Natural Gas. Specifically, Okowa allegedly bought shares worth N40 billion in one of the major banks in the country representing 8% equity to float the offshore LNG. The funds were alleged to be used for other purposes.

Investigators are also investigating the diversion of funds by the former governor to acquire estates in Abuja and Asaba in Delta state. He is being held at the EFCC holding facility in Port Harcourt. Okowa was the running mate to Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election.

Continue reading on Instablog

Shares of Constellation Energy (CEG) tumbled Monday morning despite an earnings beat as a recent regulatory decision dragged nuclear energy stocks.

Constellation posted $6.55 billion in revenue for the third quarter, up about 7% year-over-year and about $1 billion above what analysts had expected, according to estimates compiled by Visible Alpha. Profits also rose from the same time last year, nearly doubling analyst estimates at $1.2 billion.

The company also lifted the bottom end of its projected range for full-year adjusted earnings per share (EPS), expecting the metric between $8.00 and $8.40, up from $7.60 to $8.40 previously.

However, Constellation shares were down about 8% Monday morning despite its earnings beat as a Friday decision from the Federal Energy Regulatory Commission raised concerns about the nuclear energy industry. The agency ruled against a partnership between Amazon (AMZN) and Talen Energy (TLN) that would see an Amazon data center receive additional power from a nearby Talen nuclear facility, according to

The panel's members, reported, said the agreement could limit power and raise prices to residents in the surrounding area. Talen, Constellation, and other nuclear stocks fell Monday as markets grappled with whether nuclear partnerships with Big Tech companies can survive similar challenges.

Constellation announced a deal with Microsoft (MSFT) last month to restart one unit of the Three Mile Island nuclear power plant in Pennsylvania to provide power for Microsoft's data centers and artificial intelligence (AI) efforts.

Constellation and Talen shares were each down as markets opened, but have both still doubled in value since the start of 2024.

Read more on Investopedia

The Sultan of Sokoto, Sa’ad Mohammad Abubakar II, has called on Nigerians to stop castigating their leaders, urging them to allow God to deal with them as He wishes.

He emphasized that nothing—good or bad—lasts forever and encouraged Nigerians to continue praying for both their leaders and the nation. The Sultan reminded leaders that on the Day of Resurrection, the Almighty would hold them accountable for their stewardship, with no one there to defend them in the presence of their Creator.

Furthermore, he cautioned religious leaders against misleading their followers for personal gain, explaining that 90 percent of people who listen to religious leaders in mosques and churches believe in them because they view them as saviors. He stated that only God can save any human being.

The Sultan made these remarks during the Regional Conference on Climate Change-Induced Conflicts in Northern Nigeria, hosted by the Kaduna State Bureau of Interfaith in collaboration with International Alert, on Monday.

“Do your best in worshiping Allah (God) and leave the rest to Him, not to anybody. Don’t follow those who will lead you astray. So many things have been happening in this country, and we believe we must return to Allah. Intensify prayers for our country in all mosques. I won’t mention churches because the CAN President is here, and I believe he will say the same thing.”

“A lot of people say we have never had it so bad, but no matter how difficult it is, ease will come. We believe nothing lasts forever. Nothing bad and nothing good lasts forever. Let us intensify prayers in our congregations and encourage our followers to pray for our leaders. We will not castigate them; we will allow Almighty Allah to deal with them as He wishes and He will.

Like one of the speakers said, Allah will ask all of us what we did with the leadership He gave us on earth. On that day, you will be on your own; nobody will be there for you. No deputy governor will be there for the governor, no special adviser or SSG will be there. You are on your own, as I always say. All of us will be on our own.

Let us fear Allah in whatever we do and pray for our country. We are blessed; go around to other countries and see. We have challenges, yes, but nothing lasts forever. With hard work and commitment, we can become a better country.

The North faces many problems and challenges-not only a lack of knowledge about climate change but also poverty, insecurity in the north known for progress and peace in the past. Our coming together is a unifying occasion for us as one family in the North. There are many misunderstandings and misrepresentations by those trying to divide us. They know that the strength of the North is something to reckon with, not only in Nigeria but worldwide. If we are united, we can face any challenge. If we are united, we will definitely create a better and more prosperous community.

That’s why so many negative comments are made about certain issues that we know are not true but to divide us,” he said.

Continue reading on Instablog

Investors were bullish on Chinese electric vehicle stocks Monday morning after companies such as BYD, XPeng (XPEV), Li Auto (LI), and others released October delivery data late Friday.

BYD's EV sales rose roughly 12% from last year while sales of the company's hybrid vehicles surged over 62%, sending its shares on the Hong Kong stock exchange up3.5% in Monday morning trading. Though while Li Auto's deliveries rose 27% year-over-year to 51,443, its U.S.-listed shares dropped 0.26% Monday morning.

US-based Tesla (TSLA), however, saw sales of its EVs manufactured in China drop 5.3% from last year and over 20% from September, according to data from the China Passenger Car Association reported by Monday. The EV giant's stock fell as much as 2.4% in morning trading Monday.

XPeng said it set a new monthly record for deliveries at 23,917, a bump of 20% from last year. The uptick seemingly sent its U.S.-traded shares up around 6% Monday morning.

Nio's (NIO) deliveries were also up just over 30% from October 2023 at nearly 21,000 vehicles. The company's U.S.-traded shares also rose around 1.7%.

Read more on Investopedia

Following the outrage that trailed the arrest and arraignment of minors over the #EndBadGovernance protests held in several parts of the country in August, President Bola Tinubu on Monday directed the immediate release of all the children.

Minister of Information and National Orientation, Mohammed Idris, disclosed this to State House correspondents on Monday after the President swore in seven newly appointed ministers cleared by the Senate.

The minister said the President ordered the immediate release of the minors without prejudice to whatever legal processes that are ongoing. The President also directed the Ministry of Humanitarian Affairs and Poverty Reduction to immediately see to the welfare of those minors, and also take part to ensure their smooth reunion with their parents or guardians wherever they are in the country. Tinubu also directed that a committee would be set up to be spearheaded by the humanitarian affairs ministry to look at all issues surrounding the arrest, detention, treatment, and finally, the release of the minors.

On Friday, November 1, 2024, Nigerians were enraged and disgusted when the police brought 72 minors before a Federal High Court in Abuja over their participation in the nationwide #EndBadGovernance protests.

The defendants, who were accused of treason, among others, were arrested in places like Kaduna, Abuja, Gombe, Jos, Katsina, and Kano states. Some of them looked gaunt and poorly fed and collapsed in court. The presiding judge, Obiora Egwuatu, granted N10 million bail to 72 minors who were arraigned.

Many Nigerians including former presidential candidates, civil polity groups were hense rights they found rechat also cio-minors had been detained for over eight weeks since the nationwide protests.

In the heat of the nationwide condemnation of the government’s action, the Attorney General of the Federation (AGF), Lateef Fagbemi, hurriedly released a statement that his “office will need to look into regarding the matter to enable me to take an informed decision”.

Fagbemi immediately directed the police to transfer the case file to his office and hand over the same to the Director of Public Prosecution of the Federation (DPPF).

Continue reading on Instablog

Crude oil futures are rising Monday after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) on Sunday extended their output cuts by one month.

Saudi Arabia and other members of OPEC+, which includes Russia, said they agreed to keep voluntary production cuts of around 2.2 million barrels per day for one month until the end of December. The output cut had already already been extended in September.

It didn’t give a reason for the decision to delay unwinding its voluntary cuts, but oil prices have been weak this year despite escalating tensions in the Middle East, pressured by China’s downbeat economy.

Last month, OPEC reduced its outlook for oil demand for 2024 and 2025, citing data received so far this year.

"This delayed supply increase means that maybe the group are more willing to support prices than many believe," ING said in a note referring to reports that some OPEC+ members weren't complying with the output cuts. "However, our balance continues to show that the market will be in surplus through 2025 unless OPEC+ continues with cuts through next year."

Brent crude futures are rising 2.5% to $75 per barrel Monday morning, while U.S. benchmark West Texas Intermediate Texas (WTI) futures are gaining 2.8% to $71.40.

Read more on Investopedia