Friday News Recap: Rivers Defections; Wike Reacts; Dangote Fuel; Netflix Deal +More

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Here are the top stories curated for you today:

Rivers Speaker, 16 Other Assembly Members Dump PDP For APC

Seventeen members of the Rivers State House of Assembly, led by Speaker Martin Amaewhule, have defected from the Peoples Democratic Party (PDP) to the All Progressives Congress (APC). The lawmakers cited the ongoing crisis within the PDP as the reason for their departure, with Amaewhule pointing to deep divisions in the party.

Their move increases the APC’s strength in the House to 17 members, while the PDP retains 10. In response, the remaining PDP legislators appointed Sylvanus Nwankwo of Omuma constituency as Minority Leader. During plenary, the House Leader, Major Jack, raised concerns about Governor Siminalayi’s alleged failure to fully constitute the state executive council and the absence of an attorney general.

The PDP crisis has persisted since the 2023 presidential election, worsening with the emergence of rival factions at the national level. The defections mark a significant shift in the political balance of the Rivers Assembly and highlight the continuing instability within the PDP.

Wike Decries PDP Crisis, Says Rivers Assembly Defectors Free To Leave

The Minister of the Federal Capital Territory, Nyesom Wike, said that members of the Rivers State House of Assembly who defected to the All Progressives Congress (APC) were free to leave the Peoples Democratic Party (PDP). Wike described the departure of 17 lawmakers, including Speaker Martins Amaewhule, as “unfortunate” but noted that the party’s factional crisis gave them constitutional grounds to exit.

He emphasised that his camp would continue to work with the 10 legislators who remain loyal to the PDP. Wike, who denied prior knowledge of the defections, reaffirmed his commitment to the PDP and urged the party to resolve its divisions to avoid further losses. He stressed that those who stayed must form a relevant opposition, while those who left had exercised their right of choice. Amaewhule, representing Obio-Akpor I constituency, cited PDP divisions as his reason for defecting and pledged support for President Bola Tinubu, whom he said “means well for the country”.

Refinery Pledges Affordable Petrol Despite Import Pressures

Aliko Dangote has assured that the Dangote Refinery will continue to sell premium motor spirit (petrol) at what he described as a “reasonable” price. Speaking after a meeting with President Bola Tinubu in Abuja, the Chairman of the Dangote Group noted that fuel prices are falling due to competition with imports and reduced smuggling.

He explained that while neighbouring countries sell petrol at nearly double Nigeria’s price, the refinery remains committed to keeping costs affordable. Dangote added that both diesel and petrol would be consistently available in the market at fair rates.

The 650,000-barrel-per-day refinery, which began producing diesel and aviation fuel in January 2024 and petrol in September, is regarded as a transformative project for Nigeria’s energy sector. Built at a cost of $20 billion on 2,635 hectares in Lagos’ Lekki Free Zone, the facility is seen as a long-term investment rather than a quick profit venture. Dangote emphasised that his legacy is to ensure Nigeria’s energy needs are met sustainably, positioning the refinery as a cornerstone of national development.

Supreme Court Strikes Out Osun Suit Over Withheld Local Funds

Today, the Supreme Court of Nigeria struck out a suit brought by the Osun State Attorney General, Oluwole Jimi-Bada, against the Attorney General of the Federation, Lateef Fagbemi, over withheld allocations to local governments. In a six-to-one majority ruling, the court held that the Osun Attorney General lacked the legal authority to institute the case on behalf of the 30 councils, stating that only elected and inaugurated local government officials have the right to sue or be sued.

Justice Mohammed Idris declared that the Federal Government acted unconstitutionally in withholding the funds and directed that allocations be paid directly into local government accounts. He also dismissed contempt allegations raised by the AGF against Osun, noting that the federation was itself in breach of the law.

However, Justice Emmanuel Agim, in a minority ruling, maintained that the Osun Attorney General had the right to file the case, criticising the Federal Government’s actions as detrimental to local governance.

Netflix To Buy Warner Bros. Discovery In Deal Worth Over $80bn

Netflix has announced plans to acquire Warner Bros. Discovery in a landmark deal worth nearly $83 billion, marking the entertainment industry’s largest consolidation this decade. The agreement, unanimously approved by both boards, will give Netflix access to Warner’s extensive film catalogue and HBO Max streaming service.

Warner Bros. has produced classics such as Casablanca and Citizen Kane, alongside modern blockbusters including Game of Thrones and the Harry Potter franchise. Netflix co-CEO Ted Sarandos said the merger would “define the next century of storytelling,” while Warner Bros. Discovery CEO David Zaslav hailed the union of two global storytelling giants.

The transaction values Warner Bros. Discovery at $27.75 per share, with completion expected within 12 to 18 months. Analysts have compared the deal to Disney’s $71 billion acquisition of Fox in 2019, though concerns have been raised about Netflix’s growing dominance in Hollywood. Kathleen Brooks of XTB warned that the merger could create “a colossus in the TV and movie business,” sparking fears of a potential monopoly.

Global Stocks Rise As Investors Expect US Rate Cuts

Global stock markets mostly advanced on Friday as investors anticipated a December interest rate cut by the US Federal Reserve, with expectations of further easing throughout next year. Dealers pointed to upcoming US inflation data, particularly the personal consumption expenditures (PCE) index, as crucial in shaping sentiment.

Optimism was supported by signs of a softening US jobs market, while attention also turned to Netflix’s $83 billion takeover of Warner Bros. Discovery, the largest entertainment consolidation in a decade. Despite regulatory concerns, Warner Bros. Discovery shares rose 2.5 per cent, while Netflix slipped 1.5 per cent in early New York trading.

Asian markets saw mixed fortunes, with Mumbai equities buoyed by a rate cut from India’s central bank and the rupee rebounding from record lows. In Shanghai, Moore Threads Technology surged more than 500 per cent on debut after raising $1.1 billion in its IPO, seen as a test of confidence in China’s AI-chip ambitions. Meanwhile, European markets were subdued, with Swiss Re shares falling over six per cent after disappointing profit targets and buyback plans for 2026.

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