Nigeria Declares State of Emergency in Rivers State, Suspends Governor After Pipeline Explosion; Steyr Motors Stock Value Plummets After Dramatic Surge

Nigeria declared a state of emergency in Rivers State and suspended Governor Siminalayi Fubara following an explosion on the Trans-Niger Pipeline. President Bola Tinubu cited the governor's alleged failure to control pipeline vandalism as the reason for the suspension. Former navy chief Vice Admiral Ibokette Ibas will serve as caretaker for six months. The suspension marks the first declaration of emergency rule since 2013. Shares of Austrian company Steyr Motors experienced a dramatic surge and subsequent plunge. After rising 900% in a few days, driven by new business deals with Rheinmetall and a major order from Brazil, the stock's value plummeted. The German investment firm Mutares SE & Co. KGaA, a major shareholder, announced it would sell part of its stake, leading to a sharp decline from approximately 270 to 80 euros per share within 24 hours. German regulators are investigating potential market manipulation.