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Billionaire Saudi Prince Alwaleed Bin Talal Arrested In Corruption Crackdown

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Billionaire Saudi Prince Alwaleed Bin Talal Arrested In Corruption Crackdown

Saudi Arabia’s Prince Alwaleed Bin Talal, a prominent member of the country’s royal family and a wealthy investor, has been swept up in connection with a wide-ranging anti-corruption initiative, according to reports.

Saudi Arabia’s King Salman removed a host of prominent officials in a sweeping crackdown, in which dozens of princes and former ministers were detained. News outlets, including Saudi-owned Al Arabiya and The Wall Street Journal, reported Bin Talal was among those arrested. CNBC could not immediately confirm Bin Talal’s status.

In addition to Bin Talal, former Finance Minister Ibrahim Al-Assaf was also detained and under investigation, Reuters reported, citing a senior Saudi official.

If verified, the arrest of Bin Talal would represent a jarring turn of events as the prince has cultivated an image as the de-facto public face of Saudi finance. It would also be the most dramatic chapter in the evolving narrative of Bin Salman, who has steadily consolidated his authority since his elevation to Defense Minister in early 2015.

Considered one of the most prominent members of the Saudi royal family, Bin Talal has been the subject of numerous profiles in U.S. and international publications. He has made numerous appearances on CNBC dispensing investment advice — such as last month, when he predicted bitcoin was little more than a speculative bubble that would soon “implode”

The billionaire is an American-educated philanthropist and investor who is heavily invested in U.S. corporate giants like Citigroup, Apple, 21st Century Fox and Twitter, just to name a few. Between 1991 and 1995, bin Talal came to the rescue of President Donald Trump, whose real estate empire was under strain. Bin Talal purchased a yacht, and invested in Trump’s Plaza Hotel.

In 2015, Bin Talal announced he would donate his entire fortune to help build a “better world of tolerance, acceptance, equality and opportunity for all.”

The anti-corruption sweep is taking place against a backdrop of reform in Saudi Arabia, and the impending launch of an initial public offering for state-owned oil giant Saudi Aramco next year. The IPO is expected to be the largest in history, and Aramco is widely expected to dual-list shares on an international exchange.

Saudi Arabia’s Finance Ministry, for its part, said Sunday that the kingdom’s decision to set up an
anti-corruption committee and detain prominent figures enhanced confidence in the rule of law, Al Arabiya television reported.

The decisions preserve Saudi Arabia’s investment climate, the Saudi-owned television channel said.

Saudi Arabia announced the committee and the detentions late on Saturday.

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ENTERTAINMENT

Davido Alleges Plot To Cancel His December Concert Over His Comments On Nigerian Economy

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Davido alleges plot to cancel his December concert | fab.ng

Grammy-nominated artist Davido sparked controversy during a recent interview on The Beat 96.1. This offers a sharp critique of Nigeria’s current economic landscape.

He advised Black Americans planning to return to Nigeria to reconsider their plans. He described the country as experiencing its most severe economic crisis following President Bola Tinubu’s reforms.

The singer highlighted the Nigerian entertainment industry. Particularly, Afrobeats is a crucial global export that elevates the nation’s international profile.

Despite acknowledging Nigeria’s abundant talent, Davido lambasted the country’s leadership, characterising it as fundamentally inadequate.

Following Davido’s interview criticising Nigeria’s economic condition, critics have lambasted the artist for his candid assessment of the nation’s financial challenges.

His comments sparked immediate debate about the country’s economic state and the role of public figures in national discourse.

In a television morning show, one of the hosts criticised Davido’s timing, noting that President Tinubu was simultaneously attending the G8 summit in Brazil to secure foreign investments.

The interview divided public opinion, with some Nigerians condemning his remarks as potentially damaging to the country’s global image.

Conversely, other Nigerians praised Davido’s commentary as an authentic representation of the nation’s economic struggles. They highlighted the growing economic pressures pushing millions into deeper poverty amid skyrocketing inflation.

Escalating the controversy, Davido alleged a coordinated effort to cancel his December concert in response to his interview.

He defiantly stated he would not be compelled to perform in Nigeria, echoing his history of challenging government narratives.

This is not Davido’s first confrontation with government supporters. During the 2020 EndSARS protests, he claimed external pressures forced him to temporarily leave the country due to his active participation.

The ongoing dispute underscores the complex interactions between Nigerian artists, economic challenges, and political discourse.

With Davido emerging as a vocal critic, he is willing to challenge prevailing narratives about the nation’s economic and political realities.

Check out more entertainment news updates here.

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ENTERTAINMENT

Trino Motion Pictures Announces Uche Okocha As Its New Managing Director

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Trino Motion Pictures announces Uche Okocha as new MD | fab.ng

Trino Motion Pictures, a renowned film production company, has appointed Uche Okocha as its new managing director.

This strategic move aims to unlock new avenues for growth within the vibrant Nollywood industry and the broader global entertainment landscape.

Okocha will lead Trino Motion Pictures to unprecedented heights, leveraging his seasoned filmmaking expertise of over a decade.

In his acceptance speech, he expressed his enthusiasm for spearheading the company and its talented team towards groundbreaking achievements.

Okocha will enhance Trino’s storytelling capabilities. He would ensure its content remains widely accessible and expand the company’s global footprint.

“I am honoured to take on the position of Managing Director at Trino Motion Pictures. I am ready to lead our talented team toward groundbreaking achievements and to employ our core values of efficiency, integrity, professionalism, and innovation to elevate our storytelling capabilities, ensure our content is always accessible, and expand our presence globally,” he said.

Trino Motion Pictures creates critically acclaimed films.

This establishes the industry as a visionary production company at the forefront of cinematic innovation.

Their impressive portfolio includes titles like Sylvia (2018), Three Thieves (2019), The Razz Guy (2021), and The One for Sarah (2022). Also, they worked on the recently released, highly acclaimed The Weekend (2024).

These exceptional films have captivated audiences globally, earning recognition at prestigious international film festivals and garnering numerous award nominations. They have solidified Trino Motion Pictures’ reputation for unwavering commitment to quality.

Daniel Oriahi’s psychological thriller, The Weekend, has achieved remarkable success, recently securing 4 AMAA Awards from 16 nominations.

This milestone achievement marks the film as the first independently produced Nollywood film to premiere at the prestigious New York Tribeca Film Festival.

The Weekend’s cinematic journey continued with a screening at the BFI Film Festival in London.

Within just two days of its release, the film generated over ₦8 million in revenue, further solidifying its commercial success.

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NEWS

Lawyer Reveals Burna Boy Is Behind Speed Darlington’s Latest Arrest

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Burna Boy Behind Latest Arrest of Speed Darlington | fab.ng

Deji Adeyanju claims Burna Boy orchestrated the latest arrest of Speed Darlington, escalating the ongoing conflict between the two personalities.

The human rights lawyer alleges that Burna Boy is responsible for Speed Darlington’s second police detention. This occurred in the early hours of November 27, 2024.

Adeyanju first announced Darlington’s arrest through social media without initially providing details about the reason behind the detention.

In a subsequent post on X, he directly accused Burna Boy of ordering the arrest and harassing Darlington through law enforcement.

The development represents a continuation of the unresolved dispute between Speed Darlington and Burna Boy, with no apparent resolution in sight.

Adeyanju’s public statement challenges Burna Boy’s public image, particularly questioning the artist’s claims of social consciousness.

This version maintains the key facts, presents them in an active voice, and follows journalistic principles of clear, direct reporting while prioritising the most important information at the beginning of the text.

Burna Boy behind harassment of Speed Darlington by the police. This is someone who has being singing against oppression and forming junior Fela now oppressing Akpi,” Adeyanju wrote on X.

Following his initial release from detention, Speed Darlington posted a video asserting his resilience. He explicitly warned viewers against interpreting his restraint as humility.

He emphasised that his silence should not be misconstrued as submission. In the video, Darlington demonstrated defiance, maintaining his characteristic boldness despite his recent arrest experience.

What doesn’t kill me can only make me stronger. I am stronger now. Seventeen arrests in the USA plus this one, eighteen. I am stronger. I have been through the bottomless pit.

Check out more news updates here.

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