05/03/18

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Latest Reality Blog is a legal blog where you are updated on online latest news, gist, entertainment, events, motivational text, and genue articles.
CBN Governor, Godwin Emefiele

The Central Bank of Nigeria (CBN)  says  on Thursday  that it has signed the bilateral Currency swap agreement with the Peoples Bank of China (PBoC).
A statement by the apex Acting Director of Communications, Mr Isaac Okorafor noted that the Governor Mr. Godwin Emefiele, led CBN officials while PBoC Governor, Dr. Yi Gang, led Chinese team at the official signing ceremony in Beijing, China.
It said  the agreement was signed on April 27th adding that it was an outcome of over  two years of painstaking negotiations by both Central Banks.
“The transaction which is valued at Renminbi (RMB) 16 billion, or the equivalent of about 2.5billion dollars, is aimed at providing adequate local currency liquidity to Nigerian and Chinese industrialists and other businesses.
“It will thereby reducing the difficulties encountered in the search for third currencies,’’ it said.
According to the statement, the agreement will provide Naira liquidity to Chinese businesses and provide RMB liquidity to Nigerian businesses respectively.
This, it said would  improve the speed, convenience and volume of transactions between the two countries.
“ It will also assist both countries in their foreign exchange reserves management, enhance financial stability and promote broader economic cooperation between the two countries.
“With the operationalisation of this agreement, it will be easier for most Nigerian manufacturers, especially small and medium enterprises (SMEs) and cottage industries in manufacturing and export businesses to import raw materials, spare-parts and simple machinery to undertake their businesses.
“The deal, which is purely an exchange of currencies, will also make it easier for Chinese manufacturers seeking to buy raw materials from Nigeria to obtain enough Naira from banks in China to pay for their imports from Nigeria.
“ Indeed, the deal will protect Nigerian business people from the harsh effects of third currency fluctuations,’’ it said.
The statement noted that with this agreement, Nigeria had  become the third African country to have such an agreement in place with the PBoC.
It added that both the Nigerian and Chinese officials expressed delight at the conclusion and signing of the agreement and expressed the hope that it would boost mutually beneficial business transactions between Nigeria and the Peoples Republic of China. LR News
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Latest Reality Blog is a legal blog where you are updated on online latest news, gist, entertainment, events, motivational text, and genue articles.

Embattled Sen. Dino Melaye, who was arraigned in court on Thursday in Lokoja, may have to stay longer with the police as the court has directed he should be remanded in police custody till June 11.
Melaye who is representing Kogi West Senatorial District at the Senate lost his bid to secure bail as the Chief Magistrates’ Court refused his request.
The Court in Lokoja, Kogi State, ordered that he be remanded in police custody and be brought to court on June 11.
The lawmaker was brought to court in a police ambulance at about 9:17 am and was immensely stretchered into the court by policemen.
Before his arrival, heavily armed policemen taken positions within and outside the court premises to forestall unforeseen circumstances.
The arrival of the senator in court attracted the attention of workers and others who came for transactions.
Other courts within the premises were also not sitting as at the time of this report.
Also, journalists and other person’s that had seated in court for hours were all asked to go out for security checks.
At the end, only few were allowed inside.
The senator had before being brought to court was first taken to the SARS headquarters near the NTA office in Lokoja.
Melaye was declared wanted following his refusal to appear before the police to answer to accusations by some arrested suspects, who alleged that the senator supplied them with arms and ammunition.
According to reports, Melaye was conveyed in an ambulance by the police authorities to Lokoja.
Melaye was later brought into the Lokoja Senior Magistrates’ court, 2, on a stretcher, source said.
He was brought in a Toyota Hiace police ambulance bus with registration number NPF2214D.It was learnt that some journalists who had laid siege to the courtroom were asked to step out for security screening.
In order to face the pending criminal case in Kogi, Dino Melaye was re-arrested on Wednesday after his arraignment in court and perfecting his bail conditions.
Melaye brought to court in a police ambulance

The lawmaker representing Kogi West was arraigned by the Police on Wednesday at Chief Magistrate Court in Wuse in Abuja.
He was granted bail in the sum of N90 million by the court, having met the bail condition but was rearrested by the police shortly after his release.
The police in a statement on Wednesday said Melaye was re-arrested for his pending offences of criminal conspiracy and unlawful possession of prohibited firearms.
The statement which was signed by the Force Public Relations Officer, Mr. Jimoh Moshood, explained that Melaye will be arraigned without further delay.
“The Police investigation team re-arrested Senator Dino Melaye today, 2nd May 2018 after his arraignment at Chief Magistrate Court, Wuse for the pending offences of Criminal Conspiracy and Unlawful Possession of Prohibited Firearms already filed in a Court of competent jurisdiction in Lokoja for which he will be arraigned without further delay,” he said.
Moshood said that Melaye was arraigned in Abuja today for criminal conspiracy, causing damage to government property, attempted suicide and escape from lawful custody.
Melaye’s arraignment in court today according to the police was subsequent to his discharge from the National Hospital after he was confirmed fit for trial.
The Senator landed in the National Hospital after jumping out of a moving police vehicle on Tuesday, April 24.
The police vehicle was conveying him to Lokoja, Kogi State where he is expected to be interrogated by the police in connection with the allegation that he armed some thugs and in relation to other criminal activities.
The police subsequently accused him of making an attempt to commit suicide by jumping out of the vehicle conveying him and falling on the ground, with a threat to implicate the police for his supposed death.
He was also said to have resisted a further attempt by the police to re-arrest him with the help of some persons who allegedly threatened to injure the police officers if they tried to arrest him. LR News
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Latest Reality Blog is a legal blog where you are updated on online latest news, gist, entertainment, events, motivational text, and genue articles.

The police on Thursday arraigned two sisters, Favour Ajula and Oluchi Ajula in an Ikeja Magistrates’ Court accused of assaulting police inspector by tearing his uniform and dragging his gun.
Favour, a 24-year-old hairdresser; and 18-year-old Oluchi, a nurse, appeared before Magistrate F.F. George on a two-count charge of conspiracy and assault.
The duo, who reside at Iju-Ishaga in Agege area of Lagos, however, pleaded not guilty and were granted bail in the sum of N50,000 each with two sureties each in like sum.
George said the sureties should be gainfully employed and must show evidence of two years tax payment to the Lagos State Government and adjourned the matter until May 14 for mention.
The prosecutor, Sgt. Godwin Awase, told the court that the defendants committed the offences on April 13 at their residence.
He said the sisters and one Emeka, a teenager, assaulted Insp. Bitrus Zingkur, by tearing his uniform and also dragged his service gun while performing his lawful duty.
Awase said a man went to report to the police that the defendants were after his life.
He added that “one Uche Prince, a co-tenant, reported the defendants to police that they wanted to kill him; and the complainant followed him to the house.
“When the complainant tried to mediate and settle the disagreement, the two sisters assaulted him.”
The prosecutor said the offence contravened sections 174(b) and 411 of the Criminal Law of Lagos State, 2015(Revised).
Section 174 stipulates three years imprisonment for assault, while Section 411 attracts two years jail term for conspiracy.
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Latest Reality Blog is a legal blog where you are updated on online latest news, gist, entertainment, events, motivational text, and genue articles.


The Alagbon Injection Station in Dolphin Estate, Ikoyi, was gutted by fire in the early hours of Thursday.

According to the Eko Electricity Distribution Company (EKEDC), the fire started around 5:00 am.

The company told Channels Television that the Fire Service arrived within five minutes but without water/chemical to extinguish the fire.

They, however, later succeeded in putting it under control.

Confirming the development, Public Relation Officer of Eko Disco, Godwin Idiemudia, said a loud bang was heard in the early hours of the day.
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Latest Reality Blog is a legal blog where you are updated on online latest news, gist, entertainment, events, motivational text, and genue articles.

The Inspector General of Police, IGP Ibrahim K. Idris, while on official visit to Birnin-Gwari, Kaduna State to assess security needs of the people in the area, on Wednesday ordered the immediate deployment of 200 Police Personnel and 10 patrol vehicles to beef-up security in Birnin-Gwari, Kaduna State and Zamfara to flush out armed bandits in the area.

The IGP made this disclosure during a Town Hall meeting with stakeholders in Birnin-Gwari Town during the visit.

The Inspector General of Police also approved the creation of a new Area Command and two additional Divisional Police Headquarters in Birnin Gwari LGA, Kaduna State and deployment of 10 patrol vehicles.

It is to enhance the capacity of the personnel of the Force in crime prevention and control in the area and curtail the security challenges currently being witnessed in Birnin-Gwari LGA of Kaduna State.

A statement by ACP Jimoh Moshood, Force PRO said the IGP reassured the communities in Birnin Gwari LGA of the renewed commitment of the Nigeria Police Force to reduce violent crimes in the area to the barest, and ensure the utmost safety of lives and property of the people residing in the Area. LR News
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Latest Reality Blog is a legal blog where you are updated on online latest news, gist, entertainment, events, motivational text, and genue articles.

Dangote Industries has announced new appointments to strengthen the Group’s executive management team and to consolidate on its strategic business growth trajectory
The Africa’s foremost indigenous conglomerate, in the new organizational rejig, made Mr. Olakunle Alake the erstwhile Chief Operating Officer (COO) as the new Group Managing Director.
Dr. Adenike Fajemirokun, the Group Chief Risk Officer has been elevated to the office of Group Executive Director, President’s Office, where she will take on new roles in addition to her schedule as the Risk Officer. She is the first ever female executive director in Dangote Group.
The management also announced the appointment of Mr. Austine Ometoruwa as Group Executive Director, Corporate Finance and Treasury.
Earlier the Board of Dangote Cement Plc, global, announced the appointment of Cherie Blair and Mick Davies as Independent Non-Executive Directors.
President/Chief Executive, Dangote Group, Aliko Dangote, speaking on the new appointments said “it is exciting seeing a female occupy such a high position. We are gender sensitive and create equal opportunities for both male and female to get to the top.”
Alake has been the Chief Operating Officer of Dangote Industries Limited since 2007.
He serves on the board of Dangote Sugar Refinery Plc, NASCON Allied Industries PLC, Dangote Cement PLC and Dangote Flour Mills PLC. Mr. Alake’s experience spans 34 years which covers banking, management consultancy and manufacturing industries.
He joined Dangote Group and served as its Financial Controller and Head of Strategic Services till 2001 when he was appointed to the board of Dangote Industries Limited as Executive Director/ Group Strategist.
Dr. Fajemirokun, a consummate Risk Management & Insurance specialist has over 18 years diverse experience in developing and implementing risk management strategies in Financial, Engineering, Manufacturing and other industries.
She started her career with Ove Arup and Partners as a Fire Engineer where she was responsible for carrying out qualitative and quantitative risk assessment of various assets and developing risk assessment frameworks for quantifying identified risks.
She later joined Deutsche Bank AG, UK, and served in senior leadership roles such as Director and Global Head Operational Risk, Head of Transaction Management Group for leverage finance at the Corporate and Investment Bank.
Prior to specializing in the Risk Management field, she held positions in finance as a front office quantitative analyst at Goldman Sachs London and New York.
Dr. Fajemirokun worked with First Bank of Nigeria where she developed the operational risk management framework for the bank as well as its Business Continuity Certification by the British Standard Institute. She also managed and tracked the firm’s risks across all directorates, transaction services and alternative investments.
She was appointed Chief Risk Officer of Dangote Group in 2013 and leads the Risk Management Functions for the Group and its various Businesses where she oversees the company’s governance model and enterprise risk program.
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