NEWS

*BREAKING: Melaye To Spend Five Weeks In Police Custody*

Dino Melaye, the senator representing Kogi West Senatorial District at the National Assembly, will be remanded in custody of the Nigerian Police Force till June 11, 2018, after losing his appeal for bail. Melaye was arraigned for alleged gunrunning at the Magistrate Court in Lokoja, Kogi State, on May 3.

The senator was brought into the court premises in a police ambulance. Sahara Reporters had earlier reported that Melaye was arraigned before the Chief Magistrates Court, Wuse, Abuja, for criminal conspiracy, causing damage to government property, attempted suicide and escape from lawful custody.

He was granted bail for N90 million but was baited with hospital only to be rearrested to immediately face other criminal charges against him.

To read full article - http://v.duta.us/bN7MBQAA

*Buhari’s visit: U.S. finalises repatriation of over $500m to Nigeria –Malami*

The visit of President Muhammadu Buhari to U.S. President Donald Trump has led to the finalisation of negotiations to repatriate more than $500m (about N190bn) of Nigeria’s looted money traced to the U.S. Nigeria’s Attorney-General and Minister of Justice, Abubakar Malami, told the News Agency of Nigeria in Washington, DC, that he and the Attorney-General of the U.S. would be meeting last Tuesday to finalise the agreement.

Malami explained that the technicalities involved were being taken care of by both officials of the Nigerian government and also from the U.S. side.

To read full article - http://v.duta.us/4l9gswAA

*CBN signs $2.5bn currency swap deal with China*

After two years of painstaking negotiations, the Central Bank of Nigeria has finally signed the execution of a bilateral currency swap agreement with the People’s Bank of China. The development was confirmed on Thursday in Abuja by the Acting Director, Corporate Communications, CBN, Mr Isaac Okorafor.

He said that the Governor of CBN, Mr Godwin Emefiele, led officials of the CBN, while the PBC Governor, Dr Yi Gang led the Chinese team to the official signing ceremony which was held in Beijing, China. The transaction, which is valued at Renminbi 16 billion, or the equivalent of about $2.5bn, is aimed at providing adequate local currency liquidity to Nigerian and Chinese industrialists and other businesses.

This, according to him, would reduce the difficulties encountered in the search for third currencies in the execution of business transactions between Nigerian and Chinese industrialists.

To read full article - http://v.duta.us/IDosfAAA