CHRIS BROWN AVOIDS JAIL AFTER LONDON NIGHTCLUB ATTACK, GETS 8-MONTH SUSPENDED SENTENCE. (PHOTO).

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 Chris Brown Avoids Jail After London Nightclub Attack, Gets 8-Month Suspended Sentence Chris Brown will not be going to prison for now after a London court sentenced him over a nightclub attack that left music producer Abraham Diaw injured. The American singer, 37, was sentenced at Southwark Crown Court on Monday, October 26, receiving eight months in prison, suspended for 12 months. His co-defendant, rapper HoodyBaby, whose real name is Omololu Akinlolu, 40, received a four-month suspended sentence, also for 12 months. Both were ordered to pay £1,500 in costs. The case dates back to February 19, 2023 at Tape nightclub in Mayfair, London, where Brown admitted attacking Diaw with a tequila bottle. CCTV footage showed the producer being struck twice on the head, hit on the shoulder, chased, pushed to the floor and kicked while down. He later received hospital treatment at St Mary's for head trauma and a minor knee injury. During sentencing, Judge Tony Baumgartner made it clear that ...
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AIRLINES, OTHERS TO GET FOREX BACKLOG. (PHOTO).

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Airlines, others to get forex backlog

Foreign airlines and other business owners have been told to meet their banks to clear the foreign exchange (FX) forwards backlog.
A senior Central Bank of Nigeria (CBN) official confirmed the directive from the apex bank yesterday.
The official said the CBN will settle the remaining FX forwards backlog this week, added that 14 banks, including Stanbic IBTC, Keystone and Citi bank had their FX forwards contract settled last week.
The CBN official said the apex bank will not deal directly with any airline or other businesses except through their banks.
With the CBN steadily addressing the FX backlog, there are indications that a portion, if not the entirety, of the $10 billion, as mentioned by the finance minister, earmarked for offsetting these backlogs, may have already been received.
FX forwards involve the buying and selling of currencies at a prearranged price on a future date.
This allows a buyer and seller to enter into an agreement to exchange forex at a specified rate, different from the prevailing market rate on a future date, thereby providing a hedge against market volatility.
The official noted that the CBN will be settling the remaining FX forwards backlog this week.
The apex bank’s move is a positive development for the Nigerian economy, the FX market, the value of the naira, and the country’s gross external reserves.
It is also expected to improve Nigeria’s credit ratings from international rating agencies and boost foreign investor confidence in the CBN.
The FX backlog led to the downgrading of Nigeria’s status by rating companies in the business community.
One of the rating agencies – Morgan Stanley Capital International (MSCi) – spoke of plans to reclassify Nigeria’s indexes from frontier to ‘Standalone’ status by February 2024. It hinged the plan on the unsettled forex.

 

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