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VP Osinbajo To CBN: Harmonize The Official Naira Rate With The Parallel Market

VP Osinbajo

As the nation continues to grapple with the downward spiral of the naira, the number two citizen, Vice-President Yemi Osinbajo has challenged the Central Bank of Nigeria (CBN) to allow the naira to reflect the exact realities of the exchange market.

Presently, while Nigeria’s currency, the Naira, is exchanged for N411 to one dollar official exchange market, it is exchanged at N565 to one dollar at the parallel market – and it is generally believed that the latter figure is actually the true value of the naira.

VP Osinbajo, who was speaking during the midterm retreat of President Muhammadu Buhari’s second tenure, said the disparity between both rates is too wide and would leave foreign investors confused, if not deterred from bringing foreign exchange into the country.

“As for the exchange rate, I think we need to move our rates to [be] as reflective of the market as possible. This, in my own respective view, is the only way to improve supply. We can’t get new dollars into the system, where the exchange rate is artificially low.

“And everyone knows by how much our reserves can grow. I’m convinced that the demand management strategy currently being adopted by the CBN needs a rethink, and that is just my view. Anyway, all those are issues that when the CBN governor has time to address, he will be able to address in full.”

He pointed out that the nation’s apex bank was competing with ministries, departments, and agencies of government and he urged them to stop the trend as they cannot afford to be in such competition with the fiscal side of the economy.

VP Osinbajo said:

“There must be synergy between the fiscal and the monetary authority. We must be able to deal with the synergy, we must handle the synergy between the monetary authority, the CBN, and the fiscal side. Sometimes, it appears that there is competition, especially on the fiscal side. If you look at some of the interventions, you will find that those interventions are interventions that should be managed by ministries.

“The Ministry of Industry, Trade and Investment should handle MSMEs interventions, and we should know what the CBN is doing. In other words, if the CBN is intervening in the MSME sector, it should be with the full cooperation and consent of the ministry of industry. Sometimes you will get people who are benefiting more than once because we simply have no line of sight on what is going on, on one side.”

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Entertainment

Charly Boy celebrates daughter’s engagement to a Woman

Veteran Nigerian entertainer Charles Oputa, popularly known as Charly Boy, has publicly celebrated the engagement of his daughter, Adaeze, to a woman, drawing a wide range of reactions from Nigerians online. Charly Boy shared a video from the engagement ceremony on his Instagram page on Thursday, referring to the couple as his “beautiful Princess and her Husband” and asking his followers to extend their well wishes. “Folks, wish dem well for me,” he wrote.

Adaeze also announced the engagement herself, sharing a photo with her partner alongside the caption “WE’RE ENGAGED!” and the hashtag #mrsandmrsgray2027. She expressed excitement about the relationship in her post, writing, “Here’s to a lifetime of love, laughter, growth, and making beautiful memories together. I can’t wait for everything God has in store for us. Forever sounds even sweeter with you.”

The announcement quickly drew attention online, with reactions split between congratulatory comments and criticism, reflecting Nigeria’s broader social and legal climate around same-sex relationships, where such unions remain both criminalised and widely stigmatised. Adaeze was previously married to a man, Metu Anu, in a traditional wedding held in Abuja in February 2018, a union that later ended in divorce.

This isn’t the first time a member of the Oputa family has publicly navigated a same-sex relationship. Charly Boy’s other daughter, Dominique “Dewy” Oputa, is also known to be in a relationship with a woman, both daughters currently reside outside Nigeria.

Charly Boy, also known as Area Fada, has built a decades-long career and public persona around unconventional, often boundary-pushing views on social and cultural issues in Nigeria. He has spoken previously about surviving prostate cancer, being sexually abused by a nanny during his childhood, and long-standing tension within his own nearly 50-year marriage to his wife, Diane.

He has also addressed public speculation about his own gender expression and sexuality directly, arguing that embracing traits often associated with femininity does not diminish a man’s identity.

The entertainer has 10 children and 14 grandchildren in total, and has continued to speak openly about his family throughout his public career, even as his views have periodically placed him at odds with more conservative segments of Nigerian society.

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Entertainment

Tyler Perry reveals why he has chosen to stay away from marriage

American filmmaker, actor, and playwright Tyler Perry has revealed why he has no interest in marriage, saying his biggest concern is not the institution itself but the financial and emotional toll of divorce. Perry disclosed in a recent interview on The Jennifer Hudson Show that his view of marriage is largely shaped by what he has witnessed happen to people after their relationships end.

“Nope, it’s not the marriage that bothers me; it’s the divorce. Everybody that I know who did well and went broke, it was because of a divorce, so I’m good being free.”

The filmmaker also described some of the thoughts that come to mind when he considers marriage, including the possibility of being hurt or betrayed by a partner.

“What makes me think about marriage is that you are no good, heartbreaker, you’re a cheat, and I don’t know why I let you do this to me. That’s what I think about.”

Beyond his views on marriage, Perry also opened up about grief and the difficulty of losing someone close to him, particularly his late mother, Maxine Perry.

“The thing that people don’t get is the stuff we deal with and the loss of a mother and how hard that is. I believe that people have angels that have gone on, but they are still looking out over, and that’s how I feel towards my mother. She used to say so many amazing things to me.”

Perry has often spoken about his mother’s influence on his life and career. His upbringing and experiences with family have also featured prominently in his storytelling, particularly through characters and themes centred on faith, resilience, family and overcoming hardship.

The filmmaker has built one of Hollywood’s most successful independent entertainment empires through films, television shows and stage productions.

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Business

Dangote Refinery opens landmark IPO today to the investing public

Dangote Petroleum Refinery & Petrochemicals FZE today announced the commencement of its Initial Public Offering (IPO), marking a historic milestone in Nigeria’s economic development and the evolution of Africa’s capital markets. The offer will be formally launched at a ceremony on the trading floor of the Nigerian Exchange (NGX) in Lagos, bringing to the public, for the first time, an opportunity to own a stake in Africa’s largest refinery and one of the world’s most significant industrial projects.

The IPO, which opens today, September 14, 2026, consists of 4.1 billion new ordinary shares offered at N525 per share, with a minimum subscription of 10 shares valued at N5,250. The offer is expected to remain open until October 13, 2026, subject to the terms outlined in the Prospectus. The transaction is targeted at retail, institutional, and eligible African investors, reinforcing Dangote Refinery’s commitment to broadening ownership and deepening participation in Nigeria’s capital market.

The public offer is expected to raise approximately N2.15 trillion, making it one of the largest equity offerings ever undertaken in Africa. The proceeds will support the Refinery’s long-term growth plans, operational expansion, strategic investments, and the creation of additional value for shareholders and stakeholders alike.

Speaking on the significance of the IPO, President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said: “Today marks the beginning of a new chapter in the history of Dangote Refinery and, indeed, in the economic future of our nation. This offering is about more than raising capital; it is about creating an opportunity for ordinary Nigerians, Africans, and investors across the globe to participate directly in one of the most transformative industrial projects ever built on the continent. We established this refinery to transform Africa’s energy landscape, create jobs, conserve foreign exchange, and unlock shared prosperity. With this IPO, we are extending that vision by democratising ownership and ensuring that millions of people can benefit from the value being created.

“We believe that broad-based ownership is one of the most effective ways to build wealth, strengthen the capital market, and accelerate economic inclusion. We invite investors to join us as partners in building a globally competitive enterprise that will continue to shape the future of energy, manufacturing, and economic development in Africa.”

According to Temi Popoola, Group Managing Director and Chief Executive Officer of Nigerian Exchange Group: “The launch of the Dangote Petroleum Refinery IPO is an important moment for Nigeria’s capital market, not simply because of the scale of the transaction, but because of what it represents.

“Our capital market must increasingly become a place where Nigerians can participate in the value created by our country’s most important businesses. That means broadening ownership, expanding access and creating stronger connections between Nigerian enterprise and Nigerian capital.

“At NGX Group, we have been deliberately building the infrastructure to make that possible. Through NGX Invest and connectivity across more than 50 distribution channels, including stockbrokers, banks and fintechs, we are making participation in the public market more accessible.

“This is how we build an ownership economy: strong Nigerian businesses accessing long-term capital, and more Nigerians having the opportunity to participate in their growth.”

Dangote Refinery has emerged as a strategic national asset, helping to strengthen energy security, reduce dependence on imported refined products, conserve foreign exchange, and position Nigeria as a major exporter of petroleum products. Since commencing commercial operations, the Refinery has supplied premium-quality petroleum products to domestic and international markets while supporting industrial growth and economic transformation across the region.

The company emphasised that participation in the offer has been designed to be accessible, transparent, and technology-enabled. Eligible investors can subscribe through approved distribution channels, including NGX Invest, designated commercial banks, and authorised investment platforms, subject to the provisions contained in the Prospectus.

As the commencement ceremony takes place on the floor of the Nigerian Exchange today, Dangote Refinery reaffirmed its commitment to operational excellence, corporate governance, sustainable growth, and long-term value creation for shareholders.

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