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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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Gunmen abduct Kwara APC chairman’s wife, daughter in midnight raid

Gunmen suspected to be kidnappers have abducted the wife and daughter of Alhaji Muhammad Swasun, Chairman of the All Progressives Congress (APC) in Patigi Local Government Area of Kwara State.

The victims, identified as Hajiya Fatima and her daughter Amina, were seized on Sunday, September 7, at night when a five-man armed gang stormed the party chairman’s residence in Sakpefu.

Eyewitness accounts revealed that the attackers scaled the compound fence and opened fire indiscriminately to terrify residents before breaking into one of the rooms.

“They entered into one of the rooms where they found his wife and daughter and took them away, shooting into the air,” a party executive told reporters, adding that the chairman narrowly escaped being kidnapped himself.

Another APC member confirmed that the gunmen operated for several minutes before whisking the women to an undisclosed location.

“The bandits abducted his wife, Hajiya Fatima, and his daughter, Amina, and took them to an unknown destination,” the source explained, according to Vanguard.

The latest abduction has heightened anxiety in Patigi, a region already grappling with recurring cases of kidnapping.

Residents have repeatedly urged the government and security operatives in recent months to intensify efforts to curb the menace.

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Ace Comedian Ali Baba evicted from Victoria Island property over legal dispute

Veteran Nigerian comedian Atunyota Alleluya Akpobome, popularly known as Ali Baba, has been evicted from his luxurious, multi-million-naira property located in Victoria Island due to a court dispute.

The property, which was purchased for ₦220 million by Ali Baba, is the subject of an ownership dispute at the Federal High Court.

Amid the legal dispute, Ali Baba and his company, XQZMOI TV, were evicted from the property located at 324A Akin Ogunlewe Street.

The eviction was carried out by bailiffs of the Federal High Court following a writ of possession signed on August 15, 2025.

The property in question was initially sold to Ali Baba by the Assets Management Corporation of Nigeria (AMCON) in 2021 for ₦220 million.

At the time, AMCON claimed it was recovering debts allegedly owed by Harold Expansion Industries Nigeria Limited.

But Harold Expansion disputed the debt and counterclaimed that they had already made repayments. Their lawyer, Benjamin Olayiwola Sadibo, insisted that the property was sold wrongfully.

On July 31, 2025, Justice Ambrose Lewis-Allagoa of the Federal High Court delivered a verdict that changed everything as he dismissed AMCON’s case, ruling that the corporation had failed to provide convincing evidence of the alleged debt.

The Justice stressed that AMCON did not even present a statement of account to back its claims a fatal omission for a creditor. Worse still, AMCON did not file a defence against Harold Expansion’s counterclaim, leaving the court with no choice but to side with the company.

In addition to ordering the property to be returned to the family of its original owner, the judge also imposed ₦500 million in damages on AMCON.

Ali Baba’s culpability in the case came as a result of the timing of the purchase. Records show that he purchased the property while the case was still in court, despite an existing preservation order.

He was said to have been a tenant of the property’s original owner before AMCON evicted the family and sold it.

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Police summon El-Rufai, other Kaduna ADC chieftains over alleged criminal conspiracy

Anti-Open Grazing

The Kaduna Command of the Nigerian Police has summoned former Governor of the state, Malam Nasiru El-Rufai, and other top chieftains of the African Democratic Congress (ADC).
In the summons letter dated September 4, 2025, the ADC members were invited for questioning over alleged incitement of public disturbance, criminal conspiracy, mischief, and causing grievous hurt.

Signed by the Deputy Commissioner of Police in charge of the Criminal Investigation Department (CID), Uzainu Abdullahi, the letter said the invited individuals are required to come and clarify the allegations against them.

“This Department is currently investigating the above-mentioned case involving the following members of your party. You are requested to come along with them to SCID to clarify allegations reported against them by the complainants on 8th September, 2025.

“Mal. Nasir El-Rufa’i, Bashir Sa’idu, Jafaru Sani, Ubaidullah Mohammed, aka 30, Nasiru Maikano, Aminu Abita, and Ahmed Rufa’i Hussaini, aka Mikiya,” the letter reads.

Sani, one of the invited members and ADC North-West Vice Chairman, told Daily Trust that he learned of the invitation through social media.

“Yes, most of us only saw the statement on social media,” he said, declining further comments.

The development followed the heated exchanges between the Kaduna State government and El-Rufai over the violence that rocked an ADC meeting in the state last week.

The government accused the former Governor of plotting to cause destabilisation in the state through provocative actions and inflammatory statements.

In a statement signed by Dr. Suleiman Shuaibu, the Commissioner for Internal Security and Home Affairs, the government said it wouldn’t sit idle and watch El-Rufai plunge the state back into violence, division, and insecurity.

“This Government will not fold its arms and allow a discredited former leader, who left the state in ruins, to ignite chaos and plunge the state into another era of ethno-religious tension, insecurity, and economic stagnation,” the statement read.

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