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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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EFCC to Arrest EezeeTee over Mercy Chinwo’s $340,000 Royalties

The Economic and Financial Crimes Commission (EFCC) has reiterated that Ezekiel Thankgod, known as EezeeTee, must appear before the Federal High Court in Ikoyi to answer allegations concerning Mercy Chinwo’s royalties.
The EFCC accuses Thankgod of laundering and dishonestly converting $340,000 in royalties meant for the gospel artiste.

According to the EFCC’s statement, Justice A. O. Owoeye ruled on Monday, February 17, 2025, that the defendant must appear in court to take his plea, setting March 6, 2025, as the next hearing date.

“The defendant, Ezekiel Thankgod, has consistently evaded arraignment despite multiple attempts by the EFCC’s Lagos Zonal Directorate to serve him. This prompted the issuance of a warrant for his arrest on January 16, 2025,” the commission’s statement read.

The EFCC detailed that the former manager of Mercy Chinwo and the CEO of Eezee Global Concepts Limited are facing a three-count charge involving money laundering and dishonest royalties conversion.

One of the charges states that in 2023, Thankgod retained $260,494 in an EEZEE Global Ministry account with Zenith Bank, an amount allegedly linked to unlawful activity.

The EFCC prosecutor, Bilikisu Buhari, noted that the agency had been unable to serve the charges directly to Thankgod, as he remained unreachable.

However, on January 24, 2025, his defense counsel, Dr Monday Ubani, SAN, accepted service on his behalf but filed a preliminary objection to challenge the charges.

Justice Owoeye had previously adjourned the case for arraignment, but Thankgod failed to appear, opting to be represented by his counsel.

With the bench warrant still active, the EFCC insists that the accused must personally appear in court on March 6 to defend himself.

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AfDB President Hints At Possible Run For Nigerian Presidency

The outgoing President of the African Development Bank (AfDB), Akinwumi Adesina, has hinted at the possibility of running for Nigeria’s presidency in 2027, stating he is “available to serve” once his tenure at the bank concludes.

In an interview with Arise Television’s news host, Rufai Oseni, Adesina, who also served as Nigeria’s Minister of Agriculture under former President Goodluck Jonathan, affirmed his commitment to national service, saying he is open to serving “globally, in Africa, anywhere, including my own country, Nigeria.”

When asked directly about his political ambitions, Adesina reflected on his deep attachment to Nigeria, recalling a moment when he chose to retain his Nigerian citizenship despite the opportunity to obtain a U.S. passport.

“I remember telling a colleague that this passport is a Nigerian passport, a green passport. I cannot and will never trade it for anything,” he said. “God did not make a mistake in making me a Nigerian. He didn’t make a mistake in making me an African.”

Expressing his passion for public service, Adesina noted that his ultimate source of happiness is witnessing a transformative change in people’s lives.

Drawing a parallel with Nigerian pop artist Davido’s hit song, ‘Unavailable,’ Adesina playfully remarked, “I would ask Davido to change that song—‘I am available, they will see me.’”

Adesina was first elected as AfDB President in 2015 and secured re-election for a second term in 2020. His tenure at the continental financial institution has been marked by a focus on economic development, infrastructure financing, and poverty alleviation across Africa.

While he did not declare his candidacy for the 2027 presidential race, his remarks have fueled speculation about his political future.

His track record and reputation as an economic reformer have long positioned him as a potential contender for Nigeria’s highest office.

As Nigeria’s political landscape gradually shifts towards the next general elections, Adesina’s latest remarks may signal a move towards a more defined political role.

Whether he formally declares his ambition remains to be seen, but his message was clear: he is ready to serve in any capacity that aligns with his vision for change

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Veteran Nollywood actor, Columbus Irosanga Passes On

Veteran Nollywood actor, Columbus Irosanga, popularly known for his role as a native doctor is dead.

His death was announced on Instagram on Thursday by fellow movie star, Hilda Dokubo.

Sharing the news, Dokubo wrote, “There can’t be a shortage of angels in heaven that the few here are called home like this na! This one is heavy on Uniport Rivers State Nollywood.”

Beyond acting, he was a senior lecturer at the Department of Theatre Arts, University of Port Harcourt.

His most notable film roles include Issakaba (2003) and 7 Kilometre (2015).

Throughout his career, he received numerous awards, including Best Actor in a Supporting Role (AMAA), Best Actor in a Drama (City People Entertainment Awards), Most Promising Actor in Nigeria (AMVCA), and Best Actor in a Leading Role (Best of Nollywood Awards).

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