Ubah’s magic working already as Dollar dips to N305 after his challenge
The Chairman of Capi­tal Oil and Gas Servic­es Limited, Dr Ifeanyi Ubah, on Tuesday staked his N500 billion assets on his proposal to the Federal Gov­ernment to stem the free fall of the Naira against the Dollar.

Ubah said if given the op­portunity by the government, he would halt the slide of the na­tional currency and bring it back to N200 to the dollar within one month.

The billionaire businessman, who addressed journalists in Abuja, backed President Muham­madu Buhari’s decision against devaluing the Naira, noting that such move would not augur well for the economy.

He stated that it was wrong to blame the fall of the Naira on low price of crude oil in the international market, insisting that other major oil exporting countries were not facing similar challenge with their national currency.

Ubah said if he failed to fulfil his pledge, government was free to take over his assets. He there­fore called on the government to make him its chief consultant on financial stability, stressing that he would work with any govern­ment agency or groups includ­ing the Economic and Financial Crimes Commission (EFCC) to achieve his target.

Indeed, Ubah’s magic seems to have started working already. The Naira had been trading at N385 to the dollar at the black market in the last few days.

However, with­in 48 hours of Ubah’s challenge to bring the dollar down to N200 within one month, if mandated by the Federal Government, the Dol­lar dipped significantly yesterday, trading at N305 in some bureau de change outfits within the Fed­eral Capital Territory.

“This shows that the scarci­ty was artificial. The masses, es­pecially traders, are suffering. Some traders are almost packing up their things to go home, be­cause of the high cost of foreign exchange which is crippling their businesses. Those manipulating and benefitting from the foreign exchange racket should be fished out and punished,” Chief Ubah said.

He explained that having built the Capital Oil and Gas Services Limited to a position where it now accounts for 34 percent of Nige­ria’s daily consumption of petro­leum products, through his inge­nuity, and without any form of waiver, grant or concession from the government, he was ready to assist the country to stabilize the economy by growing the value of the Naira.

According to him, “I want to reiterate my earlier my proposi­tion to the Federal Government about my capacity to bring down the value of the Naira. It is not about who is Ifeanyi Ubah, what can he offer, it is about creative thinking.

“Nine years ago I created a structure at 36 years in the down­stream of the nation’s oil sector that contributes close to 35 per­cent of the nation’s oil use. That re­cord has not been broken and one thing the nation lacks is competi­tive governance as they all rely on Abuja to share money at the end of every month.

“There is no more creative thinking, nobody is thinking out of the box. Governors rely on the centre for their sustenance but they must have to develop on their as the centre cannot sustain their needs.

“I have four cardinal points that will help in stabilizing the Naira and I am one of the very few people that helped Nigeria and saved the nation on several occasions”.

Ubah stressed that since he appeared on Channels TV to make the proposal last Sunday, the Naira has appreciated tremen­dously, a clear indication “that this freefall of the Naira is artifi­cial and could be better managed with honesty and ingenuity”.

“I am saying that I pledge every asset of mine into my pro­posal, if I fail to bring a dollar to N200 within 30 days, the feder­al government should seize eve­rything I have. I thank Mr. Pres­ident for not heeding the advice to devalue the Naira. I thank him and he should remain firm be­cause nothing has changed.

“Yes, we have issues with dwindling prize of oil but that is not even it.

Other states have it, Dubai have it, and have their money gone beyond 3.65 to the dollar that it has been in the last 20 years? Is there any other mag­ic they are using? Is their foreign reserve depleting?

“No, let us be frank, it is all about re-engineering the eco­nomic sector of Nigeria, man­agement of Nigerian industries and at the same time, supporting those who really need support, who can contribute towards eco­nomic growth of Nigeria than supporting monopoly”, he added