· 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


http://www.authorityngr.com/2016/02/N200-PER-DOLLAR-PROPOSAL--Ifeanyi-Ubah-stakes-N500bn-assets/

squash1986:
·
''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.
“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''.
http://www.authorityngr.com/2016/02/N200-PER-DOLLAR-PROPOSAL--Ifeanyi-Ubah-stakes-N500bn-assets/

I fear this guy.

There is a great sense in what this man is saying. I think Buhari should draw him near his government and litmus test his idea. rather than encouraging monopoly like the way dangote owns the whole economy we should give him a chance.

Nigeria economy in the hands of igbo men,,,the day the igbo men secced nigeria,the day nigeria woes will begin

I dey fear now. For person to put 500 billion worth of assets in line tells me he is 100% certain of his plan. This one don pass joke...nah real deal be this!

My question to Buhari government is...are you afraid of free 500 billion naira assets if his proposal fails? Or do you know something that Ubah knows?

Wetin dey beat band for dove for shaking his head always na inside ground e dey.

What is dragging the naira down south is not only about the price of crude oil.

Is there anything Ubah is trying to hide from the Nigerian authority?

BekeeBuAgbara:
I fear this guy.

That's we Igbos for you. The brain of an average Igbo man is constantly thinking.

There is something Buhari knows that this business man know as well.

Without Igbo's , Nigeria will be sleeping on top of bicycle. Ubah idi egwu.

We have thousands of great economists and industrialists who can elevate and revamp this nation but for sectional, tribal and religious reasons, they are ignored and our nation is being run by the certificateless alhajis. Next time, we shall elect young vibrant economists and talented leaders and forget about the past economic disasters that have been ruining the economy of this nation since independence.

He's serious. Staking that huge sum is past child's play. I love his analysis. But, funny enough, he might not be welcomed, I read the part that he said "the unprecedented increase is artificial." some "idiots" might be behind all these.

tempem:
He's serious. Staking that huge sum is past child's play. I love his analysis. But, funny enough, he might not be welcomed, I read the part that he said "the unprecedented increase is artificial." some "idiots" might be behind all these.

Yes ...the idiots you mentioned will get dollar from CBN at 197 and sell it for 400 naira...imagine the profit. Could possibly be bankers...as they are certain of dollar from CBN. The elite are behind this!

FG should give him the chance, maybe in the capacity as an advisor while paying him heavily to correct our economic woes. Buhari shouldn't be all proud this time.

If at the end Buhari did not heed to his (Ubah) advice, then Buhari know what we Nigerians don't knw.

Ok

*modified*
So na d FP wey dey h!gh some peeps be dis... *Tche*ew

Naija9090:


Yes ...the idiots you mentioned will get dollar from CBN at 197 and sell it for 400 naira...imagine the profit. Could possibly be bankers...as they are certain of dollar from CBN. The elite are behind this!

That's bad! I wish he could get his way in.

There are some things I notice in this post
Firstly someone is putting down a whopping sum of #550b,
Secondly, he his even begging and even staking big, to help the government
Thirdly does the government not knows what to do with #500b,now dollars is gaining value
Fourthly, the government (PMB) knows something Ubah also know,.
Finally somebody is over sure of helping his country and the government is finding it hard to welcome him, definitely I smell something fishing with the corruption fighting government

The arrangee PHDs y0rubas get in schools with all their impersonations, the 1gbos get in onitsha main mkt and Alaba plus the natural PHD from Baba God.

Wait and watch Americans beg us for foreign aid when the likes of Peter Obi become Nigeria's President.

Go on Ubah...

the position ubah is asking for is a sensitive one which cannot be materialize he should have know that he cannot reap in where he did not sow imagine ubah magic has started working how? as if the president give him go ahead? must he praise himself when is not even yet allow to do the job? and besides is there is no any other way he could use to see the president in private instead of social media? if he want to play gamble he should seek for another place else.naira is coming back i salute mr president courage kudos to you sir.

No idea is a waste. I think we should give him some chance. There is something he knows Nigerians are yet to know.

Reminds me of the NSE saga of Otedola and Dangote.


Ifeanyi Ubah wey i know? Let watch and see shaa.

When there was artificial scarcity of fuel and blackmail from oil importers, it was this same man that saved Nigeria. I believe he has something to offer and only needs government backing.

johnmartus:
the position ubah is asking for is a sensitive one which cannot be materialize he should have know that he cannot reap in where he did not sow imagine ubah magic has started working how? as if the president give him go ahead? must he praise himself when is not even yet allow to do the job? and besides is there is no any other way he could use to see the president in private instead of social media? if he want to play gamble he should seek for another place else.naira is coming back i salute mr president courage kudos to you sir.

" He cannot reap where he did not sow"

This fellow response is highly deplorable. Represents everything wrong with Nigeria and why we can never succeed. We put cronyism, nepotism and tribalism ahead of meritocracy and diligence. If we had another fuel crisis and he was in the position to help...we shouldn't let him or he shouldn't help because by your logic ...he didn't sow with the current government so cannot reap? SMH

Kj

Achuwa1:
Nigeria economy in the hands of igbo men,,,the day the igbo men secced nigeria,the day nigeria woes will begin

Shut up

Achuwa1:
Nigeria economy in the hands of igbo men,,,the day the igbo men secced nigeria,the day nigeria woes will begin

see ur life

btw.. now the mans money is involved some cronies from some particular region will want to cash in.. una no fit win

Naija9090:


Yes ...the idiots you mentioned will get dollar from CBN at 197 and sell it for 400 naira...imagine the profit. Could possibly be bankers...as they are certain of dollar from CBN. The elite are behind this!

But bankers has limit they can get and sell out to each person with the persons passport with visa scanned to CBN.
The aboki are the ones running the local BDC and controlling everything they hide thier money wit the dollar changers to run business for them. It's thier biz they won't want the dollar come down. Other zones r importers of raaw materials and good while the other always need the dollar to pay sch fees and meet needs abroad. Now who Is likely to be behind this game of not letting this flow.

Fear Igbo man.. Something tells me this man shouldn't be taken lightly though. He knows what he is saying.

Moderator move this thread back to politics...why would you move such an important news to business? This is a political news not business for God sake! The more this news is out there everyday, dollar will continue to fall. This news scares those criminals orchestrating this artificial spike.

Ifeanyi's confidence on trying to show APC and FG that it takes more than integrity to govern a diverse country like ours is worth 500billion naira. That's a strong shoulder to lean on my people

This man is only speculating, once a prominent person voice his/her opinion regarding economic of a nation, its normal for the market to react because investors are risk averse. Last week, Cameron campaigned for Britain Eu support, pound surges and when Mayor Boris Johnson, a prominent politician said on Monday he will campaign for britain exit come June 23 (referendum) pound falls and still falling.

The truth is what Ubah said or hes saying has no verifiable effect on the economy, until government take a proactive approach by formulating policies to curtail both fuel importers and banks involved in sabotaging the economy, nothing will happen. Ubah is just another voice of the same cabal profiting from the system.

johnmartus:
the position ubah is asking for is a sensitive one which cannot be materialize he should have know that he cannot reap in where he did not sow imagine ubah magic has started working how? as if the president give him go ahead? must he praise himself when is not even yet allow to do the job? and besides is there is no any other way he could use to see the president in private instead of social media? if he want to play gamble he should seek for another place else.naira is coming back i salute mr president courage kudos to you sir.

is it about reaping where he did not sow or about bringing solution to our current predicaments? He knows the free fall of the naira is artificial and spoke out, that is why those behind it soft pedaled and the naira came down. I believe it is better to try something new since he is putting up his asset and asking for a no pay job. Afterall some people believed Buhari when he said he will equal the naira with dollar

Wow....

Am in for Ubah