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How Buhari Can Crash The Dollar/Naira

Disparity- Ifeanyi Ubah
By Evabeta Tega

Published:1 Nov, 2016

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Nnewi-born billionaire and Managing Director of Capital Oil and Gas, Dr. Ifeanyi Ubah, has
offered the President Muhammadu Buhari-led administration what he described as the best
possible ways to addressing the biting recession, as well as crash the proliferating Dollar/Naira
disparity in the foreign exchange market.

Speaking at the World Youth Gathering, Holy Ghost Adoration Ground, Uke in Idemili North
Local Government Area of Anambra State, Ubah lamented that there is nothing wrong with the
Nigerian economy, but rather said the countrys major problem is that it has bad economic
managers.

Recall that last February, Ubah had vowed on a national television that if consulted by President
Buhari, he could use his technical-know-how to stabilize the Naira to an exchange rate of
N200=$1. Then, the Dollar/Naira disparity had skyrocketed that N400 was already exchanging
for $1 in the Parallel market.

Insisting on his earlier stance of possessing the technical-know-how on how the Dollar/Naira
disparity can be crashed, Dr. Ubah pointed that the only solution to Nigerias economic
problems is one- addressing the cancer to our Forex which setting up 10 modular refineries can
solve that problem. The second cancer that is affecting us is the Economic and Financial Crimes
Commission (EFCC).

The oil magnate stated at the Adoration Ground in Uke, I said that I am going to bring down the
dollars, I sought for consultations because in the past I have done so many things and at the end
of the day, people took the glory.

This is an issue that is very important to me. Government must understand that Bill Gates, one of
the richest men in the World today said, its not about academics, its about being streetwise.
Money-making is an art.

There is nobody that cant make money. It depends on how you design the art of how you want
to make money. Now, let me give you an example today and let me also proffer a solution to
Nigerias economic problems. The biggest Forex consumer in Nigeria today, is the Petroleum
Product (Downstream), of which I am the leader.
Petroleum products take over 75 per cent of the Forex that Nigeria generates. Therefore, if you
want to attack the difference between the Naira and the Dollar and of which no expert has been
able to find out a solution, what you need to do is to find an alternative that you need to energize
in Nigeria, so that the demand for Forex needed for the importation of petroleum products will
crash.
If you do that, you have taken away 75 per cent of that cancer that is taking away our dollars.
And how do you do this? Theres what is called top-up refineries. Some top-up refineries can
cost us as little as $200million.

I am the Chief Economist of this country, and I want to bring back the value of Naira; if I want
to bring back life to the economy of Nigeria, what I need to do is to take up a bond from our
reserve of $2billion. If I am able to take a bond of $2billion from our reserve, which is not
money I am spending, but a bond, our money remains. And I can take this $2billion and then
share it among 10 companies.

And In that 10 companies, I will create Special Purpose Vehicles (SPVs) of 10 oil marketers to
one company.

If you bring 10 oil marketers to run one company and government funding them for 10 years, it
means that all of us will go there and bring the best of us to manage the company.

Therefore, what we are going to do is create 10 companies along the whole water lines of
Nigeria, and in six months time, we can now refine our crude oil here in Nigeria, instead of
taking it abroad to refine. And by so doing, we dont need to buy dollars anymore to import
petroleum products.

It means that we can now be refining our crude oil, using it to produce our own petroleum deeds.
Petroleum product is one of the biggest factor today in this country. Without fuel, nobody can
drive to Uke today. If there are students going on strike, government may show neglect. If
doctors go on strike, government may neglect.
But once there is a strike over fuel government will always run to see how it will stop the strike.
According to the Publisher of Authority Newspapers, We must understand that fuel is a critical
factor in Nigeria. Because its a critical factor in Nigeria today, government is so fragile not to
challenge the petroleum industry.

This is very important and whoever is the Chief Economist of Nigeria must take this as the only
solution. There is no other solution. This solution is coming today in the Adoration Ground and
this is the first time I am saying it. That is the secret I said I need them (government) to consult
me.

But today, if they can translate it, they will know that Holy Ghost of Adoration Ground has
revealed it.

The President FC Ifeanyi Ubah said, The only solution to Nigerias economic problems is one-
addressing the cancer to our Forex which setting up 10 modular refineries can solve that
problem. The second cancer that is affecting us is the Economic and Financial Crimes
Commission (EFCC).

The duty of EFCC is to look into financial crimes. The duty of EFCC is look into those that
have taken so much of waivers.

So many people in Nigeria today are big men because they are enjoying government waivers.
And majority of Nigerian big men are lazy people. They always find a way to take waivers.

The EFCC must come to terms with their duty and start creating real economic crime desk. If
the EFCC can be able to look into every importer accessing dollars and what our dollars are
being used for.

If the EFCC can create an economic code that everybody that must access dollars should bid
through the EFCC and then everybody must sign a guarantee, a bond that government can look
into whatever he has bidded with the money before he bids it, those that are milking Nigerian
dollars will run away.

The EFCC must stop only pursuing past leaders.

Not that they would not do their job in pursuing past leaders, but they need to look into how
many Nigerians are taking waivers, how many people are accessing dollars for agricultural
contents, but they are using the dollars to go to Dubai, bringing the dollar back into the country
and making money without doing anything.

I am saying all these things because of my love for this country. There is no problem in Nigeria.
The only problem we have is that we have bad managers. We have bad economic managers.

However, once government will begin to look towards the direction of people that will help
them to achieve the goals that can bring back our economy, then Nigeria can have a better
future, he stated.
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If Buhari Doesnt Act Now, Those Sabotaging The Naira May Return To Business Ubah
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I Can Grow Nigerias IGR By 30%, Ubah Tells FG

In "NEWS"

Football Business: Ifeanyi Ubah versus Aliko Dangote - Aderonke Ogunleye-Bello

In "SPORTS"

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