I Have Formula To Stabilise Naira – Ubah



IFEANYI Ubah, managing director of Capital Oil and Gas, on Tuesday, February 23, insisted that he has a magic wand that would firm the Naira to an exchange rate of N200 to a Dollar within 30 days.

Ubah while addressing journalists in Abuja, said that all he wanted from President Muhammadu Buhari, to achieve the goal, was to be appointed a consultant on financial stability, without pay.

The business magnate said he had a four-point strategy to achieve the extra-ordinary feat but that he would not make them public unless appointed a consultant by the federal government. Ubah said: “Since my appearance and statement on Sunday (February 21) night on Channels TV, Dollar has crashed from N400 to $1 to N370 to $1. Is this not enough evidence that this freefall of the Naira is artificial and could be better managed, with honesty and ingenuity?

“Do we have what it takes? It is not about being a professor in school but doesn’t know the chemistry of how a business plays. I know the people who are causing this problem and I can name them. I am fearless.

“I don’t want to be a minister of Finance. I don’t want to be governor of the CBN. I don’t want any appointment from the federal government. All I want is to be a consultant on financial stability and it will be free of charge.”

The Capital Oil MD reiterated that he was ready to stake his entire business empire worth more than N500 billion on the proposal. According to him, he would be prepared to work with other good spirited, knowledgeable business operators and financial experts, as well as, the Economic and Financial Crimes Commission, EFCC, to achieve the goal. Given the opportunity, it would not be the first time that he would rescue the nation’s economy from the edge of collapse, as he claimed to have brought life to the economy during former President Goodluck Jonathan’s administration at the peak of the fuel crises in country.

Besides, Ubah also claimed to know those behind the current foreign exchange crisis facing the nation and was ready to name them publicly.

— Feb 24, 2016 @ 13:35 GMT


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