“After My Remarks On Channels, The Naira Dropped” -Capital Oil Boss Ifeanyi Uba As He Stakes N500 Billion Assets On N200/$1 Proposal
The Managing Director, MD, of Capital Oil and Gas, Dr. Ifeanyi Ubah has been trending on social media all morning after he followed up his claim that he could miraculously make Naira exchange for N200=$1 within 30 days, with fresh claims that he knew those behind the current foreign exchange crisis facing the nation and was ready to name them publicly.
He went further to say that the was ready to stake his entire business empire worth more than N500 billion on the proposal to further show that he was serious and meant business.
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.
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.
Ubah while speaking to journalists, in Abuja yesterday said that all he wanted from President Muhammadu Buhari , to achieve the goal, was to be appointed a consultant on Financial Stability, without pay. According to him, 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.
His words:
“What do we do to bring the exchange rate to N200=$1? I have four cardinal points but I will not release them. I am a man brimming with confidence and ideas which is why I would dare to make such an audacious wager.
“Since my appearance and statement on Sunday 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 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.”
He also said he is 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 try to rescue the nation’s economy from the edge of collapse, as he claimed to have brought life to the economy at ex-President Jonathan Goodlook’s administration at the peak of the fuel crises in country.
Lol @Moji…..no be only Jonathan Goodlook’s administration hahahahah
What a crap? He is barely seeking relevance and won’t have same under APC. Nigeria has moved off the era where you can ride on unsubtantiated ranting. Everyone knows the government stand on exchange rate. Moreso that the early part of any week will witness rate drop and if no pressure in the week, it stays low.