Ubah: In one month, I can restore naira to 200/$
Ifeanyi Ubah, chairman of Capital Oil and Gas, says he has the business wherewithal to restore the naira to 200 against the dollar in one month – only if consulted by President Muhammadu Buhari,
With the naira currently exchanging with N384 to N390 against the dollar, Ubah, who was speaking on Channels TV’s Politics Today, said the fall is not as a result of the activities of the Bureau De Change (BDC) operators.
“Look at the economy, look at the position of the naira today; some of us have ideas on how we can restore this,” he said.
“Do you know how many Burea De Change people who food has been taken out of their families because of this? If you say they are the ones causing it, then where are you today?
“It needs strategic management. It won’t take me one month, if you give me part of that consultancy, naira would come back to 200.
“I can bet my life with it, naira would come back to N200. If you call me for that consultancy, I would put naira back to 200.”
When asked how he would achieve the feat, Ubah said: “Don’t worry, that’s my business and business is secret.”
Ubah said he had no hand in the alleged rigging of Ekiti state election. He described Ayo Fayose as a stingy governor, saying he appreciates his non-participation in the state’s election.
“Ayo is a stingy governor, he is not helping people that helped him, But the issue is this, I did not, if I have done, I would say I did it. Even those ruling us today, didn’t people give them money?”
He said that the Transformation Ambassadors of Nigeria (TAN), which he owns, can work for Buhari in the future, although “nobody is dictating to TAN”.
Ubah, who is the deputy director of the Peoples Democracy Party (PDP) mobilisation team, said he never collected any money from Sambo Dasuki, former national security adviser, for electioneering.
“I did not know Dasuki. TAN never received money from Dasuki or the People’s Democratic Party. We did what we did in the interest of the nation and for posterity.
“I’m a politician with a mindset of making life worth living for the people when issues seem to be getting out of hand. So TAN has no hand in whatever that has to do with the arms deal fund.”
Your comment.We can do without the leperous hands of those who benefitted from the fake subsidy regime of the locust years of PDP.
Looks like a secret agenda you have my brother, you are supposed to be a patriot as to contribute your so called idea freely without asking for special consulting!!
There is not secret to reducing the exchange rate. It is guided by forces of demand and supply. We are an import dependent nation. Majority of what we use are imported. Oil which has been the sole major foreign earner for us is priced like garri now. Cost of production of oil has not gone down. You spend on production just as much as you would when the oil was selling for $110 per barrel. Your profit on each barrel of oil sold is as little as it can be. Some oil fields (outside of Nigeria) are even closing operations because is no longer for them to operate and be profitable. Russia is bleeding. Saudi Arabia is cutting cost. Economies that are not feeling this badly, that are oil producing oil countries like us, had invested well the money they had when the time was good. Unlike them, we wasted every opportunities we had. If anyone is deceiving you he has solution, you are on your own. This will force us to look inward and develop many things locally. Can you imagine, ordinary tooth picks are imported. Handkerchief, face towels and many others are all being imported. All these put pressure on the Naira. The story would have been different if we sell more things outside of the countries. This would made goods from Nigeria very cheap and make us competitive and get more of our produces out.