11 Views

How Buhari Can Crash Dollar/Naira Disparity- Ifeanyi Ubah

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 country’s 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 Nigeria’s 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, ‘it’s not about academics, it’s about being streetwise.’ “Money-making is an art.

There is nobody that can’t 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 Nigeria’s 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? There’s 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 don’t 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 it’s 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 Nigeria’s 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.

Get the best viral stories straight into your inbox!

Don't worry, we don't spam

Leave a Comment

Your email address will not be published.

Latest Posts

Singer, Wizkid Gives Health Update, Appreciates Fans For Their Support
Entertainment
19 views
Entertainment
19 views

Singer, Wizkid Gives Health Update, Appreciates Fans For Their Support

Mabel - September 20, 2017

Nigerian singer, Wizkid who a few weeks ago revealed that he’s been battling with an unknown ailment that has prevented him from performing has bounced back. He took to…

Rivers Governor, Nyesom Wike Assigns Portfolios To 20 New Commissioners… [See Full List] 
Politics
16 views
Politics
16 views

Rivers Governor, Nyesom Wike Assigns Portfolios To 20 New Commissioners… [See Full List] 

MT - September 20, 2017

The Rivers State Governor, Nyesom Ezenwo Wike has on Wednesday, assigned portfolios to Cabinet Commissioners in the state. According to a statement posted on Facebook the newly…

Rochas Okorocha Has This To Say On IPOB, Biafra: “Hausas Can Win Election Without Igbos”
Politics
25 views
Politics
25 views

Rochas Okorocha Has This To Say On IPOB, Biafra: “Hausas Can Win Election Without Igbos”

MT - September 20, 2017

Rochas Okorocha has revealed that Igbos play the worst politics in Nigeria saying that Hausas can win election without them. Imo State Governor, Rochas Okorocha has accused…

Meet Endurance Otobi, The Blind Shoe Cobbler Who Is Defying All Odds
Business
18 views
Business
18 views

Meet Endurance Otobi, The Blind Shoe Cobbler Who Is Defying All Odds

PH - September 20, 2017

Endurance Otobi is a blind shoe mender from Delta state Nigeria. He was not born blind, he started having problems with his sight while he was in primary…

Kano Government Declares Friday Public Holiday To Mark Islamic New Year
Religion
20 views
Religion
20 views

Kano Government Declares Friday Public Holiday To Mark Islamic New Year

Mabel - September 20, 2017

The Kano State Government has declared Friday, September 22, as public holiday to mark the new Islamic year. This is contained in a statement signed by the…

Anthony Joshua Names Two Boxers Who Can Strip Him Off World Heavyweight Champion
Sports
38 views
Sports
38 views

Anthony Joshua Names Two Boxers Who Can Strip Him Off World Heavyweight Champion

MT - September 20, 2017

Nigerian born British boxer, Anthony Joshua has opened up on two people who pose a threat to his soaring fame in boxing.   Anthony Joshua Nigerian-British boxing…

Fasasi Tosin Oladayo; The 18 Year-Old Nigerian Inventor With Four Patents To His Name
Inspiring
62 views
Inspiring
62 views

Fasasi Tosin Oladayo; The 18 Year-Old Nigerian Inventor With Four Patents To His Name

MT - September 20, 2017

Fasasi Tosin Oladayo  is a third year Aerospace engineering student. He currently own four patents and he is also the founder of Nigeria biggest telecommunication equipment company…

LIST: 4 Highly Profitable Talents And How They Work; According to An Expert
Inspiring
54 views
Inspiring
54 views

LIST: 4 Highly Profitable Talents And How They Work; According to An Expert

MT - September 20, 2017

When most Africans living in Africa hear or read the word talent the first thing that goes into their mind is music. Music has become one talent…

Serena Williams’ Fiance Is Enjoying Fatherhood And Here Is A Proof
Inspiring
38 views
Inspiring
38 views

Serena Williams’ Fiance Is Enjoying Fatherhood And Here Is A Proof

MT - September 20, 2017

  Serena Williams’ Fiance, Alexis Ohanian is really enjoying fatherhood. Yes, though engaged to a tennis star, he is absolutely enjoying the fatherhood and of course a happy…

Togolese Activist Called Out Yemi Alade For This Reason… Here’s What She Said
Entertainment
27 views
Entertainment
27 views

Togolese Activist Called Out Yemi Alade For This Reason… Here’s What She Said

MT - September 20, 2017

  It is no more news that Togo at the moment is unrest politically and following the crisis in the western African country between the ruling class and…

Psquare’s Beef: This Lola Okoye’s Message On Hate Is Totally Thought-Provoking [See Details]   
Entertainment
44 views
Entertainment
44 views

Psquare’s Beef: This Lola Okoye’s Message On Hate Is Totally Thought-Provoking [See Details]  

MT - September 20, 2017

  Several people on social media have been pointing accusing fingers at Peter Okoye’s wife, Lola Omotayo for been responsible for Psquare’s beef, it even got worse…

Comedian, Klint da Drunk And Wife Celebrate 10th Wedding Anniversary
Romance and Love
34 views
Romance and Love
34 views

Comedian, Klint da Drunk And Wife Celebrate 10th Wedding Anniversary

Mabel - September 20, 2017

Comedian Klint da Drunk and his wife, Lilien Klint-Igwemba, are celebrating their 10th wedding anniversary today, September 20th 2016. They both took to their Instagram pages to share…

What We Will Do If Buhari Deploys Military To Niger Delta
Politics
45 views
Politics
45 views

What We Will Do If Buhari Deploys Military To Niger Delta

PH - September 20, 2017

The Ijaw Youth Council, IYC, has warned the President Muhammadu Buhari-led Federal Government against its plan to deploy troops under the Operation Crocodile Tears to the Niger…

We Didn’t Burn Any Mosque in Enugu
Politics
26 views
Politics
26 views

We Didn’t Burn Any Mosque in Enugu

PH - September 20, 2017

The Indigenous People of Biafra (IPOB) has denied allegations that it was responsible for the burning of a mosque in Enugu State on Monday. The group, speaking…

Why I Rejected El-Rufai’s Endorsement
Politics
29 views
Politics
29 views

Why I Rejected El-Rufai’s Endorsement

PH - September 20, 2017

Lawmaker representing Kaduna Central Senatorial District, Shehu Sani, has described the endorsement of Governor Nasir el-Rufai by the All Progressives Congress in Kaduna State for a second…

Why Reps Ordered Banks To Unfreeze Patience Jonathan’s Account
Politics
29 views
Politics
29 views

Why Reps Ordered Banks To Unfreeze Patience Jonathan’s Account

PH - September 20, 2017

The House of Representatives committee yesterday, ordered some banks to immediately unfreeze accounts of former First Lady, Mrs Patience Jonathan. The committee also ordered Aridolf Wellness Home…

How Buhari Delayed In Dealing with Nnamdi Kanu
Politics
32 views
Politics
32 views

How Buhari Delayed In Dealing with Nnamdi Kanu

PH - September 20, 2017

A chieftain of the All Progressives Congress (APC) in Edo State, Charles Idahosa, has said President Muhammadu Buhari delayed in dealing with several issues especially Nnamdi Kanu,…

Why We Suspended Attacks On Niger-Delta Oil Facilities
Politics
37 views
Politics
37 views

Why We Suspended Attacks On Niger-Delta Oil Facilities

PH - September 20, 2017

Reformed Niger Delta Avengers, RNDA, a coalition of nine militant groups, has announced temporary suspension of attacks on oil and gas facilities in the Niger Delta region.…

Loading...