04:54
Fun Facts
How Buhari can crash the Dollar/
Naira disparity- Ifeanyi Ubah. . . . .
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.
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.
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.
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.
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