If Buhari Doesn’t Act Now, Those Sabotaging The Naira May Return To Business – Ubah Warns

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CaptureFollowing yesterday’s rebound of the Naira against the
Dollar, Chairman of Capital Oil and Gas, Dr. Ifeanyi Ubah
on Thursday warned that there is a time limit within which
he can prevent speculators from causing further damage to
the Naira.

The businessman, who warned that the saboteurs
responsible for the decline in the value of the Naira
“might still go back to their old business and the dollar
will go up” if the Federal Government does not quickly act
in line with his advice, stating that he has been receiving
threat messages since he volunteered to help revamp the
Naira.
I
t would be recalled that Ubah had on Sunday at a
Channels Television programme stated that he had what it
takes to restore the Naira, which was by then trading at
close to 400, to 200 against the dollar in one month, if
consulted by President Muhammadu Buhari.
He had said, “Look at the economy, look at the position of
the naira today; some of us have ideas on how we can
restore this.”

“It won’t take me one month, if Buhari gives me part of
that consultancy, and 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.”

Three days after he made this claim, the Nigerian currency
firmed up against the Dollar in about 100 per cent, to the
extent of trading at 250 against the American greenback as
at yesterday.

But reacting to this in RayPower 100.5 FM programme:
Political Platform, monitored by DAILY POST in Abuja,
the Capital Oil boss said: “I’ve been getting threats from
certain individuals using unknown numbers. The issue is
this: I sincerely believe that one with God is majority. If
government is sincere with the masses, let them look into
what we are saying. Let them look into what Nigerians are
saying. We cannot keep this thing for long. They might
still go back to their old business and the dollar will go up.
“I’ve volunteered to help. I am not a jobless person. If they
don’t do what they are supposed to do, I will go back to
my business. I have something I’m doing. What I wanted
to do is to get involved and at the same time advise the
people saddled with the responsibility. I’m not only
saying the president should call me. I said even the
managers of forex, even the CBN can invite to say can you
give us a lecture, can you help us with the market square
information. Let me give them the advice on what they
need to do because we understand this thing. You cannot
come into any strong position in government without
being a practical person. You must practicalize the way
things happen in this country and then you add academic
concept into it and then you bring a good result.”
Speaking on what he would do if invited to manage the
Naira, he said: “I will tell them look gentlemen, we are
here for business. This business is not for us to enrich
ourselves. This business is not for us to monopolize things
for ourselves or to corner something to ourselves or to our
cronies. We are here to serve Nigerians, let us make this
thing available to Nigerians so that Nigerians can be
happy and God will be happy with us.”

Ubah, who told the anchors of the programme that he does
not want to take credit for the substantial firming up of the
Naira against the Dollar, gave an insight into how he went
about achieving the feat thus: “What I am telling you is
that since Sunday that we took that position, people
within my structure disseminate close to 70,000 text
messages at every time we disseminate information and if
you understand the multiplier effect of that 70,000
contacts which spreads to so many millions. This is what
we need.

“You need to build into the consciousness of people that
this is where we are going. This is what is happening. If
you don’t have a means of disseminating information,
people will not understand what is happening.

“I’ve not taken contract from government and I don’t need
anybody to pay me anything. All I want is for Nigerians to
be happy,” he added, even as he maintained that the
Central Bank of Nigeria, CBN, lacked the right approach
and the political will to secure the Naira: “Some of the
policies CBN has are academic policies. It’s not a market-
square policy. It’s not a policy that touches people. They
have academic policy and there is no enforcement. Have
you ever heard that CBN prosecuted one single individual
in the last two years for violating foreign policy?” he
asked.

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