I'll Expose the Cabals Behind Forex Crisis - Businessman, Ifeanyi Ubah Wants Presidential Appointment

Following up his claim to apply a magic wand that would firm the Naira to an exchange rate of N200 to $1 within 30 days, Boss of Capital Oil and Gas, wants President Buhari to give him a new appointment where he'll expose the cabals behind the forex crisis.

Ifeanyi Ubah

 

Speaking with journalists in Abuja on Tuesday, billionaire businessman and the Chairman of Capital Oil and Gas Services Ltd., Dr. Patrick Ifeanyi Ubah, said he knows those behind the current foreign exchange crisis facing the nation and was ready to name them publicly. 

 

This fresh disclosure followed up his claim to apply a magic wand that would firm the Naira to an exchange rate of N200 to $1 within 30 days. 

 

It can be recalled that we earlier reported yesterday that the business mogul while speak­ing on a Channels Television poli­tics programme on Sunday, advised the Federal Government to consult some Nigerians who can halt the free fall of the Naira which is affecting the nation’s economy.

 

In his latest statement, he said that all he wanted from President Muhammadu Buhari is to appoint him 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 have 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?"

 

After his comments, the naira was quoted at 370 to the greenback on Monday, and it rose to 364 on Tuesday morning, closing trading hours around 340. Arguing that the currency is recovering due to his efforts, he said in a statement on Tuesday.

 

"Fellow Nigerians, I wish to thank you for the support and encouragement you have given me so far. It has been unprecedented. As at this evening, the Dollar has dropped further to N310 as against N390 on Sunday evening before my interview on Channels. 

"This shows that the earlier increase has been artificial as some people were manipulating and benefitting from it. They will all be fished out in due course so that Nigeria will be better and the suffering of the masses will end. 

"With God and our sincere efforts, even when we have not been fully consulted, the Dollar can still be brought down to N200 and below. Let the discourse continue. Shun the Dollar till it’s N200. Pray for Nigeria and let the Dollar go down to N200 and below."