Currently, the Nigerian parallel market exchanges a dollar at the rate of N375, and according to the CBN Governor, Godwin Emefiele, Naira may fall some more to N1000 per dollar. However, the Chairman of Capital Oil and Gas, Ifeanyi Ubah is about to change the system. On Sunday 21st February, the oil magnate said he is capable of restoring the naira to 200 against the dollar in one month, on the condition that he would be consulted by President Muhammadu Buhari.
Ubah made this daring statement during an interview with Channels Television, Lagos. Notwithstanding, he refused to buy into the general insinuation that the naira declination was as a result of the activities of the Bureau De Change operators.
“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 N200. 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 N200. Do you know how many Bureau De Change people whose 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?” he quizzed.
Dr. Ifeanyi Ubah is a successful global business mogul who is selfless in his relationships with people and government. He was a candidate for the Anambra State governorship election in November 2013, under the umbrella of the Labour Party of Nigeria. As the CEO of Capital Oil and Gas Industries Ltd, he holds an enviable 35 per cent operational capacity in the oil and gas products consumer business in Nigeria.
Capital Oil has 32 loading arms for petroleum products and also the largest number of petroleum products conveyance trucks, marine tankers and barges, which are being used nation-wide in the downstream sector of the national economy. Mr. Ubah has over 3500 employees in all his corporate conglomerates, and holds the record of being the largest private corporation employer of labour in the downstream sector of the Nigerian oil economy.
Through his company, he donated the sum of twenty million naira (N20,000,000) to the Lagos State Government Security Trust Fund in the year 2009, to help the state government put in place security measures needed for safeguarding the lives and property of residents. He was also responsible for constructing a street in Lagos State, which later won the community development award (CDA) in the year 2011, from the State Government.
Ifeanyi Ubah also initiated and distributed national-wide, large quantities of kerosene products for the benefit of people in several states in the country. A scheme which received commendation from many of the state governors whose citizens are beneficiaries. Although Mr. Ubah did not explain how he intends to actualize his claims of returning Naira to N200 per dollar within a short period, he assured Nigerians not to worry.
“Don’t worry, that’s my business and business is secret,” he said.