NewStats: 3,262,846 , 8,178,348 topics. Date: Tuesday, 03 June 2025 at 07:26 PM 13qj

Nnewi-born billionaire and Managing Director of Capital Oil and Gas, Dr. Ifeanyi Ubah, has offered the President Muhammadu Buhari-led istration 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 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.

http://www.vanguardngr.com/2016/11/buhari-can-crash-dollarnaira-disparity-ifeanyi-ubah/

ok

This is why the powers there be...don't want them to get Biafrra. I can see the sense in what he saying. He came into the downstream oil business barely 8 yrs ago, within months, he chased Zenon and all that crowd out of business, and became the largest downstream oil distributor in Nigeria, today with the largest depot and reserve.

This man is delusional. Even though he made sense, he is trying blow the influence of his suggestions out of proportion here . . . .
There is no way 75% of forex can be used for fuel alone. Modular refinery concept is good but being exargerated by Ubah.

Clinton9000:
This is why the powers there be...don't want them to get Biafrra. I can see the sense in what he saying. He came into the downstream oil business barely 8 yrs ago, within months, he chased Zenon and all that crowd out of business, and became the largest downstream oil distributor in Nigeria, today with the largest depot and reserve.

So Ubah is just realizing that we have bad economic manager? When we sold oil for $120pb+ on a budget benchmark of less than $80pb and still borrowed, build no new refinery, fix old refinery or built modular refineries, he didn't realize there was bad management then.
We even exhausted over $120B in forex between 2008 - 2015 and Ubah didn't see bad management.
Suddenly his wisdom and 'love' for One-Nigeria has come alive when oil is going for far less.
He even thinks the idea of a modular refinery is new and is trying to say Nigerians don't know about it.
This man is delusional at best and parading as a grade A clown.

The federal government economy team needs to wake up and remove the dimness or blindness from their eyes. They should put their ego's aside and implement this useful information.

Dem for put this man for that seat now
Na so e sweet reach?

Wit all d advisers buhari has, none cld even come up wit a practical solution as suggested in d article. Well am nt surprised, a dullard can only be surrounded by those as himself - bunch of dullards

Yawn#

This man again!

Abeg make Innocent Chukwuma (Innoson) employ him biko

.

This attention-seeker again.

I saw the video on Facebook... He made sense. .. But will government ever listen or try it? Since there own no dy work.. Not to focus on secondary need of Nigerians

Ifeanyi Ubah for Governor Anambra State 2018

unclezuma:

let action speak not words

If only the they would listen....

Why would sophisticated Daura listen to ordinary nnewi? Coupled with ear problems?

Zombies are coming for Mr ubah. .

The crunch pays the looters. So kolewerk

Read d article again. Dis time slowly

Sibrah:
This man is delusional. Even though he made sense, he is trying blow the influence of his suggestions out of proportion here . . . .
There is no way 75% of forex can be used for fuel alone. Modular refinery concept is good but being exargerated by Ubah.

Southerners are the only people that can salvage this country! But hope nothing happens to this man!

I stand with you DR IFEANYI UBA

He made some good points.

Rubbish

Sibrah:
This man is delusional. Even though he made sense, he is trying blow the influence of his suggestions out of proportion here . . . .
There is no way 75% of forex can be used for fuel alone. Modular refinery concept is good but being exargerated by Ubah.

smh kids lack respect these days

qualityovenbake:
The federal government economy team needs to wake up and remove the dimness or blindness from their eyes. They should put their ego's aside and implement this useful information.

just like that

In effect, the government should borrow you and your friends $2B without considering the following?

You guys declaring bankruptcy

You guys embezzling the funds

The price of oil refuses to rebound so the cost of refining makes the business venture nonviable

One question though, how come dangote was able to leverage in order to pour money into his own refinery venture?

Stoopid man!!!!!!

The only thing wrong in the country is bad economy managers that's nothing but the truth.