Ifeanyi Ubah Dares FG To Seize His N500billion Assets On N200 Per Dollar Proposal

To prove his claim of rescuing the Naira, the Chairman of Capital Oil and Gas Services Limited, Dr Ifeanyi Ubah, on Tuesday staked his N500 billion assets.

The billionaire businessman, who addressed journalists in Abuja, dared the Federal Government to seize his assets said to be worth a whooping N500 billion if he fails to bring the dollar to N200 giving the opportunity.

His words, “I am saying that I pledge every asset of mine into my pro­posal, if I fail to bring a dollar to N200 within 30 days, the feder­al government should seize eve­rything I have. I thank Mr. Pres­ident for not heeding the advice to devalue the Naira. I thank him and he should remain firm be­cause nothing has changed.”

Ubah also backed President Muham­madu Buhari’s decision against devaluing the Naira, noting that such move would not augur well for the economy.

He there­fore called on the government to make him its chief consultant on financial stability, stressing that he would work with any govern­ment agency or groups includ­ing the Economic and Financial Crimes Commission (EFCC) to achieve his target.

Ubah stressed that since he appeared on Channels TV to make the proposal last Sunday, the Naira has appreciated tremen­dously, a clear indication “that this freefall of the Naira is artifi­cial and could be better managed with honesty and ingenuity”.

He stated that it was wrong to blame the fall of the Naira on low price of crude oil in the international market, insisting that other major oil exporting countries were not facing similar challenge with their national currency.

“This shows that the scarci­ty was artificial. The masses, es­pecially traders, are suffering. Some traders are almost packing up their things to go home, be­cause of the high cost of foreign exchange which is crippling their businesses. Those manipulating and benefitting from the foreign exchange racket should be fished out and punished,” Chief Ubah said.

He explained that having built the Capital Oil and Gas Services Limited to a position where it now accounts for 34 percent of Nige­ria’s daily consumption of petro­leum products, through his inge­nuity, and without any form of waiver, grant or concession from the government, he was ready to assist the country to stabilize the economy by growing the value of the Naira.

Read more at http://expressng.com/2016/02/ifeanyi-ubah-dares-fg-to-seize-his-n500billion-assets-on-n200-per-dollar-proposal/#DOD0SoLr1uRIRiJa.99