Popular Nigerian Nnewi business man Dr. Ifeanyi Patrick Ubah, had on Sunday February 21, 2016 extended an open invitation to the Nigerian Federal Government on Channels Television.
According to the Capital Oil boss (Dr. Ifeanyi Ubah), if consulted by the Nigerian government in a month he can cause the appreciation of the value of the Nigerian Naira to trade for 200 Naira to an American dollar. At the time he made this offer the Nigerian Naira was trading at about 400 Naira to a dollar.
Just about three days after the offer made by the Capital Oil boss, the Nigerian Naira appreciated considerably against the dollar and according to sources was trading at about 250 Naira to a dollar at the close of business at the Nigerian Stock exchange on Thursday 25 February, 2016.
Against the backdrop of the sudden appreciation of the Naira, after his offer, Dr. Ifeanyi Ubah has been reported to have warned the Nigerian Government that; the sudden appreciation of the Nigerian Naira against the Naira was artificial, and that there are saboteurs responsible for the decline in the value of the Naira.
The Capital Oil boss further stated and was reported to have warned the Nigerian government on; Thursday February 25, 2016 that, there is a time limit within which he can prevent speculators from causing more damage to the value of the Nigerian currency.
Dr. Ifeanyi Ubah in a live programme on Ray Power FM have been reported by the Daily Post to have said:
"I have 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...".
The Capital Oil boss further said that the Central Bank of Nigeria (CBN) lacked the right approach and political will to secure the Naira, that; "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...".
However, It has been gathered from sources that President Buhari has extended invitation to Dr. Patrick Ifeanyi Ubah. According to information from sources close to the Presidency; President Buhari has directed Vice President Osibanjo to conduct a check on Dr. Ifeanyi Ubah so that the current administration can benefit from his commitment and vibrancy.
From information; President Buhari developed an interest on Ifeanyi Ubah, the moment he intervened to crush the cabal induced petrol scarcity days leading to the historic handover from former President Goodluck Jonathan to President Mohammadu Buhari. The Capital Oil boss as of then was able to flood the market with PMS that literarily stepped down the fuel scarcity.
It is gathered that on his twitter account Dr. Ifeanyi Ubah had on February 23, 2016 admitted that the Nigerian government had partially reached out to him. This was after he made the proposal to openly crush the dollar rates to 200 Naira on Channels Television just two days before coupled with the refusal of President Muhammadu Buhari stance and strong warning that he wasn't going to allow the further devaluation of the Naira.
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