Ifeanyi Ubah: Economic and financial intervention for Nigeria (Volume 1)

This Media Guidance Note has become necessary to ensure that the media capture in proper context the views I am expressing on the possibility of stabilizing the Nigerian Naira (NGN / N) against the US Dollar and other international currencies in the Foreign Exchange Market. This has become necessary since my appearance and feature on Channels TV program Sunday Politics of Sunday, February 21, 2016.

This impromptu appearance has led to other similar media engagements often too short to allow me provide detailed, structured and contextual answers. Media men and organizations have inundated me with requests for other engagements on views expressed on the subject matter, which, equally, have continued to attract comments in the conventional and new media. I have herein provided my views on the subject and allied matters for your consideration and use.

1. REINVIGORATING THE ECONOMY AND STABILIZING THE NAIRA AGAINST INTERNATIONAL CURRENCIES

In the course of my interactions with Seun Okinbaloye of Channels during Sunday Politics I noted that there were things that we could do to help stabilize, reinvigorate, and redeem the fate of the naira. I stand by those statements. The time was short and I could not fully contextualize my views, which is a product of years of brainstorming and scenarios building. The current economic situation did not happen by accident. The likelihood and probability of it occurring had been “crystal clear to the blind and audible to the deaf”.

We need to correct some of the erroneous impressions making the rounds and again change the negative narratives making the rounds concerning the genuine efforts of the President Buhari led government. For example, some opine that the short fall in naira was because of the activities of the Bureau De Change (BDC) operators. Others feel it simply has to do with our consumption pattern, what we import into the country and weak export profile. The truth is that it is inclusive of all of these and more. I have developed, with my team, a deep understanding of the subject matter from a patriotic perspective. I am therefore very serious when I said “Look at the economy, look at the position of the naira today; some of us have ideas on how we can restore this.”

When called upon, we shall be willing to share and participate in the concerted efforts. I am not speaking just as a businessperson. We are addressing it with theoretical and empirical processes; introducing measures that will enhance sustainability. The thought-formation is crosscutting, multidisciplinary, and multi stakeholders involving. We are maintaining a safe “theory – research –policy – legal – marketplace practice – patriotism” balance in what we have proposed.

2. METHODOLOGICAL APPROACH (Appreciative Inquiry, Critical and Creative Thinking)

The proposed possibility is firmly rooted in our ability to combine the rich elements of Appreciative Inquiry with positive elements of Critical and Creative Thinking. Permit me to stress, again, I am not alone in this matter – “a tree does not make a forest”. I belong to a class of patriotic Nigerians who are committed to brainstorming and thinking out of the box in search of solutions that can help move Nigeria forward. The team I belong to has Nigerians from diverse backgrounds and persuasions often concerned about the fate of Nigerians and keenly desirous of creating the Nigeria of our dreams.

What we have done over the years concerning the stabilization of the Nigerian Naira is seek avenues of maintaining a safe “theory – research –policy – legal – marketplace practice – patriotism” balance in what we are proposing. We have taken the pains to interrogate the attendant issues and circumstances within the context of global dynamics and elite conspiracy theses desirous of bringing Nigeria an economic crisis aimed at further pauperizing Nigerians.

The choice open to us is simple. As a country, we must unite to confront the forex challenge together because of the negative multiplier effects. We must challenge the cabal behind the current trend, serve the forces of darkness the required ‘quit notice’ and commence the required revolution against them. President Buhari has said “NO TO DEVALUATION OF NAIRA” and we stand by him on this. We shall support the CBN measures aimed at mitigating the forex challenge.

For the avoidance of doubt and in response to those who have sought to know what we shall do. It is no ‘voodoo science’. It is a principle we have tagged the “SIR Principle”. Being the acronym for Strategy, Implementation and Results.

On Sunday, February 21, 2016, we commenced the first component of our strategic options and methodological approach followed by the boldness of challenging the cabal. The efforts as envisaged by “SIR Principle” is yielding dividends. Since my TV appearance and statement on Sunday night on Channels TV, the Dollar crashed from about N400/$1 to a year-low of N220/$1 before stabilizing at N290-N300/$1 currently. Is this not enough evidence that we can arrest this artificial freefall of the Naira with honesty and ingenuity?

Our media appearances constitute another component that will galvanize and mobilize Nigerians for proactive measures, which include shunning, ignoring and rejecting the Dollar until it crashes to N200! We are calling upon Nigerians to demystify our demand for this commodity – THE DOLLAR – and stop patronizing products that drain Nigerian forex reserves. You can now observe that this is not a POLITICAL STUNT, as some quarters would want well-meaning Nigerians to believe.

When we intervened concerning the fuel scarcity situation of the country, and I wish to ask, what political gains have I achieved by defying the strike action? My actions are born out of sheer and deep love for country, something I have proven repeatedly despite being highly misunderstood – a perception I pay dearly for sometimes. I may not be Bill Gates or Mark Zuckerberg but I believe I am the David that will face and defeat Nigeria’s Goliath (Naira vs Dollar).

3. STAKING OF ASSETS WORTH OVER N500BILLION

The need to clearly draw attention to the fact that what we present is possible informed staking of my over N500billion assets. It is firmly rooted in the realm of the empirical – it is that which is possible. If the country is not willing to listen to the bright minds am working with as individuals or as a collective they should at least listen to me based on what the Bible even noted:

“Once I saw what people really think of wisdom, and it made an impression on me. It happened when a powerful ruler surrounded and attacked a small city where only a few people lived. The enemy army was getting ready to break through the city walls. But the city was saved by the wisdom of a poor person who was soon forgotten. (He was only a poor man, after all.) Therefore, I decided that wisdom is better than strength. Yet if you are poor, no one pays any attention to you, no matter how smart you are. Words of wisdom spoken softly make much more sense than the shouts of a ruler to a crowd of fools. Wisdom is more powerful than weapons, yet one mistake can destroy all the good you have done.” Ecclesiastes 9:13-18

To God’s glory, I am the arrowhead of the team of patriotic Nigerians brimming with confidence and ideas, which is why I would dare to make such an audacious wager now to save the Nigerian economy and douse the suffering of the masses. It is with the same ingenuity of Appreciative Inquiry, Critical and Creative Thinking that I hinged the conceptualization and building of Capital Oil and Gas Industries Nigeria Limited (one of my companies). A company that until date, contributes above 35% of Nigeria’s daily petroleum consumption, is a feat that has remained unparalleled industry wide. This fact is verifiable through NNPC/PPMC and DPR/PPPRA. A simple Google search will validate this or better still through NNPC’s twitter handle @NNPCgroup. Achieving this feat, by neither waiver nor any form of grant or concession from the government, means that with God’s help and the interest of suffering masses of Nigeria in focus, then this task which I have said and set my heart to do is possible!

We call this “putting your money where your mouth is”. Nigerians should keep the faith with me. How else do we define patriotism? What patriotism or sacrifice could be greater than this? By the grace of God, I have a 75% success rate in all I set out to achieve and I thank God immensely for this gift.

4. WHAT BENEFITS ARE YOU SEEKING?

My benefit in this is simply the satisfaction that we can move Nigeria forward. I am wholly Nigerian, I have an unfathomable passion for the masses, and downtrodden as I was once part of them before God turned my water to wine. Nevertheless, I still feel my yesterday in all that I do today and tomorrow by God’s grace.

My belief and faith in GOD has made me to understand that “the poor we will always have with us” but we need to understand and practice what the Bible expects of us in Deuteronomy 15: 11, which says,“Therefore I command you to be openhanded toward your fellow Israelites (Nigerians) who are poor and needy in your land”. This is why it is not philanthropy or corporate social responsibility when I pursue pro-poor agenda. For example, to the glory of God, I singlehandedly built the best street in Lagos and continue to give uninterrupted power supply to my entire neighborhood in Lagos, a responsibility I took up and have been fulfilling for a decade now. I have never spoken about this before and I am thankful to my neighbors for their prayers that is the most I need from them.

The over two thousand employed Nigerians in our corporate concerns have a deep affection and respect for me against all odds, even when we find ourselves in the murkiest of waters. This is despite the frustration we seldom face from many quarters, including the government as epitomized by our travails with AMCON that has not helped matters, however we remain happy at all times. Therefore, we continue to create businesses that provides gainful employment opportunities for Nigerians and to the glory of God, we are surviving despite having to make a huge sacrifice.

I sincerely feel the pains of the ordinary Nigerian concerning the freefall of the value of Naira. I have prayed and consulted my God, who has led me to offer the solution, to help in any way I can and to tell all I know. I decided to stake the entirety of my asset to my assertion, in order to save the common Nigerian, many of which suffer the ripple effect of the slide in the value of Naira, a slide that has been inexplicably detrimental to the livelihood of Nigerians by way of inflation.

The benefit desired is a stable and virile Nigeria that the people are self-reliant; contributing to the national development and growth not as mere statistics but valuable human resources.

As a conflict management practitioner, we did our patriotic and nationalistic intervention when the country was at the brink of economic collapse due to the sabotage by those who executed the strike action in the petroleum sector. That strike action was a move that would have scuttled the May 29 handover ceremony, a move that made telecommunication companies, hospital and banks shutdown, I singlehandedly defied the strike by opening up Capital Oil and Gas’ massive facility for round-the-clock loadout to all parts of the country. I supplied products to hospitals and telecommunication companies without payment. I also supplied the Lagos State Government House and major political actors across the major political divide of the All Progressives Congress’ and the PDP. This singular gesture consequently induced the striking parties to call off the strike, as they were well aware that my actions had brought their strike action to nullity

5. RELATIONSHIP WITH AMCON

Our experience with AMCON is an interesting one. We know the forces that motivated some of their actions and are very grateful to GOD for the wisdom and grace to cope with the subject matter. It is on record that they managed Capital Oil and Gas Industries Limited for two years as part of the challenges. They failed and nearly ruined the company before returning it. The core of the challenge remains our zealous investments and capitalization based on federal government policy and the desire of some unscrupulous elements to divest us for being proactive. We are back to the courts on some of the issues so it will be prejudicial to discuss details. Nevertheless, we are on course and all the challenges will soon be over.

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Dr. Ifeanyi patrick Ubah is the Chairman of Capital Oil.