By Ben Ahanonu
When the Managing Director of Capital Oil and Gas, Dr. Ifeanyi Ubah, declared his intention to help stabilize the exchange rate of the naira against the dollar following the free fall in the value of the local currency, he spoke like a concerned citizen with clear vision and not long after appearing on Channels Television where he made the declaration, the value of the naira against the dollar appreciated dramatically.
Dr Ubah disclosed that he has a four-point strategy to achieve the extra-ordinary feat but would not make them public unless appointed as a consultant by the Federal Government.
The Capital Oil chief also stated during a press briefing that he was ready to stake his entire business, valued at more than N500 billion on the proposal.
According to him, he is prepared to work with other public-spirited and knowledgeable business operators, financial experts, as well as the Economic and Financial Crimes Commission (EFCC) to achieve the goal.
He said, “I don’t want to be a Minister of Finance. I don’t want to be Governor of CBN. I don’t want any appointment from the federal government. All I want is to be a consultant on financial stability and it will be free of charge.”
Unfortunately, some people have got it all wrong and went on a wild disparagement of a successful businessman whether they like it or not, who is always ready to do something to help the ordinary Nigerians, as this is not the first time he is coming to the rescue of the poor. If you can recall, during the fuel crisis when oil marketers held Nigeria to ransom, the same Dr Ifeanyi Ubah opened his depot and sold fuel at government-approved price.
It is a known fact that as an import-dependent economy, the value of naira is often affected adversely when, due to much desire for foreign manufactured goods, dollar as the major world trading currency becomes scarce and there is much naira in pursuit of it.
The scarcity of dollar vis-à-vis naira can be orchestrated by some faceless individuals working through deposit money banks (DMBs) who have been banned from selling dollars to bureau de change (BDC) operators.
Not quite long ago, government excluded certain 41 imported products like toothpicks from products that can be imported with foreign exchange at the official rate of N197.
But because Nigerian importers insisted on importing those 41 products, the government then directed that they should source foreign exchange from BDC outlets.
To discourage the pressure on naira by importers, the CBN banned DMBs from selling dollars to BDCs. However to survive the pressure of excess dollar demands, BDCs resorted to sourcing dollars from neighbouring countries through illegal money laundering and due to the risks involved and increase in demand for dollars by importers BDCs kept increasing the rate at which they exchange dollars and at a point it got to 400 naira to one dollar.
That was the moment Dr Ifeanyi Uba stepped in patriotically to save ordinary Nigerians from the wicked machinations of these importers with misbegotten money who are bent on ruining the economy of Nigeria with unnecessary importation of irrelevant commodities that can be produced locally. These are the people Dr Ifeanyi Uba is poised to confront and they are powerful.
However, the fact remains that Nigeria can do without importing those 41 items including rice while efforts are expedited to diversify the economy from a mono-product and import-dependent economy to a multi-product and export based economy.
The question is why are some people bent on importing items which add no real value to the economy of the nation?
Is it wrong that somebody volunteered to salvage the situation in collaboration with other major stakeholders including the EFCC?
He never said he will do it alone, and what he wants to do will help the economy and ordinary Nigerians who always bear the real brunt of some people’s misdeeds and if what Dr Ifeanyi Ubah said is out of place how come it affected the black market exchange rate instantly?
Yes, he asked the federal government to appoint him as a consultant on financial stability at no cost to the government which I think is very crucial because he is going to battle some entrenched anti-masses forces who have been benefiting immensely from the lopsided status quo and who would stop at nothing to do away with anyone venturing to disrupt their, so to speak, source of life.
So he needs government protection which is quite natural and very necessary.
Instead of vilifying Dr Ifeanyi Ubah, Nigerians should encourage and celebrate him.
All those accusing him of this and that should come out with hard facts and evidence to nail him instead of basking in vain hate, vindictive arrogance and unconstructive criticism.
Does it matter whether he is Igbo or not when he is thinking of what he can do for his country and not what his country can do for him?
To you detractors and tribal haters, is it better that the value of naira continues to experience unprecedented depreciation with attendant economic consequences for the poor due to the unpatriotic activities of some Nigerians or that the naira rebounds in value through the efforts of Dr Ifeanyi Ubah?
Irrespective of what the myopic tribal jingoists and self-acclaimed economic experts might think, Dr Ifeanyi Ubah is a great Nigerian, successful businessman and a renowned philanthropist.
I am sure that there is no foolish billionaire anywhere in the world and it takes wisdom, mental and physical alertness, intellectual savvy, hard-headed intelligence and sustained perseverance to be a success in life.
Without doubt, Dr Ifeanyi Ubah is a success story radiating the unquenchable and sublime Igbo Spirit of enterprise, embedded in freedom, boldness, derring-do and unlimited communalism – onye aghala nwannneya.
It was the same Igbo Spirit that gave Nigeria her first Olympic gold medal – through Chioma Ajunwa and Olympic gold medal in football as the Dream Team then was comprised mainly of Igbo talented footballers – yes, it is true.
The same Igbo Spirit makes it possible for Igbos to be everywhere in the world and in every field posting mind-boggling successes.
The Igbo Spirit is like the American Dream, it inspires and motivates; it makes Igbos less dependent on government and able to survive anywhere under any harsh condition – yes, it is true.
The Igbos are unrivalled pacesetters and do have this uncommon ability to get something out of nothing – yes, it is true.
Just like within other ethnic groups there are also some bad eggs amongst the Igbos as they are not all saints but whether the tribal haters like it or not, Igbos are undisputedly a blessing to Nigeria and this will only pain you if you are one unrepentant tribal flag-waver.
Let me conclude by stating that it would be another wrong decision and one so unpardonable if the federal government should decline this great offer from Dr Ifeanyi Ubah because he is Igbo…it will be so wrong and unfair.
The likes of Dr Ifeanyi Ubah are much sought after by Americans and that is why the United States remains the greatest country in the world. But here in Nigeria, ethnic bigotry blinds the reasoning.
The haters and envious should please give Dr Ifeanyi Ubah a chance to prove his mettle before engaging in silly, subjective and misguided condemnation.
At long last, if it pans out well, it will favour everyone including the haters, economic saboteurs and doubting Thomases.
Only brave and courageous men take bold steps.
God bless Dr Ifeanyi Ubah, God bless Ndi Igbo and God bless the Federal Republic of Nigeria.
Ben Ahanonu is a columnist and public affairs analyst based in Abuja.
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