AbdulSamad Isyaku Rabiu, Executive Chairman of BUA Group (Dangote's main business rival), took an unusual step of writing a full page article in Business Day of Monday, 22 Feb 2016 claiming that the current naira free-fall is caused by a few greedy people, or more to the point, a particular person.

BUA Group is into the business of manufacturing of cement, sugar refinery, flour, edible oils, pasta and rice cultivation.

Abdulsamad Isyaku Rabiu:
Whilst the federal government is doing everything to protect the Naira, there are Nigerians – corporates and individuals alike who are grossly undermining the government’s position – sometimes with the aid of regulators – knowingly or unknowingly.
Whilst some manufacturers are experiencing extreme difficulty sourcing foreign exchange for legitimate business operations within Nigeria, others are getting forex to set up operations in other countries.

It is rather ironic that a similar competitor in the same industry, who incidentally is the market leader, is allocated huge amounts of Nigeria’s hard earned and scarce forex from the official market for its operations in Congo. I do not know if there is an official policy to that effect but I was baffled, as were numerous Nigerians, to learn through a publication of forex allocation returns by First Bank of Nigeria Limited in THISDAY Newspaper of Tuesday, February 16, 2016 (page 11) of that allocation, whilst other operators in the same industry have received far less or nothing at all during the same period for verifiable and viable investments within Nigeria.

t begs the question, “Were other plants by that operator across Africa built with Nigeria’s money?” How has that impacted the country’s economy in return? If this is true, then it needs to be checked, as we cannot have a situation where Nigerian industries are being shut down, workers are losing jobs daily and resources badly needed to develop our economy are being taken out of the country to grow other economies to the detriment of ours. If this transaction was done using “Form A” like the publication suggested, then it is just money that has gone out from the country, which can be rerouted into the country for larger profits.

Without doubt, there are many persons and corporate entities who are aware of the goings-on in the Nigerian forex market but are afraid to speak out because of the perception that those involved are too powerful but if no one brings these issues to the fore, there is absolutely no way we can progress

: http://www.osundefender.org/manufacturing-the-fx-situation-and-the-nigerian-economy-by-abdulsamad-rabiu/


Few days ago Dr Ifeanyi Ubah, CEO of Capital Oil took a rather unusual step of appearing on Channels TV on Sunday, 21/2/2016 to make a very bold claim that the current Naira slide is artificial, and is caused by a few individuals. He said that he "knows those behind the current foreign exchange crisis facing the nation and was ready to name them publicly".

He also staked his entire assets of N500b on his claim that he will expose the saboteurs, reverse the slide in 30 days and bring Naira back to 1$=N200. FG is yet to take up the offer. However, since these two

http://www.vanguardngr.com/2016/02/i-ll-name-those-behind-forex-crisis-if-says-ubah/

http://www.authorityngr.com/2016/02/N200-PER-DOLLAR-PROPOSAL--Ifeanyi-Ubah-stakes-N500bn-assets/

Abdulsamad Rabiu spoke on Sunday, 21/2/16. The very next day, Ifeanyi Ubah spoke in same vein on Monday, 22/2/16.
Are these mere coincidences? is anybody thinking what I am thinking? Is anybody in Buhari's govt and economic team getting the message?

Both Abdulsamad Rabiu and Ifeanyi Ubah are seriously supporting Federal Govt policy not to devalue the Naira, whilst a powerful business men are secretly nudging FG to agree with IMF and devalue the Naira. Why? Who is benefiting from all these mess?

More importantly, which powerful individual or corporate entities are Abdulsamad Rabiu and Ifeanyi Ubah referring to, and even threatening to name? Nigerians wake up and shine your eyes oooooo!!

Meanwhile, in previous news, in January 2016 CBN Gov Emefiele visited Dangote's new refinery/petrochemical/fertilizer construction site at Lekki free trade zone and pledged that FGN will supply him all the dollars he needs for this private project at official rate of $1:N197, which is currently estimated at $10 billion. This represents 30% of our reserves. According to CBN, current Nigerian external reserves has dipped to $28 billion.

j

Ok

Screen dump of Abdulsamad's BusinessDay article

3 weeks ago I saw Emefiele make his carte blanche comment on tv saying he was ready to provide ALL the foreign currency Dangote needs. I was surprised then wondering where cbn would get the funds from.

Emefiele just comes accross as a 'yes' man who always look timid & confused.

Add all the illegal withdrawals by Gej and his men, this Emefiele man appears not to know what he's doing.

DeLaRue:
3 weeks ago I saw Emefiele make his carte blanche comment on tv saying he was ready to provide ALL the foreign currency Dangote needs. I was surprised then wondering where cbn would get the funds from.

Emefiele just comes accross as a 'yes' man who always look timid & confused.

Add all the illegal withdrawals by Gej and his men, this Emefiele man appears not to know what he's doing.

I was shocked and astonished myself to learn that FGN/CBN that does not have money to repair existing government refineries or build new ones, suddenly has all the dollar needed by an individual to build his private refinery. And this happening under Buhari's nose. Are they sleeping?

This country tire me oooooo.

Lalasticlala are you hearing this one?

Govt is promoting corruption via the forex regime! It is a chess game with nigerians as pawn!

You see am.

We know who the bad guys are.

#Just_saying though

GEJ knew what he was doing when he appointed Emefiele as CBN governor. A compliant CBN governor was necessary for looting the treasury.

DeLaRue:
3 weeks ago I saw Emefiele make his carte blanche comment on tv saying he was ready to provide ALL the foreign currency Dangote needs. I was surprised then wondering where cbn would get the funds from.
Emefiele just comes accross as a 'yes' man who always look timid & confused.
Add all the illegal withdrawals by Gej and his men, this Emefiele man appears not to know what he's doing.

we knw that the rich Nigerians are the cause. there's no rocket science. I have been privy to this knowledge ever since an hausa friend of mine won 500k in 1960 bet. one year later, I couldn't biliv wot I saw.

the hausa and the nigers are the main culprits here. they have top friends who help buy from CBN...but the problem is that these people have an association and decides on how much to sell dollar for a naira. and whatever price they agreed on, sticks.


devaluation of the naira wld av made them 10times richer than ystdy!!!

After pushing the price that high, but no dollars to buy, they has no choice but to enhance y the little gain.

both dangotte and ubah cannot tell me that they are not in this biz... it's pure profit.

that's how an average hausa man makes his money by sitting at home!

So, tonyebarcanista was right afterall ..

Lets watch the situation and see how it goes

I could still remeber what jonathan administration did to this man he banned him for a complete 4years from producing because of his products is less and it could bring relief to nigerians which will resulted to a disaster for dangote products dangote bribe jonathan and he shut down his company.yet some people will still call him hero shame.

Corruption continues, I see no better change but bad change.

Dangote is a damn oppourtunist. With all the billions he has he wants it all.
He wants to be the richest man in the world and to achieve this, naturally
U must step on other peoples growth/sucess.
Greed!!!!!!!!! Upon Vanity!!! Is long term Stupidity!!!!!!

dunkem21:
So, tonyebarcanista was right afterall ..

It isn't about right or wrong but more of seeing things from the right perspective. I'm not a Chartered Economist nor a guru in the field, in fact I never claimed to be one.

However, sensing the downward trend of the our main export(the oil) and the fact that our reserve wasn't fit enough to accomodate naira defence, I made case for devaluation of the currency to ease the reserve of its stress as well as for the government to embrace austerity(cutting overheads and their own remuneration) in favor of capital projects and fixing our infrastructures/promoting policies to favor quality local production. This I believe would yield long term benefit and shut out our over-dependency on foreign products. Though it would be tough in the first phase.

To address the over-circulation of the dollar, I suggested that we adopt the Egypt style instead of trying to bully the dollar when we are yet to get the capacity to produce locally.

Anyway, we all want the economy to improve. But I don't think praying for hoarders of the dollar to release cash or trying to beg them is the way forward. Government should be concerned with boosting local production and fix tight import tax on product that we have capacity of producing locally. As For the naira, they should allow the marjet determine it.

Let's stop chasing the wind.

The buck stops at Buharis table. Is he an economist? How can he decide not to devalue the currency? Sanusi and Soludo have both condemned his policies

That is the cause of the entire problem

dunkem21:
So, tonyebarcanista was right afterall ..

IPOB Youth, how does TonyeBarcanista's view relates to this thread?

Dangote does not need a dime. The entire project can be financed from foriegn commercial banks at 2% above LIBOR.

How can you sell all your "scarce dollars" at the cheapest price!

Volksfuhrer:
GEJ knew what he was doing when he appointed Emefiele as CBN governor. A compliant CBN governor was necessary for looting the treasury.

have you blamed GEJ today?

KINGwax007:
we knw that the rich Nigerians are the cause. there's no rocket science. I have been privy to this knowledge ever since an hausa friend of mine won 500k in 1960 bet. one year later, I couldn't biliv wot I saw.

the hausa and the nigers are the main culprits here. they have top friends who help buy from CBN...but the problem is that these people have an association and decides on how much to sell dollar for a naira. and whatever price they agreed on, sticks.


devaluation of the naira wld av made them 10times richer than ystdy!!!

After pushing the price that high, but no dollars to buy, they has no choice but to enhance y the little gain.

both dangotte and ubah cannot tell me that they are not in this biz... it's pure profit.

that's how an average hausa man makes his money by sitting at home!

kwaruption

we will overcome this trying times

Nigerians always using criminal approach in dealing with situations. If they call una criminals now, una go flood twitter de claim otherwise yet see wertin una don de do

Hmmmmm

Ubah is looking for soft landing... Bubu is just silent on him; once the refineries are done, his case for will be re- opened

From history most Nigerian problems are beyond economic reasoning.

This might just be another instance if we are to believe these seeming funny characters.

Two escaped goats

Looking for who to romance them and give them post of special adviser on economy matters

Don't know if my nose is functioning well but I dy smell Dangote as the cause of the downslide of naira. #say no to monopolised Nigerian economy by Dangote

Only God can save us.

Okay Oooooo

yep i believe