Raid on Dangote Capable of Scaring Investors – Ugochinyere

A member of the House of Representatives representing Ideato North South Federal Constituency, Hon. Ikenga Ugochinyere Ikeagwuonu, has expressed concerns over the raid of headquarters of the Dangote Group by operatives of Economic and Financial Crimes Commission (EFCC). EFCC on Thursday reportedly raided the headquarters of the Dangote Group in connection with ongoing investigation into […]

A member of the House of Representatives representing Ideato North South Federal Constituency, Hon. Ikenga Ugochinyere Ikeagwuonu, has expressed concerns over the raid of headquarters of the Dangote Group by operatives of Economic and Financial Crimes Commission (EFCC).

EFCC on Thursday reportedly raided the headquarters of the Dangote Group in connection with ongoing investigation into forex allocations in the country.

It was reported that on arrival at the headquarters of one of Africa’s largest conglomerates in Lagos, the EFCC operatives demanded documents relating to allocation of foreign exchange to the group in the last ten years.

They then scrutinised the documents provided by officials of the Group for hours, carting some of them away.

Reacting to the development, Ugochinyere who’s the Chairman House Committee on Petroleum Resources, Downstream, said the raid on Dangote Group is very suspicious and capable of worsening the economic situation and scaring investors.

According to him, raiding the company of one of the largest conglomerates in Africa at a time when the nation is grappling to save its fragile economy is a wrong move which will further erode efforts to stabilise the economy.

Ugochinyere said, “This evening, I read about the raid of the headquarters of the Dangote Group in connection with ongoing investigation into forex allocations in the country. The EFCC was reported to be investigating forex allocations to some companies during the tenure of Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN).

“I’m of the view that the timing of the raid on Dangote Group is not only very suspicious, but most importantly capable of worsening the economic situation and scaring investors. In the last few months, our nation has lost so many foreign investors. While some of the foreign companies operating in the country are leaving, potential investors are also sidelining us. Now you have the EFCC despite the word the nation is currently facing, raiding the headquarters of the largest industrial conglomerate in West Africa.

“The Dangote Group, with investments in several sectors and across 14 countries in Africa. This is not good look for us internationally. What will the international community think of Nigeria when they read about news like this? Dangote Group’s impact for decades has been felt through various facets of Nigeria’s economy.

“The President of Dangote Industries Limited, Aliko Dangote. has helped transform our economy from heavy import dependence to a net exporter in some critical industries, including cement and Fertiliser. And given our current fragile economic situation, I believe this move by the EFCC will worsen things, now is not time for this, it’s time for the nation to focus on integration of African economies and expansion of trade and investments across the continent to stimulate growth and create employment opportunities, not carrying out raids on its largest conglomerate.”