The raid on the Dangote Group headquarters by agents of the Economic and Financial Crimes Commission, or EFCC, has alarmed Hon. Ikenga Ugochinyere Ikeagwuonu, a member of the House of Representatives who represents the Ideato North/South Federal Constituency.
In line with an ongoing investigation into foreign exchange allocations in the nation, the EFCC searched the Dangote Group headquarters on Thursday.
It was stated that EFCC agents demanded documentation pertaining to the foreign exchange allotted to the Dangote group during the previous ten years upon their arrival at the group’s headquarters in Lagos.
After spending hours going over the documents that the Group executives had given them, they eventually carted some of them away.
In response to the news, Ugochinyere, the chairman of the House Committee on Petroleum Resources, Downstream, stated that the raid had the potential to exacerbate the nation’s economic predicament and frighten away investors.
The congressman claimed in a statement released on Friday that raiding one of the biggest African corporations at a time when the country was fighting to preserve its precarious economy was a mistake that would worsen efforts to stabilize the economy.
In relation to the ongoing inquiry of the country’s forex allocations, Ugochinyere stated, “I read about the raid of the Dangote Group headquarters.”
Investigations of foreign exchange allocations to specific corporations under Godwin Emefiele’s governorship of the Central Bank of Nigeria (CBN) have reportedly being undertaken by the EFCC.
“I believe that the timing of the Dangote Group raid is not only highly suspicious, but also has the potential to exacerbate the economic crisis and frighten away investors.”
“Our country has lost a great deal of foreign investment in the previous several months. Potential investors are avoiding us along with some of the foreign businesses that are currently operating in the nation.
“The largest industrial conglomerates in West Africa are having their headquarters raided by the EFCC.”
This is detrimental to us on a global scale. When news like this is reported, what will the world community think of Nigeria? Nigeria’s economy has been impacted by the Dangote Group for many years in a number of ways.
“And I think this move by the EFCC would make matters worse, especially considering our current precarious economic circumstances.
“This is not the time for it; instead, the country should concentrate on integrating the economies of Africa and promoting trade and investment throughout the continent to spur economic growth and generate job opportunities.”
