Posted by The raid on the Dangote Group headquarters by agents of the Economic and Financial Crimes Commission (EFCC) has caused worry among representatives like Hon. Ikenga Ugochinyere Ikeagwuonu, who represents the Ideato North/South Federal Constituency.
The Dangote Group’s headquarters was searched on Thursday by the EFCC as part of their continuing investigation into foreign exchange allocations in the country.
Upon their arrival at the Dangote group’s headquarters in Lagos, EFCC officials reportedly demanded documentation about the group’s foreign exchange distribution over the past decade.
After that, they spent hours going over the paperwork that the Group’s executives had given them, and they even took some of the records with them.
In response to the news, Ugochinyere, the head of the House Committee on Petroleum Resources (Downstream), warned that the raid might make the country’s economic woes much worse and put off potential investors.
The senator told HEALTHYSPOT101 in a statement that raiding one of Africa’s biggest corporations while the country is struggling to salvage its already-fragile economy would be a disastrous decision that would derail stabilization efforts.
The raid of the Dangote Group headquarters is being investigated as part of the ongoing probe of the country’s forex allocations, according to Ugochinyere.
It was said that while Godwin Emefiele was governor of the Central Bank of Nigeria (CBN), the EFCC was looking into the distribution of foreign currency to certain businesses.
I think it’s highly suspicious that the raid on Dangote Group happened at such a critical moment; moreover, I think it has the potential to make the economy much worse and scare away investors.
Many international investors have pulled their money out of our country in the past few months. We are being sidelined by both possible investors and some of the foreign corporations that have operations in the nation.
The biggest West African industrial companies have had their headquarters raided by the EFCC.
On a global scale, this is a bad thing. When news like this breaks, how will the world perceive Nigeria? Many parts of Nigeria’s economy have felt the influence of Dangote Group over the years.
I also think this move by the EFCC will make our already precarious economic situation even worse.
“The nation should prioritize integrating African economies and expanding trade and investments across the continent to spur growth and create employment opportunities. This is not the right time for this.”