Dangote: EFCC raid could hurt economy and scare investors - MP, Ikenga

Dangote: EFCC raid could hurt economy and scare investors – MP, Ikenga


Member of the House of Representatives representing Ideato North/South Federal Constituency. Ikenga Ugochinyere Ikeagwonu has expressed his concern over the attack on the Dangote Group headquarters by operatives of the Economic and Financial Crimes Commission, EFCC.

The EFCC on Thursday raided the headquarters of Dangote Group in connection with its ongoing investigation into foreign exchange allocation in the country.

According to reports, upon arriving at the headquarters of the Dangote Group in Lagos, the EFCC operatives demanded documents regarding the allocation of foreign exchange to the group over the past 10 years.

They then spent hours sifting through documents provided by the group's officials and carted off some of them.

Reacting to the development, Downstream Petroleum Resources Board Chairman Ugochinyere said the raids could worsen the economic situation in the country and scare away investors.

In a statement published in Daily Post on Friday, the lawmaker said it was the wrong move to attack one of Africa's largest conglomerates at a time when Africa is struggling to save its fragile economy and to stabilize its economy. He said this would further undermine efforts to achieve this goal.

Ugochinyere said: “I read that the headquarters of Dangote Group was raided in connection with the ongoing investigation into foreign exchange allocation in the country.

“The EFCC is reportedly investigating the foreign exchange allocations of Mr. Godwin Emefiele to some companies during his tenure as Governor of the Central Bank of Nigeria (CBN).

“I believe that the timing of the raid on Dangote Group is not only highly questionable but most importantly has the potential to worsen the economic situation and scare away investors.

“In the past few months, our country has lost too many foreign investors. While some of the foreign companies operating in this country are exiting, potential investors are also leaving us. It's far away.

“Now the EFCC is raiding the headquarters of West Africa’s largest conglomerate.

“This is not good for us internationally. What will the international community think of Nigeria after seeing news like this? The influence of Dangote Group has been felt through various aspects of the Nigerian economy for decades. I did.

“And given the current fragile economic situation, I believe this move by the EFCC will further worsen the situation.

“Now is not the time. It is time for nations to focus on integrating African economies and expanding trade and investment across the continent to stimulate growth and create job opportunities.”

Source: dailypost.ng

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