Dangote: Economy and investor confidence at risk due to EFCC raid- Reps member, Ikenga

Hon. Ikenga Ugochinyere Ikeagwuonu, a member of the House of Representatives who represents the Ideato North/South Federal Constituency, has voiced concerns regarding the raid on the Dangote Group headquarters by agents of the Economic and Financial Crimes Commission, or EFCC.

The EFCC searched the Dangote Group headquarters on Thursday as part of an ongoing probe into the nation’s forex allocations.

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It was stated that when the EFCC agents arrived to the Dangote firm’s headquarters in Lagos, they requested documentation on the foreign exchange that had been given to the firm during the previous ten years.

They then spent hours carefully going over the documents that the Group executives had given them, even carrying some of them away.

Ugochinyere, the chairman of the House Committee on Petroleum Resources, Downstream, responded to the news by stating that the raid had the potential to frighten investors and exacerbate the nation’s economic conditions.

The congressman added that raiding one of the biggest businesses in Africa at a time when the country was struggling to salvage its frail economy was a mistake that would further undermine attempts to stabilise the economy in a statement that was made available to Obasanjo News24 on Friday.

“I read about the raid of the Dangote Group headquarters in connection with the ongoing investigation into forex allocations in the country,” Ugochinyere stated.

According to reports, the EFCC is looking into foreign exchange allocations made to a few companies when Godwin Emefiele was the governor of the Central Bank of Nigeria (CBN).

“The timing of the raid on Dangote Group, in my opinion, is not only highly suspicious, but it also has the potential to exacerbate the economic situation and frighten investors.”

We have lost a great deal of foreign investment in our country in the previous few months. Potential investors are ignoring us, even as some of the international businesses that were formerly present in the nation are departing.

“Now, the major industrial enterprises in West Africa are having their offices 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.”