Dangote: EFCC raid could harm economy, drive away investors – Rep. Ikenga

The Economic and Financial Crimes Commission (EFCC) agents raided the Dangote Group headquarters, raising concerns from Hon. Ikenga Ugochinyere Ikeagwuonu, a member of the House of Representatives who represents Ideato North/South Federal Constituency.

On Thursday, the EFCC conducted a raid on the Dangote Group headquarters as part of an ongoing investigation into the nation’s currency allocations.

According to reports, EFCC agents wanted documentation regarding the foreign cash that the Dangote group had received over the previous ten years upon arriving at their offices in Lagos.
Thursday,
Following hours of scrutiny, they removed some of the documents that the Group’s personnel had submitted.

The chairman of the House Committee on Petroleum Resources, Downstream, Ugochinyere, reacted to the incident by stating that the raid had the potential to frighten investors and exacerbate the nation’s economic circumstance.

The congressman claimed that raiding one of the biggest African corporations at a time when the country was fighting to stabilize its unstable economy was a bad idea that would undermine attempts to stabilize the economy in a statement that was made public on Friday.

“In connection with the ongoing investigation into forex allocations in the country,” Ugochinyere stated, “I read about the raid of the Dangote Group headquarters.”
While Godwin Emefiele was the governor of the Central Bank of Nigeria (CBN), there were reports that the EFCC was looking into foreign exchange allocations to certain corporations.

“I think that the timing of the Dangote Group raid is highly suspect, but more than anything else, it has the potential to exacerbate the economy and frighten investors.

“So many foreign investors have left our country in the last few months,” Prospective investors are ignoring us as well as some of the international businesses that are currently doing business here.

“Now the biggest industrial enterprises in West Africa are having their offices raided by the EFCC.

Internationally, this is not favorable for us. After reading about such news, what will the world community’s perception of Nigeria be? Many aspects of Nigeria’s economy have been impacted by the Dangote Group for many years.

Plus, I think the EFCC’s action will make matters worse considering the precarious state of our economy right now.
In order to spur growth and generate job opportunities, the country should instead concentrate on the integration of African economies and the rise of trade and investments throughout the continent.