EFCC raid on Dangote could wreak havoc on Nigeria’s economy, chase away investors, says Rep. Ikenga

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

The House of Representative member was reacting to the Thursday raid on the headquarters of the Dangote Group in connection with an ongoing investigation into forex allocations in the country.

The EFCC officials, during their raids, demanded documents relating to the foreign exchange made available to the group in the last ten years.

The chairman, of the House Committee on Petroleum Resources, Downstream, said in a statement that the incursion was capable of worsening the economic situation in the country and terrifying investors.

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

“The EFCC was reported to be investigating forex allocations to some companies during the tenure of Godwin Emefiele as Governor of the Central Bank of Nigeria (CBN).

“I’m of the view that the timing of the raid on Dangote Group is not only very suspicious, but most importantly capable of worsening the economic situation and scaring investors.

“In the last few months, our nation has lost so many foreign investors. While some of the foreign companies operating in the country are leaving, potential investors are also sidelining us.

“Now you have the EFCC raiding the headquarters of the largest industrial conglomerates in West Africa.

“This is not good for us internationally. What will the international community think of Nigeria when they read about news like this? Dangote Group’s impact for decades has been felt through various facets of Nigeria’s economy.

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

“Now is not the time for this; it’s time for the nation to focus on integration of African economies and expansion of trade and investments across the continent to stimulate growth and create employment opportunities.”