Raid on Dangote Group office inimical to growth of Nigeria's economy

The Arewa Consultative Forum,(ACF) Kano State chapter, has described the raid on the premises of the Dangote headquarters and those of other 51 big business establishments, by the Economic and Financial Crimes Commission (EFCC) as capable of compounding negative interest shown by foreign investors who are already showing signs of reluctance to bring in their money into the country.

This is just as the ACF, reaffirms that no one individual, group or institutions are above the laws of the Land. Our position is that if any of the companies under the Dangote seal, or among the remaining 51 affected companies under probe, violated any of our laws, appropriate sanctions should be applied.

In view of this the group then called on the Federal Government to devise amicable ways of making our top business establishments to make greater contributions to our economic growth;

According to a statement signed by the publicity secretary of the ACF Alhaji Bello Sani Galadanchi ,a copy made available on Wednesday,then called on the federal government to halt the raids, as the nation struggles hard to attract foreign investment and other key ingredients to redeem the economy.

However, the statement recalled that “On 1st January 2024, operatives of the EFCC stormed the Head Office of the Dangote Group at Ikoyi, Lagos. The search was linked with the probe of 52 companies by the anti- graft agency over forex transaction in the last 10 years.

The statement added that prior to the visit/ raid, Dangote Group had sought clarification on why certain documents were demanded, but this proved abortive. They also requested additional time to “compile and properly present the required extensive documentation”. Neither the clarification, nor the extension were granted.

In the more advanced economies, that is what obtains. For instance, at various times Microsoft, Beta, BP and several business concerns had been fined by the US government for infractions committed.”

“On January 4 EFCC personnel descended on Dangote Head Office demanding same documents the company’s officials had already brought to the premises of the anti- graft police.

The ACF then disclosed that ” The raid of the premises Dangote Headquarters and those of other 51 big business establishments by the EFCC is capable of discouraging foreign investors who are already showing signs of reluctance to bring in their money into the country.”

” The Arewa Consultative Forum, Kano State chapter, and the good people of Kano are apprehensive about the raid on Dangote because we see it as an unhealthy development that could further worsen our economic situation, scare investors, and hinder Nigeria’s growth prospects.

“The move would further exacerbate our current difficult situation and deter potential investment. We can not but agree with the position advanced by no less one of the most respected members of the National Assembly who reacted thus: ”

“Given our current fragile economic situation, this move by the EFCC will worsen things. Now is not the time for this; it is the time for the nation to focus on the integration of African economies and the expansion of trade and investments across the continent to stimulate growth and create employment opportunities, not conducting raid on its largest conglomerate.

“Dangote’s impact for decades has been felt through various facets of our economy. The company played a crucial role in transforming our economy from heavy import dependence to a net exporter in critical industries.

The ACF recalled that “Recently, P&G and few other conglomerates left Nigeria. Aliko Dangote is one of the most patriotic businessmen who had chosen to invest in Nigeria. There are several equally very rich people who kept their resources in portfolio investments, real estate and other endeavours in foreign lands at the expense of Nigeria.

“We should celebrate Dangote and all our local big companies for their doggedness, persistence and unwavering commitment to bolster the Nigerian economy.

The ACF ,therefore hinted that ” To this end, the ACF calls on the Federal Government to devise amicable ways of making top business establishments to make greater contributions to economic growth; and halt the raids, as the nation struggles hard to attract foreign investment and other key ingredients to redeem the economy.

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