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EFCC’s Raid On Dangote May Scare Foreign Investors – Lawmaker

EFCC’s Raid On Dangote May Scare Foreign Investors – Lawmaker
  • PublishedJanuary 6, 2024

Thursday’s raid by the Economic and Finan­cial Crimes Commission (EFCC) on the head office of Dangote Group has been condemned by a member of the House of Represen­tatives representing Ide­ato North/South Federal Constituency, Hon. Ikenga Ugochinyere.

Ikenga said the raid of the headquarters of the Dangote Group by EFCC was capable of discourag­ing foreign investors who are already showing signs of reluctance in bringing in their money into the country.

The EFCC had on Thurs­day raided the headquar­ters of the Dangote Group in connection with an ongo­ing investigation into forex allocations in the country.

It was reported that on arrival at the headquar­ters of the Dangote Group in Lagos, the EFCC opera­tives demanded documents relating to the allocation of foreign exchange to the group in the last ten years.

They then scrutinised the documents provided by officials of the Group for hours, carting some of them away.

Reacting to the develop­ment, Ugochinyere, who is the Chairman, House Committee on Petroleum Resources, Downstream, said the raid was capable of worsening the econom­ic situation in the country and scaring investors.

The lawmaker said raid­ing one of the largest con­glomerates in Africa at a time when the nation was grappling to save its frag­ile economy was a wrong move which would further erode efforts to stabilise the economy.

Ugochinyere said, “I read about the raid of the headquarters of the Dan­gote Group in connection with an 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).

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“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.”

 

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