The Arewa Consultative Forum (ACF) has expressed concern over the recent raid on the Dangote Conglomerate by the Economic and Financial Crime Commission (EFCC), describing it as a threat that could worsen the current economic situation of the country.
The position of the ACF was made known to newsmen by the publicity secretary, Bello Sani Galadanci, yesterday in Kano.
“The Arewa Consultative Forum (ACF), Kano State chapter, and the good people of Kano are apprehensive about the raid on Dangote Conglomerate 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 cannot 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 raids on its largest conglomerate,” he stated.
On 4th January, 2024, operatives of the EFCC stormed the head office of the Dangote Group at Ikoyi, Lagos.
The search was linked to the probe of 52 companies by the anti- graft agency over forex transactions in the last 10 years.
Prior to the 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 documentation.
Neither the clarification nor the extension were granted. On January 4 EFCC personnel descended on Dangote head office demanding the same documents the company’s officials had already brought to the premises of the anti-graft police.
He further explained that the raid of the Dangote Headquarters and those of 51 other big business establishments by the EFCC was capable of discouraging foreign investors who were already showing signs of reluctance to bring in their money into the country.
“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.
“ACF reaffirms that no one individual, group or institution is 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 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.”
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