EFCC's raid on Dangote Headquarters could scare foreign investors – Lawmaker

The EFCC, in pursuit of an ongoing investigation into forex allocations in the country, carried out a thorough search at the Dangote Group's headquarters in Lagos on Thursday, January 04, 2023.

The operatives reportedly demanded documents spanning the last ten years related to the allocation of foreign exchange to the industrial conglomerate.

Upon scrutinising the documents provided by Dangote Group officials, the EFCC seized some, a move that has sparked controversy and raised questions about its potential impact on the nation's economy.

Ugochinyere, who also serves as the Chairman of the House Committee on Petroleum Resources, Downstream, expressed his dismay in a statement released on Friday, January 05.

He stated that the timing of the raid is not only suspicious but could exacerbate the economic challenges facing the nation, potentially deterring investors.

"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," Ugochinyere remarked.

The lawmaker drew attention to the recent loss of foreign investors, stating that the nation can ill-afford such actions as foreign companies are already leaving, and potential investors are becoming increasingly hesitant.

Ugochinyere highlighted the international repercussions of such actions, stressing that the EFCC's move could harm Nigeria's image on the global stage.

The Dangote Group, being one of the largest industrial conglomerates in West Africa, has played a significant role in Nigeria's economy for decades.

"Now is not the time for this; it’s 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," Ugochinyere concluded.