Raid on Dangote inimical to economic growth – ACF

A pan northern group, Arewa Consultative Forum (ACF) said the raid of the premises of Dangote Headquarters and those of other 51 big business establishments by the Economic and Financial Crimes Commission (EFCC) is capable of discouraging foreign investors who are already showing signs of reluctance to bring in their money into the country. 

Publicity Secretary of the ACF, Kano State chapter, Bello Sani Galadanci said the people of Kano are apprehensive about the raid on Dangote because they  see it as an unhealthy development that could further worsen the economic situation, scare investors, and hinder Nigeria’s growth prospects. 

He said the move would further exacerbate the current difficult situation and deter potential investment. 

“We cannot but agree with the position advanced by no less than 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”, Galadanci said.

On 4th January 2024, operatives of the EFCC stormed the Head Office of Dangote Group at Ikoyi, Lagos.

The search was linked with the probe of over 50 companies by the anti- graft agency over forex transactions carried out when Godwin Emefiele was governor of the nation’s apex bank.

ACF called on the Federal Government of Nigeria to devise 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.