Home NEWS Raids on Dangote Group, Other Local Conglomerates Inimical to Growth of Economy

Raids on Dangote Group, Other Local Conglomerates Inimical to Growth of Economy

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The Arewa Consultative Forum has said that raids on Dangote Group and other local conglomerates is inimical to economy growth.

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Bello Sani Galadanchi, Publicity Secretary of the ACF disclosed this in a statement.

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

He added that the search was linked with the probe of 51 companies by the anti- graft agency over forex transaction in the last 10 years.

He maintained that prior to the visit/ raid, Dangote Group had sought clarification on why certain documents were demanded, but this proved abortive.

He added that they also requested additional time to “compile and properly present the required extensive documentation”.

He noted that neither the clarification, nor the extension were granted.

According to Galadanchi, 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 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 Publicity Secretary said the Arewa Consultative Forum, Kano State chapter, and the good people of Kano are apprehensive about the raid on Dangote.

He described the incident ad 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”.

He stressed that Dangote’s impact for decades has been felt through various facets of our economy.

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He further stressed that the company played a crucial role in transforming Nigeria’s economy from heavy import dependence to a net exporter in critical industries.

“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 the more advanced economies, that is what obtains.”

For instance, he explained that at various times Microsoft, Beta, BP and several business concerns had been fined by the US government for infractions committed.

Recently, pointed out P&G and few other conglomerates left Nigeria. Aliko Dangote is one of the most patriotic businessmen who had chosen to invest in Nigeria.

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He stated that, “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.”

In the Statement, ACF therefore, called on the Federal Government of Nigeria 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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