ACF Voices Concerns Over EFCC Raids on Dangote Group and Others
The Arewa Consultative Forum (ACF) from the Kano State chapter has expressed apprehension over the recent raids conducted by the Economic and Financial Crimes Commission (EFCC) on the Dangote Group and 51 other major business establishments.
The raids, which took place on January 4, 2024, at the Dangote Group’s Head Office in Ikoyi, Lagos, were part of a larger probe into forex transactions over the past decade.
Before the raid, the Dangote Group had sought clarification and additional time to compile the required documentation, both of which were reportedly denied by the EFCC. This has raised concerns about the potential negative impact on foreign investors’ confidence, as such actions could deter investments in the country.
The ACF sees the EFCC’s move as an unhealthy development that could further worsen Nigeria’s economic situation, discourage investors, and hinder the nation’s growth prospects. They emphasise the importance of focusing on integrating African economies and expanding trade and investments across the continent for economic stimulation and job creation.
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The Forum acknowledges that no one is above the laws of the land and supports appropriate sanctions if any of the companies, including those under the Dangote Group, are found to have violated laws. However, they advocate for a more amicable approach by the Federal Government to encourage top business establishments to contribute further to economic growth and halt the raids, especially as the nation strives to attract foreign investments.
The ACF highlights Dangote’s significant impact on transforming Nigeria’s economy and emphasises the need to celebrate local companies for their contributions. “We call on the government to devise ways to encourage greater contributions from top business establishments rather than resorting to raids that may have adverse effects on the economy,” the group advocated.
ACF Voices Concerns Over EFCC Raids on Dangote Group and Others