The Director-General of the Manufacturers Association of Nigeria (MAN), Mr. Segun Kadri has stated that the way and manner the Economic and Financial Crimes Commission (EFCC) is carrying out its investigation on Dangote and other companies in the country sends a negative signal to investors.
Last week, officials of the EFCC stormed the office of Dangote Group headquarters as part of an investigation into forex allocation in the past years.
Kadri stated this during an interview on Arise TV where he called on the Commission and the federal government to treat manufacturers with respect even though no entity is bigger than an investigation.
According to him, the EFCC should clarify the details surrounding the raid on Dangote’s office to address any potential negative perceptions to avoid dampening investor confidence.
He further emphasized that the government must create an environment that ensures the private sector feels safe and secure.
He stated, “The issue of the invasion of Dangote’s headquarters is quite an unfortunate one and it is a situation that Nigerians need to look at seriously so that the government decides whether to encourage investment and how we deal with our champions.
“From a strategic point of view and as a nation that wants to grow its economy, what we should focus on is having more of Dangotes, not killing the one that we have.
“My thinking is that the way the news is being received around the world does not speak to a good image particularly now that this administration is desperately looking for foreign investors”
The Dangote group in a statement saying the commission did not provide enough time to get documents of forex allocation in the past ten years and it hopes to send them in batches before the raid.
Also, the Dangote group stated it is collaborating with the EFCC in the ongoing investigation which also includes dozens of other companies across the country.
