Adedapo Adesanya
By Adedapo Adesanya
The Director-General of the Manufacturers Association of Nigeria (MAN), Mr Segun Ajayi Kadri, has warned that the current investigation style adopted by the Economic and Financial Crimes Commission (EFCC) sends a wrong signal to investors, especially at a time the government was looking for funds to carry out its functions.
Mr Kadri is shouting on top of the rooftop following the recent investigation into the allocation of foreign exchange (FX) to Dangote Group and 51 other companies by the Central Bank of Nigeria (CBN).
Recall that last Thursday, operatives of the EFCC stormed the office of Dangote Group headquarters in Lagos as part of a probe into forex allocation in the past years.
Speaking on Arise TV earlier today, Mr Kadri said this was a wrong approach considering that investors were sceptical about investing in the country.
He called on the commission and the federal government to treat manufacturers with respect, adding that 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.
“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,” he said.
His stance had previously been echoed by the Chairman of the House of Representatives Committee on Petroleum Resources (Downstream), Mr Ikenga Ugochinyere Ikeagwuonu.
Mr Ikeagwuonu said raiding the company of one of the largest conglomerates in Africa at a time when the nation was grappling to save its fragile economy was a wrong move that would further erode efforts to stabilise the economy.
The central bank has been accused previously of favouring and enriching some individuals and companies through the provision of cheap FX to them.
