The Arewa Consultative Forum, ACF, has rising in strong objections the raiding of Dangote Conglomerate by the Economic and Financial Crime Commission, EFCC, describing the action as one that will completely scared away Investors.
They said, “the EFCC’s raid on Dangote and other major business establishments may scare foreign investors and exacerbate the difficult economic situation in the country.”
ACF Kano State chapter in a statement issued to media by its spokesman Bello Sani Galadanchi, notes with total dismayed the Commission and called for serious restrained.
The forum expressed concern about the raids, seeing it as detrimental to economic growth as it may erode investors confidence.
The forum noted that given the current fragile economic situation of Nigeria, the move has the potential to worsen lapse in the economic sector at a time President Tinubu is up and doing trying to recuperate the economy.
It observed that Dangote Group has played significant role in Government drive of changing the country’s economic narrative from import dependent to net exporter in many facets.
It advised the Federal Government, to employ advanced economies measures like US in sanctioning conglomerates without raids.
The forum pointed out that when Microsoft, Beta, BP and several other business conglomerates were found violating laws in US, heavy fine was slammed on them.
The statement said ACF is never against subjecting Dangote or any other company to legal sanctions but cautioned that at a time when major companies were closing business in Nigeria, the need to strengthen indigenous ones cannot be ignored.
