Hon. Ikenga Ugochinyere Ikeagwuonu, a member of the House of Representatives representing Ideato North/South Federal Constituency, has expressed apprehensions regarding the recent raid on the headquarters of the Dangote Group by the Economic and Financial Crimes Commission (EFCC).

In his capacity as the Chairman of the House Committee on Petroleum Resources, Downstream, Ugochinyere voiced his concerns, stating that the EFCC’s action has the potential to exacerbate the economic situation in the country and create unease among investors.

In a statement released on Friday, the lawmaker criticized the timing of the raid on one of Africa’s largest conglomerates, emphasizing that such a move could undermine ongoing efforts to stabilize the economy. Ugochinyere questioned the suspicious timing of the raid and its adverse impact on Nigeria’s international image.

The statement read, “I’m of the view that the timing of the raid on Dangote Group is not only very suspicious but most importantly capable of worsening the economic situation and scaring investors.”

Ugochinyere stressed that, given the current fragile economic conditions and the loss of foreign investors in recent months, the EFCC’s action would further discourage potential investors. He urged a shift in focus toward integrating African economies and expanding trade and investments across the continent to stimulate growth and create employment opportunities.

The EFCC had conducted a raid on the Dangote Group’s headquarters on Thursday, investigating forex allocations during the tenure of Godwin Emefiele as the Governor of the Central Bank of Nigeria (CBN). The operatives demanded documents related to foreign exchange allocations over the past decade, scrutinizing them for hours and confiscating some.

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