The Manufacturers Association of Nigeria, has has slammed the invasion of Dangote Industries Limited by the Economic and Financial Crimes Commission, over the ongoing probe of foreign exchange allocation to 52 firms in the last ten years.
The Director General, MAN, Segun Ajayi-Kadir, made this disclosure in a statement on Monday, describing the EFCC invasion of DIL as unfortunate.
The anti-graft commission is probing the alleged preferential forex allocations to the Dangote Group owned by billionaire, Aliko Dangote and 51 other companies under the Godwin Emefiele-led CBN.
The association explained that while it commends the anti-graft agency’s investigations, such inquiries should be made appropriately and devoid of Gestapo display.
“But the question is — what is the wisdom in security operatives swooping on the headquarters of a leading African conglomerate only to demand documents relating to the allocation of foreign exchange to the Group in the last ten years? Is it that the company refused to respond to a request to present those documents?
“It is whether it will take an armed invasion by dozens of security operatives to get documents from a well-structured and identifiable company like DIL. We also understand that about 50 other companies are also being investigated, probably with a likelihood of receiving the same ill-treatment,” it said.
MAN stated further that the fact that the administration was currently actively engaged in activities targeting at drawing foreign investors should dictate a more cautious and civil way to make enquiries and secure documents from existing/domestic operators.
It bemoaned that the news has gone worldwide and may cause would-be investors to distance themselves from the company.
The association then enjoined government agencies to exercise restraints and be cautious of the broader implications of their actions on the fragile business environment.
MAN said, “It is important for the EFCC to take steps to clear the air on the negative interpretation being adduced to this action. This is necessary to reassure existing business concerns and encourage would-be investors.”
The operatives of the EFCC raided the headquarters of Dangote Industries Limited in Ikoyi, Lagos, four days ago.
While reacting to the development, the company denied any wrongdoing.
