The Manufacturers Association of Nigeria (MAN) expressed profound shock over the recent invasion of Dangote Industries Limited (DIL) by numerous operatives from the Economic and Financial Crimes Commission (EFCC). Describing the approach as “sheer brigandage,” MAN’s Director General, Segun Ajayi-Kadir, released a statement disclosing that approximately 50 other companies are also under investigation, possibly facing similar treatment.
While acknowledging that no company is immune to the investigation, Ajayi-Kadir questioned the appropriateness of the method employed by the EFCC. He emphasized the need to assess whether armed operatives needed to invade the headquarters of a well-structured and clearly identifiable company like DIL to obtain documents.
The EFCC’s ongoing investigation into forex allocations in the country served as the backdrop for the invasion. MAN recognizes the EFCC’s authority to conduct such investigations but raises concerns about the wisdom of deploying dozens of security operatives to demand documents related to foreign exchange allocations over the past decade.
The MAN Director General questioned whether DIL had refused to comply with a request for these documents and pondered why the documents would be exclusively available at DIL rather than in the central bank or relevant commercial banks. He raised concerns about the possibility of armed resistance and questioned the necessity of the Gestapo-style invasion that negatively impacts the corporate image and disrupts business operations.
Ajayi-Kadir stressed that a more cautious and civil approach to inquiries and document retrieval would be prudent when the administration actively seeks to attract foreign investors. The incident’s global dissemination could potentially affect how Nigeria is perceived regarding respecting the rights of business entities, especially given DIL’s significant status in the Nigerian, African, and global economies.
He called for government agencies to exercise restraint, considering the broader implications of their actions on the fragile business environment. Ajayi-Kadir emphasized the importance of the EFCC clarifying the negative interpretations surrounding the raid to reassure existing businesses and attract potential investors