The Director-General of the Manufacturers Association of Nigeria (MAN), Mr. Segun Ajayi Kadri has stated that the way and manner the Economic and Financial Crimes Commission, EFCC is carrying out its investigation on Dangote and other companies in the country sends a negative signal to investors.
Mr. Segun Kadri stated this during an interview on Arise TV where he called on the Crimes Commission and the federal government to treat manufacturers with respect even though 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.
- He stated, “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”
Backstory
Last week, officials of the Economic and Financial Crimes Commission (EFCC) stormed the office of Dangote Group headquarters as part of an investigation into forex allocation in the past years.
However, the Dangote group has come out in a statement saying the commission did not provide enough time to get documents of forex allocation in the past ten years and it hopes to send them in batches before the raid.
Also, the Dangote group stated it is collaborating with the EFCC in the ongoing investigation which also includes dozens of other companies across the country.
Source-
It depends on the perspective. International investors are fully aware of unresolved corruption cases in the country. They also need assurance that the system will not treat cases like this with kid gloves
And nothing screams corruption than shaking down companies…smh
So-called “fighting corruption” in Nigeria is a joke and scam, often resembling a Nollywood movie put together to bamboozle the gullible public. Investors from civilized nations appreciate process as much as substance, because a prerequisite for the rule of law should be at the very least a predictable public and transparent legal process to address any ALLEGED and/or SUSPECTED infraction.
Did these EFCC Jackboots even have a search warrant or court order?! SMH
So perceived graft and unwholesome practices by the high Nd mighty should not be investigated again because it will send negative signals to other investors who may likely be involved in grafts too? This is the reason why our dear country is where it is today. Everyone is involved and or defending corruption in high places. So sad!
Economy without sanity leads to crisis as always witnessed with us and this has more negative impact on our growth as a nation. Majority are suffering than the few ill begotten rich ones.
If there’s a cogent reason for investigation, the EFCC should go ahead as this should boost the confidence of reputable investors, not quash it as claimed. However, what we don’t need is baseless or politically motivated or theatrical investigations by the commission which in my opinion serves only as entertainment for the public and does no favours to the image of the commission and the country’s stance on corruption.
Government should investigate all the companies do business with government, and also deal with all government officials if found to have derailed.
Nothing engenders confidence in Foreign Investors more than instilling the rule of law and ensuring fair competition for all players.
Rule of law? Did they even have a search warrant or court order?! SMH
This is absolute nonsense from MAN. foreign exchange manoeuvres and manipulations is the stuff of the oligarchs of the Nigeria so called of private sector and cracking their stone wall of their opaque transactions is the correct step in fair competition that is crucial in reposing confidence Nigeria, s business environment.
Then change the rules…
Nothing scares away investors (both foreign and domestic) as ex-post facto laws, regulations and enforcement. In other words, businesses should be confident that they will not be penalized in the future for following rules and procedures that were legal when undertaken. PREDICTABILITY is a prerequisite.