ACF Decries Economic Impact of EFCC Raid on Dangote

• Arewa Consultative Forum expresses concern over EFCC’s raids, fearing it could discourage foreign investors, worsening Nigeria’s economic situation
• The ACF calls on the government to focus on economic growth and attract foreign investment instead of conducting raids on businesses

The Arewa Consultative Forum (ACF), a pan-northern group, has expressed concern over the Economic and Financial Crimes Commission’s (EFCC) recent raid on Dangote Headquarters and 51 other major business establishments. According to the ACF, this action has the potential to dissuade foreign investors who are already displaying signs of hesitancy to invest in the country.

Bello Sani Galadanci, the Publicity Secretary of the ACF, Kano State chapter, highlighted the anxiety in Kano about the Dangote raid. He views it as an unhealthy development that could further deteriorate the economic situation, discourage investors, and impede Nigeria’s growth prospects.

Galadanci argued that this move could exacerbate the challenging situation, hindering potential investments. He echoed the sentiments of a respected member of the National Assembly, stating, “Given our current fragile economic situation, this move by the EFCC will worsen things. Now is not the time for this; it is the time for the nation to focus on integrating African economies and expanding trade and investments across the continent to stimulate growth and create employment opportunities, not conducting raids on its largest conglomerate.”

Operatives of the EFCC had stormed the Head Office of Dangote Group in Ikoyi, Lagos, on January 4, 2024. The search was linked to the anti-graft agency’s investigation of over 50 companies regarding forex transactions carried out during Godwin Emefiele’s tenure as the governor of the nation’s apex bank.

ACF urged the Federal Government of Nigeria to find ways for top business establishments to contribute more significantly to economic growth and cease the raids. This call comes as the nation strives to attract foreign investment and other critical elements to revive the economy.