House of Representatives member representing Ideato North/South Federal Constituency in Imo state, Hon. Ikenga Ugochinyere Ikeagwuonu, has voiced deep concern over the Economic and Financial Crimes Commission’s recent raid on the headquarters of the Dangote Group. 

The operation, conducted on Thursday, was part of the ongoing investigation into forex allocations in Nigeria.

During the raid in Lagos, EFCC operatives demanded extensive documentation pertaining to the Dangote Group’s foreign exchange allocations over the past ten years. 

The scrutiny of these documents extended for several hours, with some materials being seized in the process.

Expressing his reservations about the situation, Hon. Ugochinyere, who also serves as the Chairman of the House Committee on Petroleum Resources, Downstream, emphasized the potential adverse impact of such actions on the nation’s economy and investor confidence. 

In a statement issued on Friday, he remarked, “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.”

He went on to criticize the move, suggesting that targeting one of Africa’s largest conglomerates during a critical economic period could undermine ongoing efforts to stabilize the economy. 

Ugochinyere expressed his concern about the negative repercussions on Nigeria’s international image and its ability to attract foreign investments.

“Now is not the time for this; it’s time for the nation to focus on the integration of African economies and the expansion of trade and investments across the continent to stimulate growth and create employment opportunities,” he urged, underscoring the importance of a positive and investor-friendly environment.