Financial Energy Review
……..by Victor Egbo……
The Manufacturers Association of Nigeria (MAN) has kicked against the invasion of Dangote Industries Limited (DIL) and call for caution by government security agencies in their operations.
MAN in a statement signed by its director–general, Segun Ajayi-Kadir, stated: “We received the news of the invasion of the Dangote Industries Limited (DIL) by dozens of Economic and Financial Crimes Commission (EFCC) operatives with great shock.”
“We also understand that about 50 other companies are also been investigated, probably with a likelihood of receiving the same ill-treatment.
Not that any company is above investigation, but it is about the appropriateness of the method and the sheer brigandage we saw on display. 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. “
“What we understand is that it is part of EFCC’s ongoing investigation into forex allocations in the country. We believe it is within the remit of EFCC to do so. 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 10 years?
Man ask what is the wisdom in security operatives swooping on the headquarters of a leading African conglomerate only to demand for documents relating to the allocation of foreign exchange to the Group in the last 10 years?
Is it that the company refused to respond to a request to present those documents? Are those documents only available with DIL and not in the Central Bank or the relevant commercial banks? Was there a possibility of armed resistance, if the EFCC operatives had come unarmed and devoid of the gestapo style invasion? Why hurt the corporate image and disrupt the business operations of the company?
It stated that the fact that the administration is currently actively engaged in activities aimed at attracting foreign investors should dictate a more circumspect and civil way to make enquiries and secure documents from existing/domestic operators.
“There is no doubt that this news has gone around the world and many, including would-be investors, would be taken aback and anxiously awaiting how the story will end. This may not be the best way to show that Nigeria is committed to good corporate governance.
Because of the status of DIL within the Nigerian economy, Africa, and the world, the outcome of this rather unfortunate incident may have great impact on how we are perceived as respecters of the right of business entities. “
It urged government agencies to always exercise restraints and be mindful of the wider implications of their actions on our fragile business environment.
“I think 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 statement concluded.
