Hon. Ikenga Ugochinyere Ikeagwuonu, a member of the House of Representatives representing Ideato North South Federal Constituency, has expressed apprehension regarding the recent raid conducted by the operatives of the Economic and Financial Crimes Commission (EFCC) on the headquarters of the Dangote Group,Daily Trust reports.

Reportedly, on Thursday, EFCC operatives carried out a raid on the Dangote Group’s headquarters as part of an ongoing investigation into forex allocations in the country. Upon arrival at the conglomerate’s Lagos office, the operatives requested documents related to foreign exchange allocations to the group over the past ten years. They examined the provided documents for an extended period and confiscated some of them.

In response to this development, Hon. Ugochinyere, who serves as the Chairman of the House Committee on Petroleum Resources, Downstream, expressed concern that the raid on the Dangote Group is suspicious and has the potential to worsen the economic situation, causing anxiety among investors.

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He emphasized that conducting a raid on the headquarters of one of Africa’s largest conglomerates at a time when the nation is striving to stabilize its fragile economy is an ill-advised move. Ugochinyere argued that the timing is detrimental and could further erode efforts to restore economic stability.

Ugochinyere pointed out that, in recent months, Nigeria has witnessed the departure of several foreign investors, and potential investors are hesitating to engage with the country. He stressed that the EFCC’s actions, despite the challenges the nation is facing, send the wrong signal internationally.

The legislator highlighted the significant contributions of the Dangote Group to Nigeria’s economy, spanning various sectors and 14 countries in Africa. He expressed concern about the negative impact the raid might have on the nation’s international image and called for a focus on integrating African economies, expanding trade, and promoting investments across the continent to stimulate growth and create employment opportunities, rather than conducting raids on the largest conglomerate in the country.


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