Nigerian parliamentary panel chairman, Ikenga Ikeagwuonu, has expressed concern over the recent raid by anti-graft officials on the offices of Dangote Industries Ltd, controlled by billionaire Aliko Dangote.
Ikeagwuonu, who heads a committee on petroleum resources in Nigeria’s House of Representatives, voiced apprehension, stating that the raid could have adverse effects on the economy and discourage potential investors.
The Economic and Financial Crimes Commission (EFCC) conducted the raid at the Lagos headquarters of Aliko Dangote, Africa’s richest person, as part of an ongoing investigation into Godwin Emefiele, the former head of Nigeria’s central bank.
An official from the EFCC, speaking anonymously, clarified that the visit was related to the probe into Emefiele, who had been arrested in June on charges, including fraud, which he denies.
Despite repeated requests for comment, officials at Dangote have not responded. Ikeagwuonu, however, pledged to address the issue when lawmakers reconvene, expressing concern that the EFCC’s actions could exacerbate the country’s fragile economic situation.
The EFCC’s investigation revolves around foreign-exchange dealings with the central bank during Emefiele’s tenure, marked by a complex foreign-exchange regime aimed at stabilizing the naira.
The regime, in effect until June, created opportunities for arbitrage by limiting official sources of dollars, leading to a dual-market system. Emefiele’s dismissal and the subsequent probe were initiated by President Bola Tinubu, who assumed office in May.
Following the news, Dangote Cement Plc, the most valuable firm in the Dangote Group, experienced a 1.6% increase in Lagos trading, with elevated volumes.
However, concerns over the investigation contributed to a decline in Nigeria’s dollar bonds maturing in 2049 for the fifth consecutive day. The bonds reached 86.474 cents on the dollar, the lowest since December 13.
