Capital market stakeholders have called on Dangote Group to employ a judicious approach by government and law enforcement agencies in handling corporate matters in order to avoid unintended negative consequences.
Shareholders and experts said government agencies should avoid sending wrong signals to the investing public, contrary to the efforts by the government to woo foreign and domestic investors in rejuvenating Nigeria’s economy.
They said while nobody should be above the law, government agencies must not be seen to be playing to the gallery or unguarded when it comes to corporate matters as this could undermine confidence in the economy.
They spoke on the background of the recent raid of Dangote Group headquarters by the Economic and Financial Crimes Commission (EFCC). EFCC is conducting investigations into foreign exchange allocations and usage by some 52 companies.
Dangote Group had clarified that it had provided part of required information to the agency and requested for extended time to comply with the required information, spanning 10 years. Officials of the agency however decided to visit the Dangote headquarters for the same documents reportedly submitted to their office.
Managing Director, Highcap Securities, Mr. David Adonri, said such investigations on economic issues involving large corporates like Dangote Group should have been handled with utmost consideration.
“Anything concerning Dangote affects investors in particular and Nigerians in general. His matter is very delicate and must be handled discreetly. The highly publicised raid on headoffice of Dangote Group is capable of eroding investors’ confidence in the economy and unsettling stability of the capital market. Dangote Industry occupies the commanding height of the Nigerian economy right now. If it is not carefully handled, Nigeria will be the loser,” Adonri said.
