Preferential Allocation Of FX To Dangote, 51 Others Not Illegal— MAN Breaks Silence On EFCC Probe

The Manufacturers Association of Nigeria has warned against witchhunt that may scare big investors like the chairman of the Dangote Group, Aliko Dangote from further investing in the country.

The Director-General of MAN, Segun Ajayi Kadir, gave the warning on Monday during an interview on Arise TV, monitored by THE WHISTLER.

Kadir reacted to issues surrounding preferential FX allocation by the government to Dangote Industries Ltd and over 50 others.

Last week, the Economic and Financial Crimes Commission invaded the Lagos office of Dangote Industries Ltd over an alleged foreign exchange probe.

The EFCC is investigating 52 companies over their foreign exchange dealings in the past ten years.

But the MAN D-G said the government can decide on the sector to give FX support, particularly the one that is critical for the country’s economic survival.

Kadir said, “I mean the issue of the invasion of Dangote headquarters is quite an unfortunate one, and I think it’s something that Nigeria needs to look at in a very serious manner, so that the government decides as to whether we are going to continue to encourage private investment, and how we deal with our champions, without any doubt.

“Dangote industry is an institution, it’s one of the biggest, if not the biggest, manufacturing entities, not only in Nigeria, but in Africa, it employs thousands of people, and it’s one of those, I mean if I were the government, it’s one of the companies that I would rely upon to get me out of this forex issue that we’ve been talking about.

“So, my take is that there is absolutely nothing wrong with a company being close to the government, and who will be close to the government? If you are a businessman, and you have invested in such a humongous manner as Dangote has invested, not only in Nigeria but outside of Nigeria, of course, you have to be close to the government, of course, your business dealings will make you have engagement with government.

“You require incentives, and we look at the kind of money that is borrowing. I sometimes I wonder whether he sleeps. So, I believe that from your strategic point of view, and as a nation that wants to grow its economy, what would you focus on? I don’t think there’s anything. It has to be creatively done. It has to be intentionally done. And it’s not something that is not practiced elsewhere.”

The man D-G said the probe by the EFCC if not properly managed may scare foreign investors from investing in the Nigerian economy.

According to him, the EFCC needs to clarify on the matter surrounding the investigations in other to restore investors’ confidence in the Nigerian economy.

He added, “I have a feeling that the EFCC, for instance, needs to be able to clear the end on what is intended to do. I believe and I hope and I pray that the negative interpretations that he’s been giving to this rate, is not true.

“I think it behoves on the EFCC to come out to give some form of explanation that will not only reassure the Dangote Industries Limited, but it will assure all other domestic investors.

“Because I’m told that there are more than 50 and then, quite importantly, foreign investors. I mean, to explain in the best way that is possible. Very interesting about how this is going.”