MAN calls for business- friendly investigations to save fragile industries

• Exit of manufacturing companies threatens real sector, Ajayi- Kadir warns

THE Manufacturers Association of Nigeria ( MAN) has called for civility and caution by the Economic and Financial Crimes Commission ( EFCC) operatives when carrying out their investigations.

Director- General, MAN, Segun Ajayi- Kadir, said MAN received the news of the invasion of Dangote Industries Limited ( DIL) by dozens of the EFCC operatives with great shock, adding that about 50 other companies are also being investigated, with the likelihood that they will receive the same crude treatment.

He said while no company is above investigation, caution is more about the appropriateness of the method rather than the sheer brigandage that was on display.

Adding that an armed invasion by dozens of security operatives to get documents from a well- structured and identifiable company like DIL was not needed, he said: “We understand that it is part of EFCC’S ongoing investigation into forex allocations in the country and it is within their remit 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?

“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?”

The MAN DG added that the fact that the current administration is actively aiming to attract 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 round 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.