The raid that happened on a company controlled by Africa’s richest person, Aliko Dangote, appeared designed to send a clear message that no one is untouchable when it comes to President Bola Tinubu’s drive to fix the nation’s ailing economy.
According to Dangote, the refinery project is achievable with the vision and support of Tinubu. The storming of the offices of Aliko Dangote’s holding company by the anti-graft agency was designed to cause “unwarranted embarrassment,” the billionaire’s firm said. Indeed, photos of the red-jacketed officials of the Economic and Financial Crimes Commission, with a bald eagle as its logo, were splashed across Nigerian media.
The action is being touted as evidence of Tinubu’s crackdown on foreign exchange abuses and is part of an investigation of former central bank governor Godwin Emefiele. The agency is yet to publicly comment, while Dangote says the company has faced no accusation of wrongdoing.
The billionaire businessman disclosed this while speaking with stakeholders in the oil and gas industry on the historic start of domestic refining of petroleum products.
Dangote said the President inspired him to embark on the monumental project and supported him throughout the process. The renowned entrepreneur, therefore, thanked Tinubu, the Federal Government, its agencies, and all Nigerians for believing in him and supporting the mega project despite all bad terms.
Dangote also recalled how President Tinubu supported, encouraged, and provided thoughtful advice towards actualizing the refinery project. He said, “I want to thank President Bola Tinubu for his support and for making our dream come true. This production, as witnessed today, would not have been possible without his visionary leadership and prompt attention to detail.“His intervention at various stages cleared all impediments, thereby, accelerating the actualisation of the project.
Like many of Tinubu’s bold steps since taking office in May, which include loosening exchange controls and abolishing fuel subsidies, the initial costs of the raid may be high. It’s causing panic in boardrooms at a time when corporate heavyweights GSK and Procter & Gamble are among those reducing their exposure to the country. Others may hesitate to invest. “Manufacturers are concerned that if this can happen to Dangote, it can happen to any one of them,” said Segun Ajayi-Kadir, director-general of the Manufacturers Association of Nigeria.
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