1) I was forced to cut short my social media break the day EFCC raided the Ikoyi coporate office of our finest businessman, Aliko Dangote.
In fact, that day was a distressing and sad day for me because the implications of what the EFFC did were dire and grave.
2) The raid, as far as I was concerned, was purely a vendetta because of Dangote’s political choice.
Yes! Dangote supported Atiku Abubakar because he believed that Atiku had the experience and the pedigree to run this battered economy better.
And for me, Dangote is in a better position to make that decision because he has the data, so it is wrong to harass or harangue his business empire because of his political choice.
3) Dangote runs a conglomerate that is the biggest in all of West Africa, not only Nigeria.
He is the largest employer of labour in our country, with over 30,000 people employed by him, and the number of people employed will quadruple once the refinery project comes up.
Such a man who is an asset to any country deserves protection, not harassment and ridicule.
4) Dangote invested over $10 billion of his money in equity when he was building his refinery.
The refinery cost $20 billion.
The rest was borrowed, of which $10 billion was borrowed from a consortium of banks.
US Treasury bills pay a 5% yield at the moment.
Dangote could have invested the $10 billion he invested in his refinery in US Treasury bills.
He would earn $500 million annually without raising an arm, but he chose to invest his money in our country to grow our economy, our GDP, and create jobs.
To build the massive project on 2,500 hectares of swampland, Dangote had to construct his own port and road to take delivery of heavy equipment, establish his own trucking company to move it, and build his own industrial welding facility to put it together.
He said he had laid enough cable to stretch twice around the globe and had moved 65 million tonnes of sand. “You will not see this kind of project in Nigeria in the next 20 years,” he said.
No outside contractor had been willing to take on Nigerian risk, he said, so he had to design and build the whole thing in-house.
“We didn’t cut costs. We didn’t cut corners,” he said. “We didn’t do it for people to clap for us. We did it for posterity,” Africa’s richest man pointed out in a recent interview.
What such a risk-taker deserves is respect and protection, not what the EFCC did.
5) You may not like Dangote.
It is fine and within your rights, but his success is the barometer of how the international business community views Nigeria.
Dangote took a risk to invest in Nigeria, and this alone encourages many foreign investments to come to Nigeria.
So when you harass such a man, it will affect your reputation, your credit rating, and the way the international community sees you and your country.
6) The chicken has come home to roost as Nigeria’s dollar bonds maturing in 2025 have fallen for seven consecutive days for their longest losing streak since September.
According to Bloomberg, this suggests that investors are watching what happens next between Dangote and the Economic and Financial Crimes Commission (EFCC).
The bonds are now at their lowest levels since November 28 according to Bloomberg data and the loss of appetite for Nigerian bonds provides strong basis for worries expressed by the Manufacturing Association that the January 4, 2024 raid on Dangote Lagos HQ by EFCC was badly managed.
Manufacturers in Nigeria 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. “They are worried.”
Slamming the EFCC for the aggressive nature of its tactics, the association said currency allocations to more than 50 companies were under scrutiny and warned of a chilling impact on the economy.
“This news has gone around the world, and many, including would-be investors, would be taken aback,” Ajayi-Kadir said in a separate statement. “This may not be the best way to show that Nigeria is committed to good corporate governance.”
7) The naira is heading to 1,500 to one dollar because Nigeria has run out of dollars.
We just need $10 billion to stabilise the forex market so the dollar can go back to 750 to $1.
As of this morning, nobody or any country is willing to lend us the amount.
The only person who brought his dollars to invest in our country
We are harassing and embarrassing him.