Olam Group, based in Singapore issued a statement on Monday asserting that its investigative endeavors yielded no substantiation implicating its Nigeria unit in an alleged multi-billion dollar foreign exchange fraud.
The purported malfeasance, initially reported by the Daily Nigerian and Prime Business Africa, prompted an inquiry by Nigerian security agencies into Olam Nigeria, Olam International, and associated entities, regarding a purported foreign exchange impropriety exceeding $50 billion.
In response to these allegations, Olam Group promptly refuted the claims last year, adamantly denying any involvement in the purported misconduct. Subsequently, the company’s audit committee was tasked with scrutinizing the matter.
The investigation, conducted under the auspices of the Audit and Risk Committee and the Board, failed to unearth any evidence implicating Olam Nigeria in the alleged transgressions outlined in the aforementioned articles.
Moreover, Olam Group affirmed its unwavering cooperation with Nigerian authorities throughout their investigation into the purported fraud. Notably, no charges have been levied against Olam’s Nigerian subsidiary or any of its officers by Nigerian law enforcement agencies.
In light of these developments, Olam Group affirms the undeterred operation of all its Nigerian businesses, emphasizing their continued adherence to normal operational activities.
