Olam Agri refutes allegations of Nigeria business’ involvement in multi-billion dollar fraud

The company said reports that it funnelled US$34b into the Central Bank of Nigeria are “inaccurate.”

Olam Agri “categorically” denied allegations that its business unit in Nigeria, as well as its subsidiaries, are involved in a multi-billion dollar fraud.

In a bourse filing, the company said reports stating that Olam Nigeria has “funnelled” about US$34b into the Central Bank of Nigeria through its Special Purpose Vehicles (SPVs) “under the guise of capital importation at official rates” is “manifestly inaccurate and designed to be misleading.”

“Based on the Olam Group's audited financial statements, which are publicly available, the Olam Group's cumulative turnover in Nigeria, including all export, import and domestic sales, for FY2015 to FY2022 was US$14b in total, and for the same eight-year period, the value of capital importations via Certificates of Capital Importations for the entire Olam Group in Nigeria was US$2.4b in total,” the company explained.

Olam Agri also dismissed reports stating that its Nigeria business has “fictitious Nigerian directors” and that the group has a “network shell of companies.”

“All Olam Nigeria subsidiaries are formed for a proper corporate purpose and are audited by Ernst & Young Global's member firm in Nigeria,” Olam stated.

Meanwhile, Olam Agri also clarified that it paid a sum of CFA francs 2.925b (US$5.29m) inclusive of transaction costs and tax adjustments in 2021 to Ivory Coast, contrary to reports that it was asked to pay CFA francs 142b (US$262.7m).

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