1463 views
Logo from Olam Agri

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).

Follow the link for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Singapore’s aged care homes fall short
Their services are routinary and not personalised mainly due to resource constraints.
Healthcare
ArrowBiome develops technology to kill specific bacteria in humans
The Singapore startup focuses on the personal care market but may expand to gut health soon.
Healthcare
Mediation drives legal hiring growth in Singapore
Corporate and commercial law is also set to boost hiring in 2025 amid M&As.
HR & Education