Tag: Olams

Alleged $50bn Fraud: DSS investigating Olam Nigeria Ltd, Int’l, 9 subsidiaries

Aminu Imam

The Department of State Services (DSS) is reportedly investigating a mega economic fraud involving Olam Nigeria Limited, Olam International and their nine subsidiaries to the tune of over $50billion. In a chain of round-tripping foreign exchange deals since 2015, the company, through its Special Purpose Vehicles, (SPVs), had booked about $34 billion with the Central Bank of Nigeria, (CBN), as capital importation at official rates. However, instead of investing the money into the Nigerian economy, sources said the company round-tripped the forex and sold to business men, especially oil and…

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Multi-billion-dollar FX fraud: Olam Nigeria pays N1bn bail bond to secure release of Director

Aminu Imam

Olam Nigeria Limited has reportedly paid a huge bail bond of N1billion to secure the release of one of its directors, Prakash Kanth. According to the report, the payment was made into a special recovery account operated by the Department of State Service, (DSS). Other top executives of the company have reportedly fled the country in the wake of the arrest of the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele and his accomplices. The money was allegedly paid into a Treasury Single Account, (TSA), domiciled at Access…

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Olam denies media reports of $68bn Nigerian forex fraud, as shares tumble

Aminu Imam

Olam Group yesterday said it categorically denies allegations made in recent media reports about its Nigerian unit, Olam Nigeria, and its subsidiaries being involved in an alleged multibillion-dollar fraud. Its shares tumbled when they resumed trading yesterday, closing down 11 cents, or 8.6 percent, at $1.17. The food and agri-business giant said it refutes all baseless and inflammatory statements made in two articles published online last week. However, in view of the nature of the allegations made, its Board has directed the audit committee to nevertheless conduct a review of the…

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Kaduna: Alleged $50bn Fraud: DSS investigates Olam Nigeria Ltd

Aminu Imam

…Invites companys top officials The Department of State Service, (DSS), is reported to be investigating a mega economic fraud involving Olam Nigeria Limited, Olam International and their nine subsidiaries to the tune of over $50billion. In a chain of round-tripping foreign exchange deals since 2015, the company, through its Special Purpose Vehicles, (SPVs), had booked about $34 billion with the Central Bank of Nigeria, (CBN), as capital importation at official rates. But instead of investing the money into the Nigerian economy, sources said the company round-tripped the forex and sold…

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