Olam Group breaks silence on reports of multi-billion dollar forex fraud, DSS investigation

Singapore-based Olam Group, an agri-business company, has denied reports from some media organisations that its Nigerian unit is involved in forex exchange fraud.

The alleged fraud was put at $50 billion and reported to be ongoing since 2015 under the suspended Central Bank of Nigeria (CBN) governor, Godwin Emefiele.

Details of allegations against Olam

The reports alleged that since 2015, the company gets dollars at official rates from the CBN and resells to companies at the parallel market rate for quick profits.

The reports also alleged that some companies had "fictitious Nigerians as directors" and authorities have "uncovered a chain of shell companies" linked to Olam, among others.

Olam reacts to allegations

Bloomberg reports that the company was forced to react to the allegations after its shares tumbled to their lowest level on the Singapore stock exchange where it is listed.

The company's statement on the allegation reads: "The company categorically denies the allegations in the Articles."

Olam Singapore, however, said it had directed its audit committee to review the matter.

To get further insight and reactions to the allegations, Legit contacted Damilola Adeniyi, the Corporate Affairs Manager at Olam Nigeria. However, several calls have yet to be returned.

When the allegations of round-tripping mentioned in the reports were presented, she immediately blocked the Legit reporter from accessing her official line.