Singapore’s Olam Group has emerged unscathed from a storm of allegations, as its investigation team unequivocally exonerated its Nigerian unit from any involvement in a multibillion-dollar foreign exchange fraud. The verdict was delivered on Monday, putting to rest the cloud of suspicion that hung over the company.
Last year, some Nigerian media outfits sounded the alarm, reporting that Nigeria’s DSS were delving into the affairs of Olam Nigeria and Olam International, along with their associated entities, suspecting a staggering $50 billion forex fraud.
“Despite the swirling maelstrom of allegations, the investigation concluded with a clear verdict: there was no involvement of Olam Nigeria in any form of foreign exchange fraud.”
In a resolute response, Olam swiftly denied the accusations, directing its audit committee to scrutinise the matter. The Investigation Team, duly authorised by the Audit and Risk Committee and the Board, meticulously examined the evidence.
“From the work performed by the Investigation team, we found no trace of Olam Nigeria’s complicity in the specific allegations outlined in the articles.”
Olam’s cooperation with Nigerian authorities during the fraud inquiry was unwavering, yet no charges were levelled against its unit or any of its officers. The wheels of business continued to turn seamlessly in Nigeria, unaffected by the tempest of suspicion.
