Olam Nigeria Limited is being investigated for alleged $50b scam

The DSS is looking into a $50 billion economic fraud involving Olam Nigeria Limited, Olam International, and their nine subsidiaries.

Since 2015, the corporation has booked over $34 billion in round-trip foreign exchange transactions through its Special Purpose Vehicles (SPVs) as capital importation at official rates with the Central Bank of Nigeria (CBN).

However, reports claim that the company round-tripped the forex and sold to businessmen, particularly oil and gas marketers and industries like Indorama and Fouani, at parallel market rates instead of putting the money into the Nigerian economy.

Investigations indicated that during the reviewed period, Olam frequently instructed the currency buyers to deposit the naira equivalent into the accounts of one or more of its SPVs.

The accounts are solely managed by Indian expats, some of whom are situated in Europe and Asia, despite the fact that some of the companies have bogus Nigerians listed as directors.

The country’s secret police has discovered a network of shell firms connected to Olam as the SSS launches an investigation into the FX fraud and anchor-borrower scam agreements that occurred under the suspended CBN governor, Godwin Emefiele.

Security personnel allegedly found evidence of transfers into accounts managed by Aminu Yaro, one of the governor of the Central Bank of Nigeria’s (CBN) ‘fronts,’ according to sources.

Since July 12, Mr. Yaro, who was previously under investigation by the EFCC (Economic and Financial Crimes Commission), has been detained by the SSS.

The SSS had invited certain foreigners, including Ashish Pande, the MD/CEO of Olam Nigeria Limited, and a number of other senior executives, including Prakash Kanth, Sudhir Goenka, Niraj Shah, Chandrasekran Balaji, and Venkataramani Srivathshan.

Rajeesh Damodaram Valagulam, the chief financial officer of Crown Flour Mill Limited, was also invited by the SSS. Sources claim that Crown Flour Mill Limited is a significant Olam subsidiary in Nigeria.
Insiders claim that the main foreign exchange (FX) speculators responsible for the dropping value of the naira, the currency of Nigeria, are Olam Nigeria Limited and its subsidiaries.

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