Business & Economy

Olam Speaks On Alleged $50bn Forex Fraud, Reveals Next Action

Olam Group has spoken about its involvement in the allegations of a multibillion-dollar fraud in Nigeria, stating its stands over the allegations thrown over the company.

BrandNewsDay reports that Olam has denied the allegation of billion-dollar fraud, as such, the board of the agriculture commodities trader ordered a review into the matter.

The company categorically denies the allegations about Olam Nigeria and its subsidiaries, and refutes all “baseless and inflammatory statements,” it said in a filing to the Singapore Exchange Monday.

Advertisement

Olam was referring to two recent news reports in the African country, including from the Daily Nigerian.

RECOMMENDED: Olam Nigeria In Trouble Over Alleged $50bn Forex Fraud

The company’s business in Nigeria spans animal protein, rice farming and grains, which operates as Crown Flour Mills. There are no “fictitious Nigerian directors” in Olam Nigeria, nor does the Olam have a “network of shell companies,” it said in the filing.

Olam Nigeria has responded to, and will continue to cooperate in relation to legitimate requests for information by the relevant Nigerian authorities, the company said.

Advertisement
Facebook Comments
Adebayo

Adebayo is a Content Developer and website manager who loves to learn, unlearn and relearn. He has a knack for exploring the tech world. He is always thirsty to learn as the tech ecosystem evolves every day.

Recent Posts

How To Create Profitable Ice Cream Business In Nigeria Despite Challenges

Starting an ice cream venture in Nigeria presents strong profit potential for entrepreneurs who can…

3 days ago

WARC Unveils Multiplier Playbook: The CMO’s Guide To Integrating Brand And Performance Advertising

May 19, 2026 – There is a “say-do gap” in Brand and Performance Advertising: most…

3 days ago

Nigeria Files N66.4 Billion Tax Fraud Charges Against Saipem Contracting, Directors

The Federal Government of Nigeria has arraigned Saipem Contracting Nigeria Limited and two of its…

4 days ago

Nigerians Prioritise Mobile Data Over Food As Annual Consumption Hits 5.4 Million Terabytes, Report Reveals

A growing digital dependency is redefining everyday survival in Nigeria, where access to mobile data/mobile…

1 week ago

Global Ranking, Local Identity: How Guinness Conquered Nigeria By Becoming Nigerian

Guinness has ranked Nigeria as its third-largest market worldwide, reinforcing the country’s growing importance to…

2 weeks ago

Stanbic IBTC Reinforces Leadership In Trade Finance At GTR West Africa 2026

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings and a member of Standard Bank…

2 weeks ago

This website uses cookies.