Singapore’s Olam Group has said its investigation team did not identify any evidence that its Nigerian unit was involved in an alleged multi-billion dollar foreign exchange fraud....CONTINUE READING THE FULL ARTICLE>>>
Last year, the Daily Nigerian and Prime Business Africa reported that Nigeria’s secret police, the Department of State Services (DSS), was investigating the company’s units, Olam Nigeria and Olam International, and their associate firms for over $50 billion foreign exchange fraud.
The alleged fraud occurred under the former Central Bank of Nigeria (CBN) governor, Godwin Emefiele, who is being tried for fraud.
The agri-business in September “categorically denied” the media allegations and directed its audit committee to review the matter.
The company on Monday, said the work performed by the Investigation team as approved by the Audit and Risk Committee and the Board during the review did not identify any evidence that Olam Nigeria was involved in any of the specific allegations contained in the articles, Reuters reports.
“From the work performed by the Investigation team as approved by the Audit and Risk Committee and the Board during the review, the Investigation Team did not identify evidence that Olam Nigeria was involved in any of the specific allegations as contained in the articles,” the company said.
Olam said it fully cooperated in the fraud enquiry of Nigerian authorities, and no charges have been brought by them against its unit or any of its officers…CONTINUE READING>>
