The Olam Group of Singapore stated on Monday that there was no proof found by its investigation team linking its Nigeria unit to a purported multi-billion dollar foreign exchange scam.
The company’s units, Olam Nigeria and Olam International, as well as their affiliated companies, were under investigation by Nigeria’s secret police for a foreign exchange fraud worth over $50 billion, according to reports published in the Daily Nigerian and Prime Business Africa last year.
Laptops 1000The agribusiness ordered its audit committee to look into the claims made by the media in September, and it “categorically denied” them.
“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 business stated.
Olam maintained that it completely cooperated with the Nigerian authorities’ fraud investigation and that no charges had been made against its unit or any of its officers.
“All our businesses in Nigeria continue to operate normally.”
