TheCable

Olam Group Limited, an agricultural commodities company, says its Nigerian subsidiaries were not involved in a multi-billion dollar foreign exchange fraud.

Reports had emerged that the Department of State Services (DSS) was investigating Olam Nigeria and Olam International’s units, and their associate firms for over $50 billion foreign exchange fraud.

But in a filing on the Singapore Exchange (SGX) on Monday, Olam Group described the claims as “inflammatory”.

“The company categorically denies the allegations in the Articles about Olam Nigeria and its subsidiaries being involved in a multi-billion dollar fraud, and refutes all baseless and inflammatory statements made in the articles,” the statement reads.

Olam Group said references to $50 billion and the sum of $34 billion “funnelled… under… capital importation” by Olam are “inaccurate and designed to be misleading”.

The company also said there are no “fictitious Nigerian directors” in Olam Nigeria, nor does the Olam Group have a “network of shell companies”. 

However, the company’s board said it has directed its audit committee to “conduct a review of the matter (assisted by external counsel and external auditors)”.

According to the statement, “Olam Nigeria has responded to various legitimate requests for information by the relevant Nigerian authorities, and will cooperate with any legitimate requests for information or assistance from relevant Nigerian authorities”.

Meanwhile, following the rebuttal, the company’s shares fell 1.71 percent at S$1.15, as of 6.08 WAT, on Tuesday, according to data from Singapore Exchange.