- Olam has reacted to reports that the Department of State Services (DSS) has initiated an investigation into an alleged forex fraud in the company
- The fraud was reported to involve Olam Nigeria Limited, Olam International, and their nine subsidiaries, with a sum exceeding $50 billion
- Legit reached out to Olam Nigeria to get comments on the allegations, which have significantly affected the company’s shares abroad
Singapore-based Olam Group, an agri-business company, has denied reports from some media organisations that its Nigerian unit is involved in forex exchange fraud.
The alleged fraud was put at $50 billion and reported to be ongoing since 2015 under the suspended Central Bank of Nigeria (CBN) governor, Godwin Emefiele.
