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Olam Group, a global commodities trader, has firmly denied recent allegations reported by Nigerian media outlets regarding its involvement in a multi-billion dollar foreign exchange fraud in Nigeria.

Singapore's Olam Group disputes forex fraud claims by Nigerian media | Pulse Nigeria

Ima Elijah

<h3>Olam Group (OLAG.SI), a leading global commodities trader, has firmly denied recent allegations reported by Nigerian media outlets regarding its involvement in a multi-billion dollar foreign exchange fraud in Nigeria. </h3>

The reports, published by The Daily Nigerian and Prime Business Africa on September 8 and September 9, 2023, alleged that Nigeria's secret police were conducting an investigation into Olam Group's Nigerian subsidiaries, Olam Nigeria, and Olam International, along with associated firms, for their alleged role in a foreign exchange fraud exceeding $50 billion.

In response to these allegations, Olam Group released an official statement categorically rejecting the claims made in the articles. The company emphasised its commitment to adhering to ethical and legal business practices and announced that it had instructed its audit committee to conduct a thorough review of the matter, Reuters reports.

The market reacted swiftly to these allegations, with shares of Olam Group trading down 7.8% at S$1.180 as of 0627 GMT. Earlier in the trading session, the stock touched a record low of S$1.150.

Furthermore, the reports asserted that certain companies connected to Olam Group had "fictitious Nigerians as directors" and that authorities had "uncovered a chain of shell companies" linked to the conglomerate.

Olam Group clarified that its subsidiary, Olam Nigeria, has been actively cooperating with Nigerian authorities by providing requested information. The company expressed its continued commitment to maintaining transparency and cooperating fully with any investigations.

Singapore's Olam Group disputes forex fraud claims by Nigerian media

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