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14-09-2023, 04:18 PM
On Friday 8 Sep 2023, The Daily Nigerian reported an exclusive on State Security Services (SSS) investigating a massive US$50b economic fraud involving Olam Nigeria Limited, Olam International and their nine subsidiaries.
The Daily Nigerian:
"In a chain of round-tripping foreign exchange deals since 2015, the company, through its Special Purpose Vehicles, SPVs, had booked about $34 billion with the Central Bank of Nigeria, CBN, as capital importation at official rates.
But instead of investing the money into the Nigerian economy, sources said the company round-tripped the forex and sold to business men, especially oil and gas marketers and industries such Indorama and Fouani, at parallel market rates."
This news have been peddled around online in Nigeria and it seems The Daily Nigerian is the single original source. On Sep 11 Olam Group Singapore has spoken out. It refuted the report as fake news, that there was no investigation of their operation in Nigeria, that Olam Nigeria never has the huge turnover anywhere near US$50b.
Everyone has got it wrong – The Daily Nigerian, Olam Singapore, and just about everyone who has pushed the story. SSS was not investigating Olam Nigeria. It was investigating Central Bank of Nigeria (CBN).
Is it possible Olam Nigeria’s infraction came to light in the course of the investigation into the central bank? And is it possible there is fraudulent implication on Olam in a manner their auditor and Singapore HQ is unable to detect? To explore this possibility, we have to understand what is The Daily Nigerian claim of ‘round tripping’ all about.
More at https://tinyurl.com/yh629nu6
The Daily Nigerian:
"In a chain of round-tripping foreign exchange deals since 2015, the company, through its Special Purpose Vehicles, SPVs, had booked about $34 billion with the Central Bank of Nigeria, CBN, as capital importation at official rates.
But instead of investing the money into the Nigerian economy, sources said the company round-tripped the forex and sold to business men, especially oil and gas marketers and industries such Indorama and Fouani, at parallel market rates."
This news have been peddled around online in Nigeria and it seems The Daily Nigerian is the single original source. On Sep 11 Olam Group Singapore has spoken out. It refuted the report as fake news, that there was no investigation of their operation in Nigeria, that Olam Nigeria never has the huge turnover anywhere near US$50b.
Everyone has got it wrong – The Daily Nigerian, Olam Singapore, and just about everyone who has pushed the story. SSS was not investigating Olam Nigeria. It was investigating Central Bank of Nigeria (CBN).
Is it possible Olam Nigeria’s infraction came to light in the course of the investigation into the central bank? And is it possible there is fraudulent implication on Olam in a manner their auditor and Singapore HQ is unable to detect? To explore this possibility, we have to understand what is The Daily Nigerian claim of ‘round tripping’ all about.
More at https://tinyurl.com/yh629nu6
