Olam Group Fraud Allegations Cleared

Audit Committee Finds No Evidence of Multi-Billion Dollar Fraud

Olam Group has announced that its audit and risk committee has concluded that there is no evidence to support the allegations of a multi-billion dollar fraud involving its Nigerian units.

Thorough Review Process

The review process was carried out in collaboration with external counsels and independent external accountants, as revealed by Olam on Monday.

Allegations Dismissed

In September, reports from the Daily Nigerian newspaper and Prime Business Africa suggested that Nigeria's State Security Service was investigating an economic fraud exceeding US$50 billion, allegedly linked to Olam Nigeria, Olam International, and their nine subsidiaries. However, Olam has consistently denied these allegations.

Business as Usual

Despite the allegations, all of Olam's operations in Nigeria are functioning normally. The company reiterated its commitment to Nigeria as a key component of its strategic plan for the future, emphasizing its intention to further develop and expand its presence in the country.

Future Growth in Nigeria

Highlighting the significance of Nigeria in its growth strategy, Olam Group expressed its dedication to exploring and seizing opportunities for business expansion within the country.