DSS is investigating a mega economic fraud involving Olam Nigeria Limited, Olam International and their nine subsidiaries to the tune of over $50billion.


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.

Investigation revealed that Olam usually directed the forex buyers to lodge the naira equivalent into the account of one or many of its SPVs during the period under review.

Although some of the companies have fictitious Nigerians as directors, the accounts are solely managed by the Indian expatriates, some of whom are based in Europe and Asia.


As the SSS opens probe into the FX fraud and anchor-borrower scheme deals that took place under the suspended governor of CBN, Godwin Emefiele, the country’s secret police has uncovered a chain of shell companies linked to Olam.


Sources said security agents uncovered traces of transfers into accounts controlled by Aminu Yaro, one of the ‘fronts’ of the embattled CBN governor.


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https://newsextra.com.ng/2023/09/08/olam-nigeria-limited-under-probe-over-alleged-50billion-fraud/

That company scammed us when we were selling teak wood to them. It is an Indian company.


I don't know why Nigerian government pretend not to know what these Indian and Chinese companies do to defraud Nigeria and Nigerians.

Smh. It is always a wonder when corporate bodies with established structures still operate fraud at the background. It's almost the norm in this clime, white-fronts, but hellish backends. Exactly how APC operates. A party in front, a cult behind the scenes. God save Nigeria from its captors