Olam Group absorbs Nigeria’s unit of alleged $50bn forex fraud

Singapore's Olam Group said on Monday its investigation team did not identify any evidence that its Nigeria unit was involved in an alleged multi-billion dollar foreign exchange fraud.

There were reports last year that Nigeria's secret police was investigating the company's units, Olam Nigeria and Olam International, and their associate firms for a more than $50 billion foreign exchange fraud.

The agri-business in September had "categorically denied" the media allegations and directed its audit committee to review the matter.

"From the work performed by the Investigation team as approved by the Audit and Risk Committee and the Board during the review, the Investigation Team did not identify evidence that Olam Nigeria was involved in any of the specific allegations as contained in the articles," the company said.

Olam said it fully cooperated in the fraud enquiry of Nigerian authorities, and no charges have been brought by them against its unit or any of its officers.

"All our businesses in Nigeria continue to operate normally."