Olam Group Audit Finds No Evidence of Multi-Billion Dollar Fraud in Olam Nigeria

Olam Nigeria Fraud Investigation

Singapore-listed company, Olam Group, has stated that an audit and risk committee found no evidence to support allegations of a multi-billion dollar fraud involving its Nigerian units. The committee, assisted by external counsels and independent external accountants, conducted a thorough review, Olam said.

In September, reports surfaced claiming that Nigeria's State Security Service was investigating an economic fraud allegedly involving Olam Nigeria, Olam International, and nine subsidiaries. Olam swiftly denied the allegations, prompting its board to instruct the audit committee to look into the matter.

Olam Nigeria fully cooperated with the Nigerian authorities and assisted in their inquiry. However, no charges have been brought against Olam Nigeria or any of its officers by the Nigerian authorities, the company confirmed. It further stated that all its businesses in Nigeria continue to operate normally.

Nigeria holds significant importance in Olam Group's future strategic plan, and the company remains committed to seeking opportunities to expand its operations in the country.

The audit committee's findings, coupled with the company's cooperation with authorities, reflect Olam's commitment to transparent and ethical business practices.

Analyst comment

Positive news: Olam Group’s audit and risk committee found no evidence of fraud by its Nigerian units, clearing them of allegations. The company stated that all its businesses in Nigeria continue to operate normally and it plans to seek opportunities to grow its business in the country. The market is expected to respond positively to this news, as it alleviates concerns and maintains stability in Olam Group’s operations in Nigeria.