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HomeBusinessOlam Group says cooperating with Nigeria's govt over allegations of forex fraud

Olam Group says cooperating with Nigeria’s govt over allegations of forex fraud

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Singapore’s Olam Group on Monday denied reports by the Nigerian media last week, alleging that its units in the country were involved in a multi-billion dollar foreign exchange fraud.

Some daily newspapers reported that Nigeria’s secret police were investigating the company’s units, Olam Nigeria and Olam International, and their associate firms for more than $50 billion in foreign exchange fraud.

“The company categorically denies the allegations in the articles,” Olam said in a statement and said it has directed its audit committee to review the matter.

READ ALSO: Nigeria working toward removing impediments on forex rate, cut inflation, says Edun

Shares of the commodities trader were down 7.8 percent at S$1.180 as of 0627 GMT, after hitting a record low of S$1.150 earlier in the session.

The reports also alleged that some of the companies had “fictitious Nigerians as directors” and that authorities had “uncovered a chain of shell companies” linked to Olam, among others.

The publications reported the news on Sept. 8 and Sept. 9.

The company said that its unit, Olam Nigeria, has responded to requests for information from Nigerian authorities and will continue to cooperate

Olam Nigeria is a leading food and agri-business, supplying food ingredients, feed and fibre to thousands of customers worldwide, from world famous brands to small family run businesses.

Headquartered and listed in Singapore, we rank among the top 30 largest primary listed companies in Singapore in terms of market capitalisation on SGX-ST.

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