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Nigeria’s Department of State Services (DSS) has launched a thorough investigation into an economic fraud of staggering proportions.
Olam Nigeria Limited and Olam International, along with their nine subsidiaries, stand accused of orchestrating a financial scheme exceeding a mind-boggling $50 billion.
The alleged fraudulent activities span a chain of round-tripping foreign exchange deals dating back to 2015.
Shockingly, it is reported that these companies, utilizing Special Purpose Vehicles (SPVs), falsely represented over $34 billion as capital importation at official rates from the Central Bank of Nigeria (CBN).
Instead of channeling these funds into the Nigerian economy as intended, sources suggest that Olam engaged in round-tripping, selling the foreign exchange to various entities, including oil and gas marketers and major industrial players such as Indorama and Fouani, at parallel market rates.
Further investigation has unveiled a deeply concerning aspect of this operation: while some of these subsidiary companies supposedly have Nigerian directors, the accounts are allegedly solely managed by Indian expatriates, some of whom are based in Europe and Asia.
As the DSS delves deeper into the foreign exchange fraud and the anchororrower scheme deals, which unfolded during the tenure of the now-suspended Governor of the CBN, Godwin Emefiele, a network of shell companies linked to Olam has emerged.
Security agents have reportedly discovered suspicious transfers into accounts controlled by individuals like Aminu Yaro, who is believed to be a key figure in this complex web.
Aminu Yaro, previously under investigation by the Economic and Financial Crimes Commission (EFCC), has been in DSS detention since July 12, raising questions about his connection to this vast financial operation.
The DSS has not stopped at individuals and is actively pursuing key figures from Olam, including Ashish Pande, the MD/CEO of Olam Nigeria Limited, and other high-ranking officers such as Prakash Kanth, Sudhir Goenka, Niraj Shah, Chandrasekran Balaji, and Venkataramani Srivathshan.
Additionally, Rajeesh Damodaram Valagulam, the Chief Financial Officer of Crown Flour Mill Limited, has been invited for questioning.
Crown Flour Mill Limited is noted as one of the major subsidiaries of Olam in Nigeria.
Insiders suggest that Olam Nigeria Limited and its subsidiaries may have played a pivotal role in speculative foreign exchange activities, contributing to the depreciation of the Nigerian currency, the naira.
