91 In a statement released on Monday, Olam Group of Singapore (OLAG.SI) declared that its investigation team found no evidence indicating the involvement of its Nigeria unit in an alleged multi-billion dollar foreign exchange fraud. Last year, reports from Daily Nigerian and Prime Business Africa surfaced, suggesting that Nigeria’s secret police were probing Olam Nigeria, Olam International, and their affiliated firms for purportedly orchestrating a foreign exchange fraud exceeding $50 billion. In response, the agri-business entity vehemently refuted the allegations last September and tasked its audit committee with scrutinizing the matter. Olam Group emphasized that its investigation team, authorized by the Audit and Risk Committee and the Board, conducted thorough examinations but did not uncover any evidence linking Olam Nigeria to the specific accusations outlined in the articles. Furthermore, Olam affirmed its full cooperation with Nigerian authorities during the fraud inquiry, emphasizing that no charges have been levied against its unit or any of its officers. The company reassured that all its operations in Nigeria are functioning normally. You Might Be Interested In NVIDIA Partners in $110 Million Initiative to Advance AI Education Philippines Urged to Prioritize Careful Planning for Energy Transition, Says Rockefeller Foundation Goldman Sachs Beats Profit Expectations on Strong Investment Banking Performance Ghana Central Bank Maintains Key Rate Amidst Heightened Inflation Concerns New York Community Bancorp: Cheapest US Bank Stock, S&P Global Finds Regions Bank Introduces Philanthropic Solutions Group to Elevate Charitable Endeavors
