Olam’s audit and risk committee found that there was no evidence that its Nigerian company was involved in the fraud allegations that were made in September 2023.
No charges were also brought against Olam Nigeria by the authorities after their investigations, according to Olam in a pre-market announcement on Feb 19.
Olam shares closed at $1 on Feb 19, up 13.64% for the day but down 36.31% in the preceding 12 months.
“[Olam’s] investigation team did not identify evidence that Olam Nigeria was involved in any of the specific allegations as contained in the articles,” says Olam, referring to the articles in Daily Nigerian and Prime Business Africa then.
According to the publications, Olam Nigeria was said to be involved in a “mega economic fraud” of over US$50 billion ($68.13 billion at the time).
“Olam regards Nigeria as an important part of its future strategic plan and it will continue to seek future opportunities to grow its business there. Olam will also continue to further strengthen its governance and compliance in Nigeria,” says Olam.
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