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Olam Nigeria Limited Posts N1 Billion Bail Bond Amidst $50 Billion FX Fraud Scandal

September 12, 2023

 

 

 

 

 

In the midst of a sprawling $50 billion foreign exchange fraud scandal, Olam Nigeria Limited has made a significant move to secure the release of one of its top executives, Prakash Kanth. The company paid a substantial bail bond of N1 billion, depositing the amount into a specially designated recovery account managed by the State Security Service (SSS).

Tensions have escalated further as other high-ranking executives of Olam have reportedly fled the country following the arrest of Godwin Emefiele, the Governor of the Central Bank of Nigeria, and his alleged associates.

The payment of the bail bond was executed by depositing the funds into a Treasury Single Account (TSA) held at Access Bank, with this transaction related to the ongoing investigation of money laundering involving Prakash Kanth. Mr. Kanth, who spent several days in SSS detention in Abuja, holds the position of Director of Corporate Affairs and Legal at Olam Nigeria Limited.

In a further development, the Department of State Services (DSS) has requested extensive financial records from the company, including evidence of tax payments, corporate income tax, value-added tax (VAT), export proceeds, and capital importation, all spanning from the review period onwards.

 

 

 

 

 

 

The DSS has also sought an exhaustive analysis of all foreign exchange outflows from 2015 up to the present day. This analysis should encompass details regarding the commercial banks involved, the beneficiaries of the forex transactions, and any Bureau de Change (BDC) licenses issued to Olam Nigeria Limited or any of its subsidiary entities.

Additionally, the DSS has demanded records pertaining to Olam’s expatriate quota, including a list of approved expatriates, as well as particulars of current and former Managing Directors, Chief Financial Officers (CFOs), and financial controllers of the company. These particulars should include their names, addresses, and countries of residence.

This unfolding situation continues to draw significant attention, with further developments expected as the investigation progresses.

Source: @Imran MuhammadX

 

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