Olam, an agriculture company, “categorically denied” two Nigerian publications’ “baseless and inflammatory statements” over the weekend.
The Daily Nigerian and Prime Business accused the Singapore-based corporation of foreign exchange theft using shell companies in Nigeria.
Today, Olam maintained it does not have a “network of shell companies” and that all subsidiaries are founded for “proper corporate purpose” and examined by Ernst & Young.
It further observed that Olam’s alleged $50 billion and $34 billion frauds are “manifestly inaccurate and designed to be misleading” because both estimates are several times the company’s entire turnover over the last seven years.
According to the Olam Group’s audited financial statements, which are publicly available, the Group’s cumulative turnover in Nigeria (including export, import, and domestic sales) from FY 2015 to FY2022 was US$14 billion, and its capital importations (via Certificates of Capital Importations) were US$2.4 billion. The press release clarified that the allusions to “$50 billion” and $34 billion “funneled under capital importation” by Olam are erroneous and deceptive.
Since 1989, the “Olam Group has its origins in Nigeria” and has operated in West Africa’s largest economy.
It is one of the largest employers in the country, employing over 4,500 people in wheat milling, pasta manufacturing, integrated feed milling and protein production, rice farming and distribution, tomato farming, catalyzing local wheat production, sesame processing, cocoa, cashew, and cotton exports, and branded packaged foods.
Its 21 manufacturing factories directly benefit over 140,000 Nigerian farmers and help address food security issues.
Olam Nigeria said it had replied to reasonable requests for information from Nigerian authorities and will cooperate with legitimate requests for information or help.
Olam Group personnel must follow The Olam Code of Conduct (“the Code”) and all laws and regulations.
The press release stated that the company takes non-compliance with the Code seriously and takes action against those who violate it.
