Olam Nigeria MD, Executives Face Probe As Senate Issues Summons Over $15Billion Forex Transactions
The Senate Committee on Anti-Corruption and Financial Crimes has summoned Olam Nigeria Limited and nine individuals over allegations that the company exploited foreign exchange transaction platforms to obtain more than $15 billion between 2014 and 2023.
The summons was contained in an invitation letter dated October 19, 2026, addressed to the Managing Director of Olam Nigeria Limited at its office on Abebe Village Road, Iganmu, Lagos.
The letter, exclusively obtained by SaharaReporters, was signed by Senator Emmanuel Memga Udende, chairman of the Senate committee.
According to the letter, the committee’s attention had been drawn to reports alleging the company’s involvement in what it described as “dubious forex transactions” involving Certificates of Capital Importation (CCIs), export proceeds and free funds.
The committee alleged that Olam Nigeria exploited the foreign exchange platforms to obtain more than $15 billion worth of foreign currency between January 2014 and December 2023.
It further alleged that payments were made through accounts belonging to certain companies held with banks in Nigeria and abroad.
The allegations are expected to form part of the issues the committee will examine during its scheduled hearing.
Senate Names Nine Individuals In Olam Forex Probe
In the invitation letter, the committee identified nine individuals allegedly linked to bank accounts of companies said to have been used to distribute the funds.
Those invited alongside Olam Nigeria’s management are:
Venkataramani Sivrasthan, Managing Director
Chandrasekaran Balaji, Chief
Financial Officer
Anil Jena
Anil Nair
Prakash Kanthi
Rangarajan Thambuswamy
Deepak Kumar
Sudhir Goenka
Kannan Chinnian
The committee asked the company’s management and the nine individuals to appear before it and provide written reports detailing their understanding of the allegations.
They were also directed to submit relevant documentary evidence to support their responses and assist the committee in examining the transactions under investigation.
The invitation further advised the invitees to bring any additional documents that could aid the committee’s deliberations.
Hearing Scheduled For October 30 In Abuja
The Senate Committee on Anti-Corruption and Financial Crimes scheduled the hearing for Friday, October 30, 2026, at 2:00 p.m.
The session is expected to take place in Room 105 of the Senate Building at the National Assembly Complex in Abuja.
Olam Nigeria’s management and the nine individuals are expected to respond to the allegations and provide information requested by the committee.
The hearing forms part of the committee’s efforts to examine the reported foreign exchange transactions and the alleged movement of funds through accounts associated with companies operating in Nigeria and abroad.
Allegations Centre On Forex Platforms And Fund Transfers
The committee’s invitation specifically referenced Certificates of Capital Importation, export proceeds and free funds as the foreign exchange channels allegedly involved in the transactions.
Certificates of Capital Importation are documents used in Nigeria to record the inflow of foreign capital into the country and can be relevant to investors seeking to repatriate capital and returns through authorised channels.
However, the invitation letter did not provide a detailed breakdown of the alleged transactions, identify the specific amounts attributed to individual accounts or establish whether the funds were obtained unlawfully.
It also did not state whether the allegations had resulted in formal criminal charges against Olam Nigeria or any of the individuals named.
The committee’s hearing is expected to provide an opportunity for the invitees to respond to the claims and present relevant records.
As of the time of this report, the allegations remain claims set out in the committee’s invitation, and the hearing is expected to examine the issues raised.
The outcome of the proceedings may clarify the nature of the transactions under scrutiny and whether further action will be recommended by the Senate committee.
Source: truetellsnigeria.com
