• State govs, top politicians, commercial banks, some foreign owned companies involved
• Company’s MD on the run
• 259 anti-corruption groups urge President to be wary of dealing with Indian businessmen in his quest for foreign investments
One of the nation’s security agencies (identity withheld) has launched a comprehensive probe of an Indian firm, Olam Nigeria Limited, over $60billion illegal forex deals and money laundering perpetrated in the past eight years.
Also, President Bola Tinubu, who was briefed on the development by the security agency, has instructed the agency to carry out a thorough probe of the company in order to get to the root of the matter.
The President is also said to have ordered the investigating security agency not to spare all the personalities and organisations involved in the company’s fraudulent forex deals in the country, “no matter how highly placed” they may be.
Already, Olam Nigeria Limited’s Managing Director/Chief Executive Officer, Ashish Pande, an Indian national, is said to be on the run in order to escape arrest for the alleged offence viewed by the Federal Government as “monumental money laundering activities,” which are detrimental to the stability and development of Nigeria.
Ashish, sources say has an expertise in fraudulent acquisition of failed companies and business concerns.
In 2019, Olam Nigeria Limited’s parent company, Olam International, acquired loss-making Dangote Flour Mills for N130billion ($361million).
The company had then said that the acquisition would form part of its strategy and commitment to the Nigerian market.
However, the ongoing wide-ranging probe, it was gathered, may also unravel the complicity of some prominent Nigerians, including state governors, top politically exposed persons, and some commercial banks in the company’s illegal forex deals.
The company, it was learnt, actually bankrolled the election of some of the state governors found to have been collaborating with it in its alleged illegal forex deals and money laundering activities.
Recall that in 2021, the Cote D’Ivoire unit of the company, Olam International Limited was fined 142billion CFA Francs ($262million) by the country’s authorities over illegal repatriation of foreign currency and failure to conform to some standards. The company was also accused of tax fraud, an allegation it denied.
Meanwhile, a coalition of 259 anti-corruption, civil society and human rights groups, Coalition for Transparency and Economic Reforms (COTER) advised President Tinubu to be cautious in his dealings with Indian businessmen and companies in his quest for foreign investments, especially in his ongoing investments drive in India by ensuring that all the loose ends are tied in order not to give room for any loophole that may be exploited later by rogue foreign businessmen.
COTER’s President, Dr Peter Chima Chukwu and General Secretary, Mallam Auta Ibrahim Koko, therefore, enjoined President Tinubu to also ensure a thorough consideration and implementation of the report of the ongoing probe of Olam Nigeria Limited.
The coalition appealed to the President to take the major steps to remedy the monumental damage already done to Nigeria by foreign companies fraudulently repatriating funds from the country.
“Your Excellency, COTER is a Non-Governmental Organisation serving as watchdog for government policies and implementation landmarks for the betterment of Nigeria and Nigerians in general.
“We’re a law-abiding and patriotic organisation whose major and ultimate objectives are probity, accountability and transparency in government for quality socio-economic development and reforms.
“Our numerous anti-corruption activities and actions are aimed at assisting government and the Nigerian people to effectively tackle corruption and corruption tendencies in high places and achieve probity and transparency for the ultimate benefits of all Nigerian citizens.
“Your Excellency, COTER consistently strives to ensure accountability, probity and transparency in governance at all levels in Nigeria and these we have been able to achieve through various anti-corruption rallies, press conferences, awareness and sensitisation programmes, enlightenment and engagement of government officials at all levels as well as the Nigerian people, which we organise on a regular basis.”