Senate Summons Olam Nigeria MD, 9 Others Over Alleged $15bn Forex Transactions

Senate Summons Olam Nigeria MD

 

 

OpenLife News reports that the Senate Committee on Anti-Corruption and Financial Crimes has summoned the management of Olam Nigeria Limited and nine of its top executives over alleged dubious foreign exchange transactions worth over $15 billion.

The summon is contained in an invitation letter dated October 19, 2026, and signed by the Chairman of the Committee, Senator Emmanuel Memga Udende.

The letter was addressed to the Managing Director of Olam Nigeria Limited, Abebe Village Road, Iganmu, Lagos.

According to the letter exclusively obtained by SaharaReporters, the Committee said its attention was drawn to reports alleging that the company exploited foreign exchange transaction platforms to obtain over $15 billion between January 2014 and December 2023.

The Committee said the alleged transactions involved Certificates of Capital Importation (CCIs), export proceeds and free funds, with payments made through accounts belonging to certain companies held with banks in Nigeria and abroad.

Nine Executives Named

Those invited alongside the company’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 directed the company and the listed individuals to appear before it with written reports detailing their understanding of the allegations and documentary evidence to support their responses.

They were also advised to come with any additional documents that could aid the Committee’s investigation.

Hearing Fixed For October 30

The hearing has been scheduled for Friday, October 30, 2026, at 2:00 p.m. in Room 105, Senate Building, National Assembly Complex, Abuja.

The Committee said the session forms part of its efforts to examine the reported forex transactions and the alleged movement of funds through accounts linked to companies operating in Nigeria and abroad.

As of the time of filing this report, the allegations remain claims contained in the invitation letter. No formal criminal charges have been filed against the company or the individuals named.

The Committee said the hearing will provide the invitees an opportunity to respond to the claims and clarify the nature of the transactions.

When contacted by OpenLife News for confirmation, Olam International Communications Manager, Elizabeth Nnoko, requested that inquiries be sent via email. No response was received as of the time of filing this report.