Senate Summons Olam Nigeria, MD, Eight Other Executives Over Alleged $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, and signed by Senator Emmanuel Memga Udende, chairman of the committee.

According to the letter, exclusively obtained by SaharaReporters, the committee’s attention had been drawn to reports alleging the company’s involvement in “dubious forex transactions” involving Certificates of Capital Importation, export proceeds and free funds.

The letter alleged that Olam Nigeria exploited the foreign exchange platforms to obtain more than $15 billion worth of foriegn currency between January 2014 and December 2023.

It further alleged that payments were made through accounts belonging to certain companies in banks in Nigeria and abroad.

The committee also identified nine individuals said to have been signatories to bank accounts of companies allegedly used to distribute the funds.

They are Venkataramani Sivrasthan, managing director; Chandrasekaran Balaji, chief financial officer; Anil Jena; Anil Nair; Prakash Kanthi; Rangarajan Thambuswamy; Deepak Kumar; Sudhir Goenka; and Kannan Chinnian.

The committee invited Olam Nigeria’s management and the nine individuals to appear before it and submit written reports detailing their understanding of the allegations, alongside relevant documentary evidence.

The hearing is scheduled for Friday, October 30, 2026, at 2pm in Room 105 of the Senate Building, National Assembly Complex, Abuja.

The invitees were also advised to bring any additional documents that could assist the committee in its deliberations. (SaharaReporters)