Olam Nigeria Limited has posted a significant ₦1 billion bail bond to secure the release of one of its directors, Prakash Kanth, amidst a $50 billion FX fraud scandal. The payment was made into a special recovery account managed by the State Security Service, SSS.
In the wake of the arrest of the Central Bank of Nigeria's governor, Godwin Emefiele, and his associates, it's reported that several top executives of Olam have fled the country. The bail money was deposited into a Treasury Single Account (TSA) held at Access Bank on Monday.
Additionally, one of Olam's subsidiaries, Micro Feed Nigeria Limited in Lagos, made the payment "in connection with the ongoing investigation of money laundering involving Prakash Kanth." Mr. Kanth, the Director of Corporate Affairs and Legal for Olam in Nigeria, spent several days in SSS detention in Abuja.
The DSS is also seeking evidence of tax payments, corporate tax income, VAT, export proceeds, and capital importation records from both the company and its subsidiaries during the reviewed period. Furthermore, they have requested an analysis of all forex outflows from 2015 to the present, identifying the involved commercial banks, beneficiaries, and Bureau de Change (BDC) licenses associated with Olam Nigeria Limited or its subsidiaries.
Additionally, the service has asked for records regarding the company's expatriate quota, a list of approved expatriates, and details of current and former Managing Directors, Chief Financial Officers, and financial controllers, including their names, addresses, and countries of residence.
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