Conversation
Imran Muhammad
@Imranmuhdz

DSS is investigating a mega economic fraud involving Olam Nigeria Limited, Olam International and their nine subsidiaries to the tune of over $50billion.

In a chain of round-tripping foreign exchange deals since 2015, the company, through its Special Purpose Vehicles, SPVs, had booked about $34 billion with the Central Bank of Nigeria, CBN, as capital importation at official rates.

But instead of investing the money into the Nigerian economy, sources said the company round-tripped the forex and sold to business men, especially oil and gas marketers and industries such Indorama and Fouani, at parallel market rates.

Investigation revealed that Olam usually directed the forex buyers to lodge the naira equivalent into the account of one or many of its SPVs during the period under review.
Although some of the companies have fictitious Nigerians as directors, the accounts are solely managed by the Indian expatriates, some of whom are based in Europe and Asia.

As the SSS opens probe into the FX fraud and anchor-borrower scheme deals that took place under the suspended governor of CBN, Godwin Emefiele, the country’s secret police has uncovered a chain of shell companies linked to Olam.

sources said security agents uncovered traces of transfers into accounts controlled by Aminu Yaro, one of the ‘fronts’ of the embattled CBN governor.

Mr Yaro, who was previously investigated by the Economic and Financial Crimes Commission, EFCC, has been in SSS detention since July 12.

Findings revealed that the SSS had invited some expatriates, including the MD/CEO of Olam Nigeria Limited Ashish Pande and some top officers of the company, namely Prakash Kanth, Sudhir Goenka, Niraj Shah, Chandrasekran Balaji and Venkataramani Srivathshan.

The SSS also invited the Chief Financial Officer of Crown Flour Mill Limited, Rajeesh Damodaram Valagulam. According to sources, Crown Flour Mill Limited is one of the major Olam subsidiaries in Nigeria.
According to insiders, Olam Nigeria Limited and their subsidiaries are the key FX speculators that contributed to the declining value of Nigerian currency, naira.

1:43 PM · Sep 8, 2023
·
https://twitter.com/imranmuhdz/status/1700127616093520231?s=46

Mynd44 nlfpmod

This is seriously concerning. It's good that the DSS is already investigating the case.

I really truly hope Mr Emefiele is innocent and has answers to the questions because if he doesn't, he will spend a very long time in jail.

This is a Mega Fraud🤔 This is very disturbing!! DSS should Arrest and Lock Up everyone Involved🤨 50Billions Dollars 😱 Whaaaattt da heck😱

What is DSs business with Economic Crime?

Why is DSS investigating an economic fraud?

What happened to EFCC?

Tinubu just made DSS his attack dog. Every offence both within and outside the remit of DSS is now being investigated by DSS.

Power is transient sha

Samakus:
Why is DSS investigating an economic fraud?

What happened to EFCC?

Tinubu just made DSS his attack dog. Every offence both within and outside the remit of DSS is now being investigated by DSS.

Power is transient sha

Go and commit crimes then go to court to argue that it should be EFCC and not DSS that should prosecute and jail you for your crimes. Smh

Samakus:
Why is DSS investigating an economic fraud?

What happened to EFCC?

Tinubu just made DSS his attack dog. Every offence both within and outside the remit of DSS is now being investigated by DSS.

Power is transient sha

Lol so you no know say such a mega economic fraud is a national security issue, which is why the DSS is involved?

May God keep exposing all our enemies.
Nigeria shall be great in our lifetime.

Mission DRIFT...Witch hunting!!

I see the DSS being disbanded by the incoming Military Government ... This I have seen!!

Occurstaem:
May God keep exposing all our enemies.
Nigeria shall be great in our lifetime.

🥱🥱

The crime have national security dimension, hence DSS involvement.

Tinubu has gone to beg and bring more of the Indian thieves to come "invest" in Nigeria without light to power their investments.

Did Nigeria have, 50billion dollars, the answer is capital no

But charging Emefiele to court , na problem. Abeg the should release the man.

Another gutter write up from ogbomosho ..where Nigeria get the $50 billion from? No source? ..emefiele only sin was standing up against vote buying. Wonder why the cowards can’t pick courage and go after buhari that gave emefiele orders to act?..zero IQ people with minds turned upside down by generational poverty…smh

emefiwle did pass himself just like his name says,he must be made to bring back all the dollars he stole for his socalld masters and his co-criminals

Has DSS taken over the duties of EFCC?

Even a compound financial illiterate knew that Emefile was into FX insider trading and manipulation.

This round tripping is even just the tip.

What of the Form M scandal which saw Emefile sell FX directly to some Buhari cabalists and Emirs at 1976 prevailing rates ? The journalist that exposed this monumental scandal was arrested and detained for months without any trial.

Can you imagine that Emefile was gifting dollars at 1976 rates to some Buhari cronies at #1 to $2 citing fictious Form M applications to the CBN dating way back to the 70s?

Emefile is the architect and coordinator of the mass looting carried out by the last rogue government.

The Tinubu govt have started behaving like Buhari govt , poor thinking everywhere ...you are in India begging for 14 billion capital injection and at the same time haranguing Indias biggest investor in Nigeria Olams ...make it make sense please ..instead of you to even thank Olams for injecting a whooping 34 billion dollars into Nigeria , I can imagine how much that money stabilized the Naira

fyneguy:


Lol so you no know say such a mega economic fraud is a national security issue, which is why the DSS is involved?

You people will defend anything just to support your candidate.

Why was DSS personnel going to Abuja market to help a trader get his money back. It was on the front page 2days ago. Defend this one too

Indian investors. Tinubu wasted his time meeting Indian investors because they will always come to nigeria. Indians are also criminally minded like nigerians. Indians go to countries that are lawless

Those that claimed "money is better than power" should come and explain why Emefiele and his croonies are languishing in DSS cells despite all the money they have acquired through illegal means.
If care is not taken, Emefiele might spend the first four years of this administration in DSS cell, then start his jail sentence in the second term of this administration.

FreeStuffsNG:
This is seriously concerning. It's good that the DSS is already investigating the case.

I really truly hope Mr Emefiele is innocent and has answers to the questions because if he doesn't, he will spend a very long time in jail.

APC and their supporters think like children ... It would be thrown out in the court, Police & EFCC has power to investigate financial fraund.. not this useless show of shame by DSS, the current DG SSS retired after 35years in 2012, the expired old man was brought by Buhari and continue by old cargo Tinubu.

Pascal9:
Did Nigeria have, 50billion dollars, the answer is capital no

who told u

nedu666:
Indian investors. Tinubu wasted his time meeting Indian investors because they will always come to nigeria. Indians are also criminally minded like nigerians. Indians go to countries that are lawless

What criminal thing did Olam do in this case ?

FreeStuffsNG:
Conversation
Imran Muhammad
@Imranmuhdz

DSS is investigating a mega economic fraud involving Olam Nigeria Limited, Olam International and their nine subsidiaries to the tune of over $50billion.

In a chain of round-tripping foreign exchange deals since 2015, the company, through its Special Purpose Vehicles, SPVs, had booked about $34 billion with the Central Bank of Nigeria, CBN, as capital importation at official rates.

But instead of investing the money into the Nigerian economy, sources said the company round-tripped the forex and sold to business men, especially oil and gas marketers and industries such Indorama and Fouani, at parallel market rates.

Investigation revealed that Olam usually directed the forex buyers to lodge the naira equivalent into the account of one or many of its SPVs during the period under review.
Although some of the companies have fictitious Nigerians as directors, the accounts are solely managed by the Indian expatriates, some of whom are based in Europe and Asia.

As the SSS opens probe into the FX fraud and anchor-borrower scheme deals that took place under the suspended governor of CBN, Godwin Emefiele, the country’s secret police has uncovered a chain of shell companies linked to Olam.

Sources said security agents uncovered traces of transfers into accounts controlled by Aminu Yaro, one of the ‘fronts’ of the embattled CBN governor.

Mr Yaro, who was previously investigated by the Economic and Financial Crimes Commission, EFCC, has been in SSS detention since July 12.

Findings revealed that the SSS had invited some expatriates, including the MD/CEO of Olam Nigeria Limited Ashish Pande and some top officers of the company, namely Prakash Kanth, Sudhir Goenka, Niraj Shah, Chandrasekran Balaji and Venkataramani Srivathshan.

The SSS also invited the Chief Financial Officer of Crown Flour Mill Limited, Rajeesh Damodaram Valagulam. According to sources, Crown Flour Mill Limited is one of the major Olam subsidiaries in Nigeria.
According to insiders, Olam Nigeria Limited and their subsidiaries are the key FX speculators that contributed to the declining value of Nigerian currency, naira.

1:43 PM · Sep 8, 2023.

https://twitter.com/imranmuhdz/status/1700127616093520231?s=46

Mynd44 nlfpmod

This is a huge fraud if it turns out to be true!

The current hierachy of the DSS too has to be changed by President Tinubu for robust justice to prevail from the old order.

ChiefJusticeFuc:
Even a compound financial illiterate knew that Emefile was into FX insider trading and manipulation.

This round tripping is even just the tip.

What of the Form M scandal which saw Emefile sell FX directly to some Buhari cabalists and Emirs at 1976 prevailing rates ? The journalist that exposed this monumental scandal was arrested and detained for months without any trial.

Can you imagine that Emefile was gifting dollars at 1976 rates to some Buhari cronies at #1 to $2 citing fictious Form M applications to the CBN dating way back to the 70s?

Emefile is the architect and coordinator of the mass looting carried out by the last rogue government.

At 1976 prevailing FX... Can we have a verified Web source for this info?

Thanks.