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 $15billion 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.
Reports said the letter was signed by Senator Emmanuel Memga Udende, chairman of the Senate committee.
According to the letter, the committee’s attention had been drawn to reports alleging the company’s involvement in what it described as “dubious forex transactions” involving Certificates of Capital Importation (CCIs), export proceeds and free funds.
The committee alleged that Olam Nigeria exploited the foreign exchange platforms to obtain more than $15 billion worth of foreign currency between January 2014 and December 2023.
It further alleged that payments were made through accounts belonging to certain companies held with banks in Nigeria and abroad.
The allegations are expected to form part of the issues the committee will examine during its scheduled hearing.
In the invitation letter, the committee identified nine individuals allegedly linked to bank accounts of companies said to have been used to distribute the funds.
Those invited alongside Olam Nigeria’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 asked the company’s management and the nine individuals to appear before it and provide written reports detailing their understanding of the allegations.
They were also directed to submit relevant documentary evidence to support their responses and assist the committee in examining the transactions under investigation.
The invitation further advised the invitees to bring any additional documents that could aid the committee’s deliberations.
The Senate Committee on Anti-Corruption and Financial Crimes scheduled the hearing for Friday, October 30, 2026, at 2:00pm.
The session is expected to take place in Room 105 of the Senate Building at the National Assembly Complex in Abuja.
The hearing forms part of the committee’s efforts to examine the reported foreign exchange transactions and the alleged movement of funds through accounts associated with companies operating in Nigeria and abroad.
The committee’s invitation specifically referenced Certificates of Capital Importation, export proceeds and free funds as the foreign exchange channels allegedly involved in the transactions.
Certificates of Capital Importation are documents used in Nigeria to record the inflow of foreign capital into the country and can be relevant to investors seeking to repatriate capital and returns through authorised channels.