The Senate Committee on Anti-Corruption and Financial Crimes has summoned Olam Nigeria Limited and nine individuals over alleged foreign exchange transactions worth more than $15 billion between 2014 and 2023.
The committee, in an invitation letter dated October 19, 2026, signed by its chairman, Senator Emmanuel Memga Udende, alleged that the company exploited forex platforms involving Certificates of Capital Importation, export proceeds and free funds to access foreign currency.
The letter, reportedly obtained by SaharaReporters, also alleged that payments were routed through accounts belonging to certain companies with banks in Nigeria and abroad.
Those summoned include Olam Nigeria’s Managing Director, Venkataramani Sivrasthan, Chief Financial Officer, Chandrasekaran Balaji, and seven other individuals allegedly linked to the accounts under investigation.
The committee directed the invitees to appear with written reports and supporting documents to assist its investigation.
The hearing is scheduled for October 30, 2026, at 2 p.m. in Room 105 of the Senate Building, National Assembly Complex, Abuja.
The invitation did not provide a detailed breakdown of the transactions or establish that any laws had been violated. It also did not state whether formal criminal charges had been filed against the company or the individuals.
The allegations remain unproven, pending the committee’s examination and responses from those summoned.
