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.
According to an invitation letter dated October 19, 2026, and signed by the committee chairman, Senator Emmanuel Memga Udende, the company was asked to appear before the committee over reports of alleged involvement in questionable forex transactions.
The letter, addressed to the Managing Director of Olam Nigeria at its office on Abebe Village Road, Iganmu, Lagos, stated that the committee’s attention had been drawn to allegations involving Certificates of Capital Importation (CCI), export proceeds and free funds transactions.
The Senate committee alleged that Olam Nigeria used foreign exchange platforms to obtain more than $15 billion in foreign currency between January 2014 and December 2023.
It further claimed that some of the payments were allegedly made through accounts belonging to certain companies operating in Nigeria and abroad.
The committee also identified nine individuals said to have been signatories to bank accounts of companies allegedly used in distributing the funds. They include Managing Director Venkataramani Sivrasthan, Chief Financial Officer Chandrasekaran Balaji, Anil Jena, Anil Nair, Prakash Kanthi, Rangarajan Thambuswamy, Deepak Kumar, Sudhir Goenka and Kannan Chinnian.
Olam Nigeria’s management and the named individuals have been directed to appear before the committee and submit written reports explaining their understanding of the allegations, along with relevant documentary evidence.
The hearing is scheduled to hold on Friday, October 30, 2026, by 2:00pm at Room 105, Senate Building, National Assembly Complex, Abuja.
The invitees were also advised to come along with all relevant documents and records that could assist the committee in its investigation.
The development comes amid increasing scrutiny of foreign exchange transactions and capital importation activities by major companies operating in Nigeria.
