*Committee schedules October 30 hearing, demands written responses and supporting documents
The Senate Committee on Anti-Corruption and Financial Crimes has summoned Olam Nigeria Limited and nine individuals over allegations that the company obtained more than $15 billion through foreign exchange transaction platforms between January 2014 and December 2023.
The summons, contained in an invitation letter dated October 19, 2026, was addressed to the managing director of Olam Nigeria Limited at its office on Abebe Village Road, Iganmu, Lagos.
The letter, reportedly obtained exclusively by SaharaReporters, was signed by the committee’s chairman, Senator Emmanuel Memga Udende.
According to the letter, the committee is investigating reports alleging that Olam Nigeria exploited foreign exchange platforms involving Certificates of Capital Importation (CCIs), export proceeds and free funds to access foreign currency worth more than $15 billion during the 10-year period.
The committee further alleged that payments were routed through accounts belonging to certain companies maintained with banks in Nigeria and abroad.
The allegations are expected to form part of the issues to be examined during the scheduled hearing.
Nine Individuals Named in Probe
Alongside Olam Nigeria’s management, the Senate committee invited nine individuals allegedly linked to bank accounts of companies said to have been used in the movement of the funds.
They are Venkataramani Sivrasthan, managing director; Chandrasekaran Balaji, chief financial officer; Anil Jena; Anil Nair; Prakash Kanthi; Rangarajan Thambuswamy; Deepak Kumar; Sudhir Goenka; and Kannan Chinnian.
The committee directed the company’s management and the individuals to appear before it and submit written reports detailing their knowledge of the allegations.
They were also asked to provide relevant documentary evidence to support their responses and assist the committee in examining the transactions under scrutiny.
The invitation further requested any additional documents considered necessary to facilitate the committee’s deliberations.
Hearing Holds October 30 in Abuja
The committee scheduled the hearing for Friday, October 30, 2026, at 2 p.m. in Room 105 of the Senate Building, National Assembly Complex, Abuja.
Olam Nigeria’s management and the nine individuals are expected to respond to the allegations and provide the information and records requested by the lawmakers.
The proceedings are expected to help the committee examine the reported foreign exchange transactions and the alleged movement of funds through accounts associated with companies operating in Nigeria and abroad.
Focus on Capital Importation, Export Proceeds
The invitation specifically identified 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 issued in connection with foreign capital brought into Nigeria through authorised channels. They are important in documenting capital inflows and may support investors’ repatriation of capital and returns in accordance with applicable regulations.
However, the invitation letter did not provide a detailed breakdown of the alleged transactions, identify the specific amounts attributed to individual accounts or establish whether the transactions violated any law.
It also did not indicate whether formal criminal charges had been filed against Olam Nigeria or any of the individuals named.
The scheduled hearing is expected to provide an opportunity for those invited to respond to the allegations and present relevant records before the committee.
As of the time of this report, the claims remain allegations outlined in the Senate committee’s invitation and have not been established as findings of wrongdoing.
The outcome of the proceedings could clarify the nature of the transactions under investigation and determine whether the committee will recommend further action.