Daily Watch – Olam denies multi-billion forex fraud reports, Ghana settles USD bonds

11th September 2023

Some bandits allegedly invaded St. Raphael Parish in Fadan Kamantan, Kafanchan Diocese in Southern Kaduna, and razed the parish house with a Seminarian, Na’aman Danlami. His remains had since been deposited in the mortuary. In Benue, unknown gunmen have killed three people including two members of Benue State Volunteer Guards in Ugba, the headquarters of Logo Local Government Area of the state. Several others were reported to have sustained varying degrees of injuries as the gunmen were said to have opened gunfire on the villagers. In Taraba, gunmen killed a woman in the Mile 6 area of Jalingo. The gunmen also abducted a police officer’s wife and his daughter. This is one amongst the several cases of kidnapping in Jalingo, the state capital in a space of two weeks.

Singapore’s Olam Group has denied reports by the Nigerian media last week, alleging that its units in the African country were involved in a multi-billion dollar foreign exchange fraud. The Daily Nigerian and Prime Business Africa reported that Nigeria’s secret police was investigating the company’s units, Olam Nigeria and Olam International, and their associate firms for a more than $50 billion foreign exchange fraud. The reports also alleged that some of the companies had “fictitious Nigerians as directors” and that authorities have “uncovered a chain of shell companies” linked to Olam, among others. “The company categorically denies the allegations in the articles,” Olam said in a statement, and said it has directed its audit committee to review the matter.

Ghana’s government has announced the successful settlement of the Domestic Debt Exchange Programme (DDEP) in respect of its US dollar-denominated bonds. A release issued by the Ministry of Finance said the successful result was a significant achievement for the government as it pursues its macroeconomic stabilisation policies under the IMF-supported Post-COVID-19 Programme for Economic Growth (PC-PEG)/. It explained that the settlement was made pursuant to the terms and conditions set forth in the Exchange Memorandum dated 14 July 2023. The government in July this year launched a second round of DDEP which included a programme to restructure dollar-denominated bonds totalling about US$809 million.

At least 43 people were killed in an airstrike on a marketplace in the Sudanese capital, Khartoum, on Sunday, according to a medical group. In a statement, Sudan’s Doctors Syndicate said 55 people were also injured in the attack that targeted an open market in Mayo neighborhood in South Khartoum. The Emergency Room activist group had earlier put the death toll from the airstrike at 40 people. It was not yet clear who was behind the airstrike.