President Bola Ahmed Tinubu is still cleaning up the mess left behind by Buhari and Emefiele during the last administration.
The Department of State Services (DSS) is actively investigating a substantial economic fraud case involving Olam Nigeria Limited, Olam International, and nine subsidiary companies, with a total estimated value exceeding $50 billion. This investigation centers on a series of foreign exchange transactions dating back to 2015 when these companies reported approximately $34 billion as capital imports to the Central Bank of Nigeria (CBN). Instead of using these funds for legitimate investments in the Nigerian economy, they engaged in speculative foreign exchange trading, selling currency at parallel market rates.
During their investigation, DSS officials uncovered a network of shell companies directly linked to Olam’s operations. They also identified financial transfers into accounts controlled by individuals associated with the suspended Central Bank of Nigeria Governor, Godwin Emefiele. Aminu Yaro, one of these individuals, was previously investigated by the Economic and Financial Crimes Commission (EFCC) and has been in DSS detention since July 12. This discovery points to potential fraudulent activities and connections within the financial sector.
Furthermore, it has been revealed that Olam Nigeria Limited and its subsidiaries significantly contributed to speculative foreign exchange activities that, according to insiders, played a role in the devaluation of the Nigerian currency, the naira (something Meffy was profusely accusing AbokiFX of doing). This highlights the significance of the ongoing DSS investigation into this massive economic fraud case and the damages Emefiele did to our economy, shedding light on potential financial irregularities and their impact on the country’s economy.