Prakash Kanth: How Olam Nigeria paid whooping N1 billion bail fee to free director

Sources stated that Olam Nigeria Limited paid a sizable N1 billion bail fee to free one of its directors, Prakash Kanth.

The State Security Service, SSS, managed a separate recovery account into which the payment was made.

Following the arrest of Godwin Emefiele and his accomplices, the governor of the Central Bank of Nigeria, other key executives of the organization are apparently no longer in the nation.

On Monday, the funds were deposited into a Treasury Single Account (TSA) held at Access Bank.

One of Olam’s numerous subsidiaries, Micro Feed Nigeria Limited, in Lagos, was also shown in another document to have paid the money “in connection with the ongoing investigation of money laundering involving Prakash Kanth.”

Mr. Kanth, Olam’s director of Corporate Affairs and Legal in Nigeria, spent days at the SSS detention facility in Abuja.

Additionally, the DSS is demanding documentation of the corporation and its subsidiaries’ tax payments, corporate tax income, VAT, export earnings, and capital importations during the time period under consideration.

A breakdown of all foreign exchange outflows from 2015 to the present, including the commercial banks involved, the recipients of the foreign exchange, and the Bureau de Change, BDC license granted to Olam Nigeria Limited or any of its subsidiaries, was also demanded from the business by the DSS.

The firm’s expatriate quota records, a list of approved expatriates, and information about current and previous MDs, CFOs, and financial controllers of the company, including their names, residences, and countries of residence, were also requested by the service.