Prakash Kanth: Olam Nigeria incredibly paid N1bn bail to release director from DSS custody – Official

In order to release one of its directors, Prakash Kanth, sources said that Olam Nigeria Limited had paid a huge N1 billion bail money.

A separate recovery account was controlled by the State Security Service, or SSS, and this is where the money was transferred.

Other important company leaders appear to have left the country after the arrest of Godwin Emefiele and his accomplices, the governor of the Central Bank of Nigeria.

The money was deposited into a Treasury Single Account (TSA) held by Access Bank on Monday.

In a different document, it was also mentioned that one of Olam’s various subsidiaries, Micro Feed Nigeria Limited, in Lagos, had paid the money “in connection with the ongoing investigation of money laundering involving Prakash Kanth.”

READ ALSO: Olam Nigeria employees flee as sources reveal additional details over $50bn fraud

The SSS detention center in Abuja was where Mr. Kanth, the director of corporate affairs and legal for Olam in Nigeria, spent days.

The DSS also wants proof of the corporation’s and its subsidiaries’ tax payments, corporate tax income, VAT, export earnings, and capital importations during the time period under review.

The DSS also wanted information from the company about 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 issued to Olam Nigeria Limited or any of its subsidiaries.

The agency also asked for information regarding the company’s expatriate quota records, a list of approved expatriates, and details regarding the company’s current and former MDs, CFOs, and financial controllers, including their names, addresses, and countries of residence.

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