Nigeria: Rice Importation - Olam, Popular Farm, Others Owe FG N36 Billion - Minister

14 January 2015

Olam Central Trading and Export, a popular farm and mills enterprise, and three other companies owe the Nigerian government N36.56 billion for rice import above their quota allocation, the Federal Ministry of Agriculture and Rural Development (FMARD) has stated.

The ministry, in a press statement, also denied the allegation by a group, Stakeholders in the Rice Industry, that it granted waivers and rice import quotas indiscriminately to investors who had no verifiable investment in the industry, causing a N40 billion loss in government revenue.

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