Olam International

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Olam International is a Singapore-based, Nigerian-founded agricultural commodities and food-ingredients business.

Last updated August 31, 2026

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Overview

Olam International was an international agricultural commodities and food-ingredients group created from the Kewalram Chanrai Group's Nigerian export activities. It began in 1989 as Olam Nigeria Plc, established to develop non-oil exports and generate foreign-currency earnings in Nigeria. The initial business sourced and exported cashews, then expanded into cotton, cocoa and sheanuts. During the first half of the 1990s, the company broadened its sourcing network from West Africa to East Africa and India as agricultural commodity markets were deregulated and international trading opportunities increased. The business was known as Chanrai International Limited while its agri-business headquarters remained in London. In 1995, Olam International Limited was incorporated in Singapore, and in 1996 the group moved its operations from London to Singapore at the invitation of the Singapore Trade Development Board. Singapore granted the company Approved International Trader status, later known as the Global Trader Programme, supporting its development as a regional and international commodities platform. Olam subsequently built a broad value chain covering farming, origination, procurement, storage, processing, logistics, trading and distribution. Olam's commercial scope grew well beyond its original cashew-export operation. It became a major supplier of cocoa, coffee, cotton and rice and also developed activities in edible nuts, spices, dairy, grains, animal feed, edible oils, sugar, rubber, wood products, fertilizer and commodity-related financial services. Its customers included food manufacturers, consumer-goods companies, retailers and industrial users. The group combined direct farming and plantation assets with networks of farmers, cooperatives, third-party suppliers and processing facilities across numerous producing countries. External capital helped accelerate the company's expansion. AIF Capital became an early outside investor in 2002, followed by Temasek Holdings and the International Finance Corporation. Olam listed on the Mainboard of the Singapore Exchange in February 2005. It continued expanding through acquisitions, including Queensland Cotton and its American subsidiary Anderson Clayton in 2007. Temasek increased its investment in 2009 and later became the dominant shareholder. Mitsubishi Corporation acquired a substantial stake in 2015. Olam also attracted controversy. In 2012, short seller Muddy Waters Research questioned the group's leverage, liquidity and accounting practices, causing a sharp fall in its share price. Olam rejected the allegations and pursued a libel action. Environmental organizations later criticized the company's palm-oil and rubber activities in Gabon and its cocoa sourcing in protected areas of Côte d'Ivoire. The company responded by suspending forest clearing in Gabon and participating in subsequent assessments and sustainability initiatives. Other allegations concerned land acquisition and evictions connected with coffee production in Laos, child labor in cocoa supply chains and a 2021 child-slavery lawsuit in the United States. The latter case was dismissed in 2022, with the dismissal affirmed on appeal in 2025. Following a strategic review, Olam announced in 2020 that it would divide its portfolio into two operating businesses. Olam Food Ingredients, or OFI, grouped cocoa, coffee, edible nuts, spices and dairy, while Olam Global Agri, or OGA, covered grains, animal feed, edible oils, rice, cotton and commodity financial services. The restructuring reflected an effort to concentrate investment on selected growth platforms, simplify the portfolio and separate food-ingredient activities from broader agricultural trading. The original Olam International name therefore represents both the historical listed group and the foundation of the later Olam Group structure.

History

Olam's origins lie in the Kewalram Chanrai Group's decision to create a non-oil export business in Nigeria. In 1989, Olam Nigeria Plc began exporting agricultural commodities to generate hard-currency earnings for the group's Nigerian operations. Cashews were the first major product, followed by cotton, cocoa and sheanuts. From 1993 to 1995, Olam expanded from Nigeria into additional West African origins, East Africa and India. The agricultural business operated from London under the name Chanrai International Limited until its incorporation in Singapore as Olam International Limited on 4 July 1995. In 1996, the company relocated its operations to Singapore following an invitation from the Singapore Trade Development Board. It received Approved International Trader status, which provided a favorable tax framework and helped establish Singapore as the group's international trading base. Olam expanded through a combination of direct sourcing, farming, processing, trading and distribution. Its portfolio eventually included cocoa, coffee, cotton, rice, nuts, spices, grains, feed, edible oils, sugar, rubber, wood products and fertilizer. The group served thousands of customers in the global food and industrial-materials sectors and operated across roughly 60 countries. AIF Capital became the first external equity investor in 2002. Temasek Holdings and the International Finance Corporation followed in 2003. Olam's initial public offering took place on the Mainboard of the Singapore Exchange on 11 February 2005. The company acquired Queensland Cotton and Anderson Clayton in 2007, while Temasek made a further investment in 2009. In 2014, following a voluntary general offer, Temasek held close to four-fifths of the company. Mitsubishi Corporation became a major shareholder in 2015. The company considered a possible combination with Louis Dreyfus Company in 2010, but discussions ended in early 2011. Olam subsequently sold or sought to sell selected non-core activities, including Zimbabwean cotton assets, and announced plans in 2019 to divest sugar, rubber, wood-products and fertilizer businesses. These moves followed a broader plan to invest in selected growth areas such as edible nuts, coffee and cocoa. Olam faced significant scrutiny over financial risk and sustainability. Muddy Waters Research attacked its leverage and accounting in 2012; Olam denied the claims and sued for libel. Environmental groups later alleged that Olam's operations in Gabon contributed to deforestation and that its cocoa sourcing in Côte d'Ivoire was linked to protected areas. The company suspended additional forest clearing in Gabon in 2017 and participated in later reviews involving the Forest Stewardship Council, SmartCert Group and Mighty Earth. Olam also developed farmer-registration, traceability and child-labor-monitoring programs in cocoa-producing regions. In January 2020, Olam announced a division of its portfolio into Olam Food Ingredients and Olam Global Agri. OFI brought together cocoa, coffee, edible nuts, spices and dairy, while OGA covered grains, feed, edible oils, rice, cotton and commodity financial services. A planned OFI public offering was delayed in 2022 amid market volatility following Russia's invasion of Ukraine. Olam International is therefore best understood as the historical operating and listed group from which the current Olam businesses were organized.

2020
Portfolio reorganized into OFI and OGA
[1]Olam Internationalen.wikipedia.org
The company announced the creation of Olam Food Ingredients and Olam Global Agri as separate operating businesses.
2007
Queensland Cotton acquisition
[1]Olam Internationalen.wikipedia.org
Olam acquired Queensland Cotton, including its American subsidiary Anderson Clayton.
2005
Singapore Exchange listing
[1]Olam Internationalen.wikipedia.org
Olam International was listed on the Mainboard of the Singapore Exchange on 11 February.
1996
Operations move to Singapore
[1]Olam Internationalen.wikipedia.org
The group moved its agricultural business from London to Singapore and received Approved International Trader status.
1995
Olam International is incorporated in Singapore
[1]Olam Internationalen.wikipedia.org
Olam International Limited was incorporated in Singapore on 4 July 1995.
1989
Olam Nigeria is established
[1]Olam Internationalen.wikipedia.org
The Kewalram Chanrai Group established Olam Nigeria Plc to build a non-oil agricultural export operation, beginning with cashews.

Products and positioning

A vertically integrated global agricultural supply-chain and food-ingredients group connecting farmers and producing regions with international food, consumer-goods and industrial customers.

Food ingredients
Cocoa
Olam sourced cocoa from producing countries and supplied beans, cocoa ingredients and related services to food manufacturers. Its cocoa activities included farmer networks, origin procurement, traceability systems and processing. The business became one of the group's principal food-ingredient platforms and was later placed within Olam Food Ingredients.
Food ingredients
Coffee
Olam's coffee operations covered agricultural sourcing, origin processing, trading and supply to commercial customers. The business formed part of the group's focus on higher-growth food ingredients and was included in the later OFI structure.
Food ingredients · 1989
Edible nuts
Edible nuts, including cashews, were central to Olam's history. Cashew exports from Nigeria provided the company's original platform, after which the group expanded sourcing and processing across multiple origins. Nut activities were later grouped within Olam Food Ingredients.
Agricultural commodities
Cotton
Olam traded and processed cotton sourced from producing regions including Africa and Australia. Its cotton portfolio included Queensland Cotton and Anderson Clayton, acquired in 2007, as well as other origin and merchandising operations.
Agricultural commodities
Rice and grains
Rice and grains were part of Olam's global agricultural trading and supply-chain business. Activities included origination, storage, processing, merchandising and distribution to food and feed customers, later organized under Olam Global Agri.

Controversies

2021
Child-slavery lawsuit
Former child laborers from Mali sued Olam and other cocoa companies in the United States, alleging that the defendants aided and profited from forced labor in Côte d'Ivoire. The case was dismissed for lack of standing in 2022; the dismissal was affirmed in 2025.
Source
2017
Cocoa sourcing allegations in Côte d'Ivoire
Mighty Earth alleged that cocoa purchased by Olam was linked to national parks and other protected forests in Côte d'Ivoire, raising concerns about deforestation and supply-chain traceability.
Source
2016
Deforestation allegations in Gabon
Mighty Earth and Brainforest alleged that Olam's palm-oil and rubber operations cleared extensive rainforest and threatened habitats of gorillas, chimpanzees and forest elephants. Olam suspended further forest clearing and participated in later assessments.
Source
2012
Muddy Waters financial allegations
Muddy Waters Research alleged that Olam had taken excessive leverage, invested in illiquid positions and suffered from weak board leadership and accounting practices. Olam described the claims as baseless and brought a libel action.
Source

2020Cocoa farmer registration and child-labor monitoring
Cameroon · Ghana · Côte d'Ivoire
Olam Cocoa worked with the Fair Labor Association and farming cooperatives to digitally register farmer suppliers and their households in Cameroon, improve traceability and operate child-labor monitoring and remediation systems. The company also described plans to extend related work across West Africa.
Outcome. The initiative created a structured system for identifying and addressing child-labor risks in participating supply chains.
Source
2017Gabon forest-clearing suspension
Gabon
After environmental groups raised concerns about palm-oil and rubber plantations, Olam suspended further clearing of forests in Gabon for at least one year and continued engagement with campaigners.
Outcome. Mighty Earth suspended its campaign, and the parties later renewed their agreement. Olam subsequently received industry recognition for conservation-related work in Gabon.
Source
2012Sustainable Rice Platform
Global
Olam participated as a founding member of the Sustainable Rice Platform, a multi-stakeholder initiative associated with UNEP and the International Rice Research Institute.
Outcome. The platform promoted resource efficiency, sustainable production and more responsible rice supply chains.
Source

Brand decisions

2020
Creation of OFI and OGAStrategy
Background
Olam's portfolio had become highly diversified across food ingredients, commodities, farming and financial services.
Action taken
The company divided its businesses into Olam Food Ingredients, covering cocoa, coffee, nuts, spices and dairy, and Olam Global Agri, covering grains, feed, edible oils, rice, cotton and commodity financial services.
Aftermath
The restructuring created the basis for separate strategic and capital-market development of the two businesses.
Source
2019
Portfolio rationalizationStrategy
Background
A strategic review identified a need to focus investment on selected growth areas, particularly edible nuts, coffee and cocoa.
Action taken
Olam announced plans to sell or exit sugar, rubber, wood-products and fertilizer businesses while concentrating capital on priority platforms.
Aftermath
The review led to the formal separation of food ingredients and broader agricultural activities.
Source
2010
Exploration of a Louis Dreyfus combinationM&A
Background
Olam discussed a possible merger with Louis Dreyfus Company, another major global agricultural commodity trader.
Action taken
The proposed combination was explored but abandoned in early 2011.
Aftermath
Olam continued expanding independently through acquisitions and portfolio management.
Source

Recent events

2020
Olam announces portfolio split into OFI and OGA[1]Olam Internationalen.wikipedia.org
Leadership change
Olam announced a reorganization into Olam Food Ingredients and Olam Global Agri following a strategic portfolio review.
2013
Olam announces sale of cotton assets in Zimbabwe[1]Olam Internationalen.wikipedia.org
M&A
Olam announced plans to sell its cotton assets in Zimbabwe, identifying a private-equity firm as the preferred buyer.

Sources12 sources

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