Olam Group has denied two news reports that alleged that the commodity trader’s Nigerian units and subsidiaries were involved in a multibillion-dollar fraud.

In a filing to the Singapore Exchange on Monday, the food and agri-business giant refuted the allegations found in the articles published last week by Daily Nigerian and PrimeBusiness.Africa, calling them “baseless and inflammatory statements.”

Both media outlets had reported on Sept.8 and Sept.9 that Nigeria’s secret police were conducting an investigation into Olam Nigeria, Olam International, and their affiliated companies for an alleged foreign exchange fraud exceeding $50 billion.

The reports claimed Olam allegedly funneled US$34 billion into the Central Bank of Nigeria through its special purpose vehicles as capital importation at official rates, before round-tripping the foreign exchange by selling to other businesses at parallel market rates.

Source: Business Insider