Togo-based Ecobank Transnational Inc. on Dec. 20 dismissed allegations that it overstated its financial results, especially for its Nigerian operations.

The statement follows a report in South Africa's The Sunday Times that claimed the pan-African lender had applied incorrect exchange rates to boost its accounts, and that it was facing an investigation from a Nigerian regulator

South Africa's Nedbank Group Ltd., which has a 21% stake in Ecobank, said it was unaware of a probe, according to Reuters.

Ecobank said it uses the Central Bank of Nigeria's official exchange rate.

"The use of the CBN rate is in accordance with the group’s policy which is to apply the official rates," the bank said. "We can confirm to all stakeholders that there were no misstatements in our financial statements as alleged in our financial statement for the year ended Dec. 31, 2017."