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Leatherback Denies EFCC Allegations Against The Company - Business - Nairaland

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EFCC Drops All Allegations Of Misconduct Against FINTECH, Leatherback / Roger Brown Steps Down As Seplat CEO Over Allegations Of Racism / Onyema Denies US Fraud Allegations, Says All Money Transferred Went Through CBN (2) (3) (4)

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Leatherback Denies EFCC Allegations Against The Company by Qtsnow(m): 12:33pm On Nov 19, 2023
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In the fast-paced world of fintech, the recent turmoil surrounding Ibrahim Ibitade, the CEO of Leatherback, has sent shockwaves through the industry. Allegations of fraud have surfaced, casting a dark cloud over the reputation of a leader and the fintech firm he steers.

The recent allegations against Ibitade come after Nigeria’s Economic and Financial Crimes Commission (EFCC) declared him wanted in connection with allegations of conspiracy and obtaining money under pretence on November 16, 2023.

Leatherback is a digital bank that issues accounts in Dollars, Pounds, and about 14 other currencies, helping merchants and individuals facilitate cross-border banking and payment needs in several countries.
We reached out to Leatherback, and here is what we discovered:

Leatherback and SDQ Facilitators
Leatherback, which has over 50,000 users across its 12 countries of operations, issued an NGN and USD account to a user called SDQ Facilitators. This account received Naira for the FX transactions into the account issued to them by Leatherback. They carried out exchanges from the account—exchanging Naira deposited in their account for USD, which they could then initiate a payout to the final beneficiary from their USD account. Leatherback has no affiliations with SDQ Facilitators and its clients.

EFCC Saga
In September 2023, Leatherback was notified by the EFCC that the account maintained by SDQ facilitators had been used to possibly perpetuate fraudulent activities. Leatherback immediately started providing the authorities with all the required information to support and aid their investigation. Leatherback took those allegations seriously, and as soon as they came to their attention, they initiated a rigorous internal investigation.
Leatherback was present at the EFCC office every time the EFCC team requested a meeting duly represented by their Head of Compliance in both the Lagos and Abuja offices of the EFCC, providing clarifications to all required questions. Leatherback supported the EFCC investigation by making available over 2,000 printed documents to provide as much clarification as possible. Leatherback also filed a SARs report in the UK and Nigeria.

Leatherback’s Findings
Once the EFCC investigations had reached a point where Leatherback had made all the necessary clarifications, they carried out an internal investigation into transactions made by SDQ Facilitators.
The company found that SDQ Facilitators began processing a significantly high volume of transactions from May to August. The account’s transactions were found to closely mirror those processed by Hekima International, a previous FX brokerage firm on the platform. This suggests that Hekima may have redirected some of its clients to SDQ Facilitators.
The internal investigation turned up a few victims who revealed that they were introduced to SDQ Facilitators by a Hekima associate when they were unable to process their transactions on the platform.

Leatherback delisted Hekima International in June 2023 from its platform and restricted account access due to risk and compliance concerns. This decision was prompted by Hekima International receiving third-party USD funds from a flagged sender in the USA.
SDQ Facilitators took over from Hekima with FX transactions until early August, when Leatherback received a notification from its bank that it had suspended all USD transactions for about two weeks. The pressure from this hold unravelled the whole fraudulent practice of SDQ Facilitators.

The internal investigation revealed that SDQ Facilitators had fraudulently collected funds from 3rd parties unknown to Leatherback under the pretence and guise of assisting them with settling USD payments. These victims were also among the most active trading clients with Hekima as of when Hekima still had an active account with Leatherback. Al-Pasie (the complainant who raised the petition against Leatherback at the EFCC) and Nolt Finance are the two victims.

EFCC’s Witch-hunt
Evidence shows that Leatherback willingly offered full access to information, data, and resources required for a thorough investigation. However, what began as a collaborative effort to uncover the truth is starting to resemble something altogether different—a witch-hunt.
In this case, Ibitayo finds himself ensnared in a web of false accusations, a victim of circumstances that threaten not only his professional legacy but also the credibility of the fintech company he leads.

It is pertinent to note that SDQ Facilitators is just an account holder with Leatherback. SDQ facilitators do not have any form of a strategic partnership with Leatherback, nor has Leatherback engaged them for any form of special relationship beyond the regular account services provision. This fact has been shown and proven by the documents and evidence provided to the EFCC.

Speaking with the CEO, it appears that the Leatherback leader has done all that he can and believes he is being bullied. Ibitade asked, “If a commercial bank in Nigeria issues an account to an individual or a business and that business goes to defraud other people, will you declare the CEO of the commercial bank wanted?”

Behind the regulatory procedures and legal jargon appears to be the story of a CEO who, despite active cooperation, finds himself ensnared in a seemingly unending cycle of accusations. The toll on Ibitayo’s well-being and the broader implications for the fintech community necessitates a careful examination of the motivations driving this ongoing scrutiny.

It is thus important to navigate this unfolding narrative with a commitment to fairness and justice, as this tumultuous period demands our scrutiny and a dedication to putting on display the truth, even if it means questioning the nature of the accusations against him.


https://www.vanguardngr.com/2023/11/everything-you-need-to-know-about-false-allegations-against-leatherback/amp/

11 Likes 1 Share

Re: Leatherback Denies EFCC Allegations Against The Company by Dikaveli(m): 12:59pm On Nov 19, 2023
Once nigerians enter into anything na problem

They want to mess up fintech now,

Na wa ooo

20 Likes 1 Share

Re: Leatherback Denies EFCC Allegations Against The Company by Kobicove(m): 12:59pm On Nov 19, 2023
Based on the back story here I do not think this guy has a questions to answer with regards to the case of fraud involving one of their account holders SDQ Facilitators or whatever their name is undecided

11 Likes 1 Share

Re: Leatherback Denies EFCC Allegations Against The Company by lekanolaolu: 12:59pm On Nov 19, 2023
He needs to be investigated
Re: Leatherback Denies EFCC Allegations Against The Company by Wealthoptulent(m): 1:00pm On Nov 19, 2023
Qtsnow:
EVERYTHING YOU NEED TO KNOW ABOUT THE FALSE ALLEGATIONS AGAINST LEATHERBACK CEO, IBRAHIM IBITADE




https://techcabal.com/2023/11/17/efcc-declares-ibrahim-toyeeb-ibitade/
Leather ke?
Who has the BLACKLEATHER BELT @ Hand now ?
LEATHERCHAIR or CDQ ? na only me never hear the two before?

4 Likes

Re: Leatherback Denies EFCC Allegations Against The Company by Qtsnow(m): 1:00pm On Nov 19, 2023
Dikaveli:
J

Space booker association
Re: Leatherback Denies EFCC Allegations Against The Company by Dikaveli(m): 1:01pm On Nov 19, 2023
Qtsnow:


Space booker association

Are you normal
Re: Leatherback Denies EFCC Allegations Against The Company by Olarewaju89: 1:04pm On Nov 19, 2023
That guy need to be investigate
Re: Leatherback Denies EFCC Allegations Against The Company by saintcasmir(m): 1:06pm On Nov 19, 2023
Serious matter
Re: Leatherback Denies EFCC Allegations Against The Company by ecolime(m): 1:06pm On Nov 19, 2023
Dikaveli:
Once nigerians enter into anything na problem

They want to mess up fintech now,

Na wa ooo
They want to mess it up abi it's been messed up already.

Any business wey their CEO get dreadlocks or dey wear turtleneck, count me out.

15 Likes 3 Shares

Re: Leatherback Denies EFCC Allegations Against The Company by BigDawsNet: 1:08pm On Nov 19, 2023
Imagine say nobody tif any money for this country... just Imagine how Nigeria go be like Australia...

2 Likes

Re: Leatherback Denies EFCC Allegations Against The Company by Franzese: 1:10pm On Nov 19, 2023
Fintech companies owned by upcoming Nigerians are at a great risk of internal/political persecution if the owner does not pally/ continuously settle the anti graft agencies at regular intervals.

For all I know, it could be a greedy competitor or an agreived anti-graft agency that's pulling these strings.

Mr CEO if you need to play in this sector, then you have to PLAY DIRTY too.

Simple

2 Likes

Re: Leatherback Denies EFCC Allegations Against The Company by ajailer(m): 1:15pm On Nov 19, 2023
goverment ppl sef, killing innovations like kilode. Once ppl enter civil service in this country, their thinking turns to anti growth policies and they start witch hunting innovative ideas cos they have no idea of how it operates.

This story reminds me of PBAT money laundering issue in Chicago, could it be that something like this was what happened?

1 Like

Re: Leatherback Denies EFCC Allegations Against The Company by omoredia: 1:18pm On Nov 19, 2023
Fintech aka yahoo boys enterprises ltd

These so called tech companies in nigeria are nothing but incorporated yahoo enterprises

If u are into real and legit business in this Nigeria the we must see the tangible things u are making with your hands.

3 Likes

Re: Leatherback Denies EFCC Allegations Against The Company by jojothaiv(m): 1:19pm On Nov 19, 2023
ecolime:

They want to mess it up abi it's been messed up already.

Any business wey their CEO get dreadlocks or wey wear turtleneck, count me out.
😂😂😂😂

Malee don clear say make I desist from them sef.

4 Likes 1 Share

Re: Leatherback Denies EFCC Allegations Against The Company by inoki247: 1:22pm On Nov 19, 2023
Ok mak nothing du dem cos I dey use the Platform....


Which Platform person wan conw trust for cross border like this again....
Re: Leatherback Denies EFCC Allegations Against The Company by LearningCurveCo: 1:27pm On Nov 19, 2023
Investigating a business for a possibility of money laundering is not a bad idea. It shouldn't be done maliciously.
In this case, I'm smelling malicious dealing.....
Let's watch and see

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Re: Leatherback Denies EFCC Allegations Against The Company by BigIyanga: 1:33pm On Nov 19, 2023
ecolime:

They want to mess it up abi it's been messed up already.

Any business wey their CEO get dreadlocks or wey wear turtleneck, count me out.
Paystack founder/CEO get dreadlock.. how many peopl from ur lineage wey get his type of money and network ??

8 Likes 1 Share

Re: Leatherback Denies EFCC Allegations Against The Company by erniok(m): 1:50pm On Nov 19, 2023
Franzese:
Fintech companies owned by upcoming Nigerians are at a great risk of internal/political persecution if the owner does not pally/ continuously settle the anti graft agencies at regular intervals.

For all I know, it could be a greedy competitor or an agreived anti-graft agency that's pulling these strings.

Mr CEO if you need to play in this sector, then you have to PLAY DIRTY too.

Simple
What you wrote up there is not true.

When you notice high volume transactions, you have an obligation to inform both EFCC and NFIU. Failure to do so makes you an accomplice. You don't have to wait for them to know and start asking questions because at that point, any negligence makes you culpable.

5 Likes

Re: Leatherback Denies EFCC Allegations Against The Company by Tjra: 1:55pm On Nov 19, 2023
ecolime:

They want to mess it up abi it's been messed up already.

Any business wey their CEO get dreadlocks or dey wear turtleneck, count me out.
Boss, me sef dey wear jeans and turtleneck for office. In Tech too and we are real.

Potential investors dey Nairaland make dem no come dey use simple dressing stereotype us oo

4 Likes

Re: Leatherback Denies EFCC Allegations Against The Company by erniok(m): 1:55pm On Nov 19, 2023
Kobicove:
Based on the back story here I do not think this guy has a questions to answer with regards to the case of fraud involving one of their account holders SDQ Facilitators or whatever their name is undecided

They do. Read this paragraph again: The company found that SDQ Facilitators began processing a significantly high volume of transactions from May to August. The account’s transactions were found to closely mirror those processed by Hekima International, a previous FX brokerage firm on the platform. This suggests that Hekima may have redirected some of its clients to SDQ Facilitators.
The internal investigation turned up a few victims who revealed that they were introduced to SDQ Facilitators by a Hekima associate when they were unable to process their transactions on the platform.

Why did they wait to be called out without filing a complaint with EFCC.

1 Like

Re: Leatherback Denies EFCC Allegations Against The Company by Tjra: 1:57pm On Nov 19, 2023
Franzese:
Fintech companies owned by upcoming Nigerians are at a great risk of internal/political persecution if the owner does not pally/ continuously settle the anti graft agencies at regular intervals.

For all I know, it could be a greedy competitor or an agreived anti-graft agency that's pulling these strings.

Mr CEO if you need to play in this sector, then you have to PLAY DIRTY too.

Simple
"For all I know, it could be a greedy competitor or an agreived anti-graft agency that's pulling these strings"


You are a wise man.

Most definitely a competitor. It's a dog eat dog world out there. Bad belle and unhealthy competition amongst our brightest brains no make sense at all.

They should know the sky is wide enough for everyone to thrive.

3 Likes

Re: Leatherback Denies EFCC Allegations Against The Company by nady94: 2:01pm On Nov 19, 2023
.
Re: Leatherback Denies EFCC Allegations Against The Company by nady94: 2:02pm On Nov 19, 2023
Chigozie321:

You have a very low IQ

I think you have a lower IQ actually, because if you read this write up you wouldn’t have said what you said. If Hushpuppy uses access bank, does that mean you will declare the ceo of access bank as wanted?
How does having dreads translate to being responsible, remember invictus obi was on low cut. So my gee no just dey open your gutter mouth they talk anyhow.

5 Likes

Re: Leatherback Denies EFCC Allegations Against The Company by seborrhic: 2:07pm On Nov 19, 2023
This is more like a pr stunt for leatherback or whatever it's called.
Leatherback complied,went to EFCC office everytime,provided 2000 pages of documents etc.
I then begin to ask myself,'is it not a Nigerian company we are talking about here'?
Nigerian company that wants to cut corners and would set up today and the executive will become billionaires in a year or 2 of setting up the business?Abeg!
Unless EFCC doesn't want to do its job or is no longer interested or doing a shoddy job,the average Nigerian fintech is an enterprise built and sustained on shady,scammish grounds.

2 Likes

Re: Leatherback Denies EFCC Allegations Against The Company by o123456789(m): 2:08pm On Nov 19, 2023
Efcc should clear the air about Leatherback... That's why I love the FBI and US department of justice, they carry out total investigation about a crime, and even indict an individual or company before arrest and court, then followed by a comprehensive update about the crime and those involved... But in Nigeria my country reverse is the case, Law enforcement agencies will arrest and publish fake news about you, without any investigation or evidence, hence they loose most of their cases in court, after monies have touched hands. Last line, "law enforcement agencies in Nigeria are revenue making establishments".

1 Like 1 Share

Re: Leatherback Denies EFCC Allegations Against The Company by Zeebuy: 2:11pm On Nov 19, 2023
omoredia:
Fintech aka yahoo boys enterprises ltd

These so called tech companies in nigeria are nothing but incorporated yahoo enterprises

If u are into real and legit business in this Nigeria the we must see the tangible things u are making with your hands.
Spoken like a true illiterate
Re: Leatherback Denies EFCC Allegations Against The Company by omoredia: 2:15pm On Nov 19, 2023
Zeebuy:

Spoken like a true illiterate

Laziness go ki ur papa. Elon musk dey make and build things. But u want to make money with only format. U are a theif!

2 Likes

Re: Leatherback Denies EFCC Allegations Against The Company by Brush1: 2:20pm On Nov 19, 2023
Nigerians are criminally inclined. Very dishonest and worthless.

2 Likes

Re: Leatherback Denies EFCC Allegations Against The Company by ItisWell22(f): 2:26pm On Nov 19, 2023
Chigozie321:

You have a very low IQ

Such humans are part of the problems of Nigerian youths!

Nobody should be scrutinized once they have money.

You try question, they say “it’s poverty”.

1 Like

Re: Leatherback Denies EFCC Allegations Against The Company by Chetas81(m): 3:06pm On Nov 19, 2023
Dikaveli:
Once nigerians enter into anything na problem

They want to mess up fintech now,

Na wa ooo
the zombie nation

1 Like

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