The Economic and Financial Crimes Commission (EFCC) has declared Ibrahim Ibitade, the Chief Executive Officer (CEO) of Leatherback wanted.
Leatherback is a fintech startup that provides cross-border payments to customers in seven countries. The anti-graft agency declared Ibitade wanted on Thursday, November 9.
According to an authenticated Instagram post from the commission, 31-year-old Ibitade is wanted in connection with allegations of conspiracy and obtaining money under pretense.
Inside sources in the know revealed that the EFCC is investigating fraud involving a company called SDQ Financials running into at least ₦3 billion.
According to the Corporate Affairs Commission website, SDQ Financials is incorporated in Nigeria, and only one individual, Lawal Mohammed Kazeem, is listed as having significant control of the company.
Insiders in the know revealed that SDQ Financials, a merchant on Leatherback, promised several companies and individuals better FX rates than what was obtainable on Nigeria’s black market. Those sources said several prominent companies, including a publicly listed company, gave billions of Naira to SDQ Financials, an unregulated entity with very little publicly available information, for FX deals.
According to Leatherback, SDQ Financials is a merchant that uses Leatherback’s Naira and USD wallets. The company said it completed a Know Your Customer (KYC) onboarding process for SDQ Financials and kept records of its transactions, as mandated by law. It denies any direct involvement with SDQ Financials and says it did not know about the fraud allegedly perpetrated by SDQ Financials.
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