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Ibrahim Ibitade, CEO of cross-border payments startup Leatherback, has filed a lawsuit against the Economic and Financial Crimes Commission (EFCC) for defamation. This comes three months after the agency publicly declared him wanted without “conducting due diligence,” according to Ibitade.
Case Arises from Unregulated Company’s Activities
In November 2023, the EFCC accused Ibitade of conspiring to obtain money under false pretense in connection with SDQ Financials, an unregulated firm that allegedly lost billions in client funds through questionable FX deals. While SDQ Financials used Leatherback’s services, the company maintains it had no knowledge of any fraudulent activity.
EFCC Accusations Deemed Defamatory
Following the accusations, the EFCC declared Ibitade wanted through an Instagram post, which was later deleted upon Leatherback’s petition. Ibitade considers this action by the anti-graft agency to be “bullying” and an attempt to pressure his company. He seeks to hold the EFCC accountable for the damage caused to his reputation and business.
Ibitade Believes Funds Could Have Been Recovered Differently
“There have to be consequences because it almost put a dent in what we are building at Leatherback over the last five years,” Ibitade stated. He expressed concern that some of the lost funds might be unrecoverable due to the EFCC’s approach, suggesting they should have followed the money trail instead of targeting him personally.
Leatherback Remains Bullish on Nigeria Despite Incident
Despite the unpleasant experience, Ibitade remains optimistic about the Nigerian market. He emphasized that Leatherback continued operations throughout the ordeal and is structured to withstand such challenges. While processing $500 million monthly by June 2023, the company aimed to reach $1 billion before the EFCC incident.
This lawsuit highlights the importance of due process and the potential consequences faced by individuals and businesses when authorities take actions without proper investigation.
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