In a surprising turn for Nigeria’s cross-border payments scene, Leatherback recently announced the departure of its co-founder and CEO, Ibrahim Ibitade. As of last Thursday, Ibitade officially stepped down, and Toni Campbell has assumed the role of interim CEO. Meanwhile, co-founder and lead investor Dayo Amzat has transitioned to the position of non-executive director, marking a notable shift in Leatherback’s leadership.
Launched in 2019, Leatherback has positioned itself as a key player in Nigeria’s fintech landscape, facilitating seamless cross-border transactions. However, recent events have brought both intrigue and scrutiny, with Ibitade’s exit adding to the layered story of the company’s challenging year.
In late 2023, Leatherback made headlines when Nigerian authorities linked one of its accounts to an alleged $10 million fraud involving SDQ Facilitators, a shipping company. Soon after, reports surfaced that Leatherback’s Nigerian bank accounts were temporarily frozen. The situation escalated when Nigeria’s Economic and Financial Crimes Commission (EFCC) declared Ibitade a wanted person in relation to the case. However, the EFCC has since lifted the notice, with Ibitade filing a human rights lawsuit against the commission, while Leatherback has pursued legal action against SDQ Facilitators to recover funds for impacted clients.
Speaking exclusively with TechCabal, Ibitade opened up about his journey with Leatherback, the factors that led to his departure, and his turbulent experience with the EFCC. He acknowledged that his priorities have shifted, primarily due to personal reasons, citing a desire to start a family. “In five years, we’ve accomplished a lot at Leatherback,” Ibitade shared. “But it’s time for me to transition to the next phase of life.”
When asked about whether internal disagreements influenced his decision to leave, Ibitade admitted that his vision had at times clashed with those of major stakeholders. As a significant shareholder himself, he noted that, despite Zedcrest’s active role in Leatherback’s strategic direction, the goals and visions between the parties sometimes diverged. “Misalignments happen, and ultimately, I knew it was time to step aside,” he said, expressing confidence in the new leadership’s ability to drive growth.
The SDQ Facilitators controversy has cast a shadow over Leatherback’s operations in Nigeria. Ibitade clarified that only select Leatherback accounts were briefly frozen, with accounts across other jurisdictions unaffected. He emphasized Leatherback’s regulatory compliance and explained that the company only acted as a facilitator for SDQ’s transactions. “Our funds weren’t involved. Leatherback’s role was limited to providing accounts, and we fully complied with due diligence protocols,” Ibitade stated.
On the EFCC’s wanted notice, Ibitade recounted his swift return to Nigeria to address the situation. Despite the ordeal, he expressed gratitude for the eventual resolution, revealing that Leatherback has actively worked with the EFCC to help recover client funds and remains committed to transparency.
Currently, Leatherback’s case against SDQ Facilitators is pending in court, as the fintech company continues efforts to resolve the claims. Ibitade hopes his exit will mark a fresh chapter for Leatherback, maintaining that his departure was not the result of scandal but a step toward new aspirations.
As Leatherback navigates the aftermath of these events, the fintech world watches to see how the company’s new leadership will steer it through the challenges and rebuild confidence among stakeholders.
