Nigeria’s Economic and Financial Crimes Commission (EFCC) has officially withdrawn all allegations of fraud and misconduct against Leatherback, a prominent financial technology company, and its CEO, Toyeeb Ibrahim Ibitade.
The conclusion of the investigation marks a significant development, bringing clarity to a previously challenging episode for the company.
Origins of the Investigation and Transparent Cooperation
In November 2023, EFCC initiated an investigation into possible fraudulent activities on the Leatherback platform.
The company, in response, collaborated transparently with EFCC officials, offering a forensic overview of its operations.
Leatherback’s proactive cooperation and comprehensive presentation of evidence played a pivotal role in proving its innocence, leading to the withdrawal of all charges by EFCC.
The collaborative approach between Leatherback and EFCC, coupled with transparency, has resulted in the resolution of the allegations and the removal of related communications from official channels.
Relief and Forward Momentum for Leatherback
Expressing relief at the conclusion of the investigation, Toyeeb Ibrahim Ibitade, CEO of Leatherback, emphasized the joy of being completely cleared of any wrongdoing.
With the episode now resolved, Ibitade highlights the company’s readiness to refocus on its mission of providing inclusive financial, payment, and commerce solutions globally.
The CEO’s relief and determination to move forward underscore Leatherback’s commitment to its mission and resilience in the face of challenges.
Leatherback’s Contributions to the Investigation
Leatherback actively supported the EFCC investigation by providing over 5,000 printed documents to facilitate a comprehensive understanding of its operations.
Additionally, the company filed Suspicious Activity Reports (SARs) in both the UK and Nigeria, demonstrating a commitment to regulatory compliance and thorough cooperation.
Leatherback’s proactive measures, including document submission and SARs, showcase its commitment to regulatory standards and a transparent resolution of the investigation.
Global Regulatory Presence and Platform Features
Headquartered in London, Leatherback operates under regulations in the UK, Nigeria, Ethiopia, Canada, India, Pakistan, Nepal, and Sri Lanka.
This multi-jurisdictional regulatory framework positions Leatherback to effectively serve customers across diverse markets.
The platform, already used by tens of thousands, offers a range of financial services and is authorized by the Financial Conduct Authority (FCA), PCI DSS Compliant, and ISO Certified.
Leatherback’s global regulatory footprint and diverse service offerings reinforce its commitment to providing accessible financial services globally.
Conclusion:
Leatherback’s exoneration from fraud allegations by the EFCC signals a fresh start for the financial technology company.
With a renewed focus on its mission and a commitment to regulatory compliance, Leatherback aims to continue facilitating global financial accessibility for individuals and businesses.
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