Leatherback cofounder and CEO Ibrahim Ibitade steps down

The CEO and co-founder of cross-border payments startup Leatherback, Ibrahim Ibitade, has stepped down after five years at the helm, the company told TechCabal.

His removal caps an interesting year and a half for the company. In November 2023, the Economic and Financial Crimes Commission (EFCC) declared Ibitade wanted in connection with allegations of conspiracy involving SDQ financials. Ibitade said at the time that he had assisted the EFCC in its investigation and denied any connection to SDQ. In early 2024, he claimed the matter had been resolved. 

“Under Ibitade’s guidance, Leatherback expanded its global presence and established itself as a trusted partner in cross-border financial services,” the company said in a statement. “The company is grateful for his dedication and wishes him the best in his future endeavours.” 

Leatherback did not share a reason for Ibitade’s exit.

Toni Campbell, a managing partner at Kinfolk Venture Capital, has been named interim CEO. “Toni has driven early-stage investments in technology companies transforming Africa’s economic landscape, achieving an impressive internal rate of return (IRR) of 26.48%,” the company said.

Adedayo Amzat, Group Managing Director and CEO of Zedcrest Group, Leatherback’s lead investor, will join the company as a non-executive director. 

“With this experienced leadership team in place, Leatherback is well-positioned to continue its journey as a top player in global financial services,” the statement added. 

Along with a crop of homegrown cross-border apps, Leatherback had begun pitching itself to African startups as an alternative to Mercury. 

“With Community Federal Savings Bank, one of our local partner banks in America, we spent two years demonstrating that we have the standard KYC and KYB processes and transaction monitoring process, giving them enough comfort,” the company told TechCabal in July.