Leatherback, a cross-border payments firm with operations in the UK and Nigeria, has appointed Toni Campbell as its new CEO, following the exit of co-founder Ibrahim Ibitade who headed the company for five years. The appointment, which marks a significant shift in leadership, comes after a tumultuous period for the firm, including investor interventions and legal challenges.
Mr Ibitade’s controversial tenure as CEO ended in October and Campbell, an investor from Kinfolk Venture Capital , was tapped as his replacement. This move was deemed imperative to stabilise and reorganise Leatherback’s corporate structure, anticipated to turn a new chapter with significant boardroom changes.
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Ibitade’s turbulent tenure
Ibitade’s tenure was turbulent, including investor interventions and legal difficulties. He came under fire in 2023 after it was revealed that a company called SDQ Facilitators had allegedly exploited a Leatherback account to carry out $10 million in fraudulent transactions. Although Leatherback has not disclosed any more information on Ibitade’s departure, the account incident scandal dented the the company’s reputation and raised worries among stakeholders about its governance and internal controls.
In 2023, Nigeria’s Economic and Financial Crimes Commission declared Ibitade wanted in a connection to a fraud scheme in which he allegedly obtained money under false pretence. He denied the allegation but it did nothing to assuage investors’ worries.
The change in leadership at Leatherback is part of a larger reorganisation that aims to rebuild trust and establish a more defined strategic course. Along with reorganising its board, the business recently moved its UK operations to London’s prestigious Docklands sector as part of a comprehensive revamp. Campbell, who was first named interim CEO, now serves as the formal CEO and is tasked with stabilising the business and directing its expansion. As a non-executive director, he is joined by Adedayo Amzat, Group Managing Director and CEO of Zedcrest Group, the primary investor in Leatherback.
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Investor-led takeovers: A growing trend across Africa
Leatherback’s leadership change is part of a trend of investor-led takeovers that have killed previous African firms. The founders of Dash in Ghana, 54gene in Nigeria, iProcure in Kenya, and Capiter in Egypt have all experienced this abrupt loss of power. All these companies eventually shut down following comparable boardroom disputes. The survival of Leatherback now depends on its capacity to successfully manage this precarious transition as investors take control of the business.
Stakeholders, however, are cautiously hopeful that Leatherback’s fresh emphasis on monitoring, compliance, and strategic alliances will distinguish it from its forerunners and enable the company to escape a similar destiny. The company’s ability to reconcile investor influence with operational autonomy will be essential in shaping its enduring status within the global fintech arena as it moves beyond previous challenges.
Leatherback has insisted that their compliance procedures are sound in spite of these problems. The business reaffirmed its commitment to regulatory standards in a recent statement, citing its collaboration with Community Federal Savings Bank in the US as proof of its strong Know Your Customer (KYC) and Know Your Business (KYB) protocols.
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