Former Managing Director of SquaredFin Africa Ltd, Mr. Temitope Ijibadejo, has petitioned relevant Nigerian authorities over the prolonged withdrawal crisis affecting clients of SquaredFinancial, urging a comprehensive investigation into the company’s financial operations and the whereabouts of funds belonging to Nigerian investors.
In a public statement issued on Thursday, Ijibadejo, who led the Nigerian marketing subsidiary of the international brokerage firm until June 2026, said the petition followed months of delayed withdrawals, restricted access to trading accounts and what he described as a lack of transparency from the company’s global headquarters.
He stressed that although the former Nigerian management was no longer responsible for the company’s operations, it remained committed to supporting affected clients through all lawful means.
According to him, the crisis became evident in May 2026 when the Nigerian office received a flood of complaints from clients whose withdrawal requests were not being processed. He said the matter was immediately escalated to the company’s global executives, but repeated requests for explanations and a clear resolution timeline yielded little information.
Ijibadejo disclosed that on May 28, 2026, the founder and Chief Executive Officer of SquaredFinancial, Philippe Ghanem, informed him during a WhatsApp call that the company planned to wind down operations and begin liquidation proceedings, allegedly due to a court-related freezing order in Cyprus.
He said the Nigerian management demanded documentary evidence to support the claim but did not receive satisfactory responses.
The former Managing Director said the situation deteriorated further in June when Nigerian clients reportedly lost access to their trading accounts, client portals and account balances without prior notice or any official communication that could be shared with customers.
He revealed that his appointment as Managing Director was terminated on June 12, 2026, following disagreements with the company’s leadership over the handling of the crisis and his insistence on greater transparency regarding clients’ funds.
Despite leaving the company, Ijibadejo said he continued assisting affected investors and even initiated discussions with a regulated international brokerage firm to migrate Nigerian clients’ accounts so they could retain their balances and resume trading and withdrawals.
However, he said the proposed transfer collapsed after the acquiring broker was allegedly denied access to critical information needed to complete its due diligence.
With the uncertainty persisting, Ijibadejo said the former Nigerian management formally petitioned relevant government agencies and regulatory bodies, submitting supporting documents and requesting a full investigation into the operations of the Nigerian subsidiary, the movement of clients’ funds and the accountability of the company’s international executives.
He also questioned claims that court proceedings prevented access to client funds, noting that under Seychelles Financial Services Authority regulations, client funds are expected to be kept in segregated accounts that should ordinarily remain protected.
Ijibadejo added that the former management had requested verification of any existing court orders affecting the company’s assets and alleged that similar issues had reportedly impacted clients in other countries, including China.
He said the former management had continued to cooperate with investigators by providing operational records, transaction details, internal communications and other relevant documents.
The former Managing Director urged affected clients to preserve all records relating to their investments, including withdrawal requests, trading statements, transaction confirmations and email correspondence, while warning them against individuals demanding payment with promises of recovering their funds.
Reaffirming his commitment to the affected investors, Ijibadejo expressed regret over the hardship caused by the crisis and pledged to continue supporting lawful efforts aimed at uncovering the facts, assisting regulators and securing justice for Nigerian clients.
The statement is the first comprehensive account from the former Nigerian management since the withdrawal crisis began and marks a significant push for regulatory intervention and possible recovery of investors’ funds.
