Investment banker Sakiyoulahi Sow was tried on November 6th before the Dakar Criminal Court for defrauding Abdoulaye Sylla, the CEO of ECOTRA SA, of 5 million CFA francs. The defendant appeared in court as a free man, carrying a suitcase full of documents to contest the charges. The plaintiff, who did not participate in the trial, was represented by their legal team.

Regarding the facts

According to the order of partial dismissal and referral to the correctional police issued on April 12, 2024 by Judge Mamadou Seck, then in charge of the 2nd chamber at the Dakar High Court, Sakiyoulahi Sow is charged with the offences of breach of trust and fraud.

On October 19, 2022, Abdoulaye Sylla, CEO of ECOTRA SA, filed a complaint with the Dakar prosecutor's office against Sakiyoulahi Sow for fraud and breach of trust involving 5 billion CFA francs. In his complaint, he explained that following a meeting regarding the acquisition of the Société Interafricaine de Banque (SIAB), Sakiyoulahi Sow had invited him to participate in the purchase of the bank's shares. At Sow's request, he had transferred five billion CFA francs to the Togolese Treasury on July 17, 2017. However, upon learning of the Togolese government's termination of the memorandum of understanding, he contacted the liquidator of SIAB to obtain reimbursement of the transferred funds.

To his great surprise, he was met with a flat refusal, pointing out that the funds belonged to Sakiyoulahi Sow under the cover of his company Siraj Financial Holding.

Continuing, he stated that he was surprised to learn that Mr. Sow had created this company, the existence of which he had concealed from him, and that he had used the sums paid to buy 95% of the shares held by the Libyan Foreign Bank in the capital of SIAB.

When questioned, Sakiyoulahi Sow confirmed the statements made by the head of ECOTRA regarding the acquisition of SIAB Togo's shares. However, he disputed the amounts involved. According to him, of the 5 billion CFA francs paid, 4.5 billion represented his fees, and ECOTRA's contribution amounted to only 500,000,000 CFA francs.

Sakiyoulahi Sow claims to have helped Abdoulaye Sylla obtain funding in 2015 for the Diamniadio urban center development project, and that in return, the latter had to pay him fees.

When questioned about documents attesting to the existence of the alleged fee agreement, Mr. Sow said he had no proof apart from a letter of intent that he had sent in June 2017 to the CEO of ECOTRA.

Regarding the circumstances of the SIAB share buyback, Mr. Sow maintained that, given the competition with potential buyers, they had paid the Togolese state 6,952,490,000 CFA francs to exclude certain Libyan investors, and that he himself had personally paid 1,952,490,000 CFA francs of this amount. He emphasized that once the transfer was completed, he traveled to Lomé on March 8, 2018, to negotiate and sign the agreement with the Togolese government.

Furthermore, Abdoulaye Sylla was informed in every detail of the project and to confirm his statements, he had submitted to the debate the messages and emails he exchanged with the latter.

Subsequently, A. Sylla informed him of his intention to leave the project and demanded reimbursement of his funds for this purpose.

It was in this context that he demanded payment of his fees from the latter, hence the transfer of 5,000,000,000 CFA francs.

When confronted, Sakiyoulahi Sow and Abdoulaye Sylla each maintained their statements. However, Sylla asserted that, contrary to Mr. Sow's claims, the 5 billion CFA francs were not intended for the payment of fees, but for the purchase of SIAB shares. During the investigation, Abdoulaye Sylla reiterated his statements from the preliminary inquiry, noting that Sakiyoulahi Sow, after his arrest, had requested criminal mediation and, in that context, acknowledged ECOTRA SA's exclusive ownership of the five billion CFA francs transferred to the Togolese Treasury and pledged to take the necessary steps to enable ECOTRA SA to recover this sum. Unfortunately, he failed to honor his commitment.

Malick Ndiaye, Director General of the Agricultural Bank (formerly CNCAS), heard as a witness, stated that he had executed a transfer order of 5,000,000,000 CFA francs at the request of ECOTRA in favor of the accounting agency of the Togolese Treasury.

Charged with breach of trust and fraud, Sakiyoulahi Sow denied the charges. During his substantive questioning, he maintained the statements he made during the investigation while submitting to the file a document entitled "Memorandum on the dispute with ECOTRA represented by Mr. Abdoulaye Sylla".

In this memorandum, he specifies that Abdoulaye Sylla was indeed aware of the existence of Siraj Financial Holding and that he had sent him all the documents relating to the company, and that Sylla had even made the transfer of 5 billion CFA francs using the company's details. He also emphasizes that he is a victim in this affair, since he had invested 1.9 billion CFA francs in the name of Siraj Financial Holding and paid consultants and lawyers out of his own pocket.

On the partial dismissal

According to the investigating judge, it follows from article 383 of the Penal Code that anyone who has received property from owners, possessors or holders, under contracts of lease, deposit, mandate, loan for use, salaried work or non-pledge, fails to respect his commitment to return or account for it or to use it as agreed, is guilty of breach of trust.

The magistrate clarified that breach of trust requires, for its commission, a prior transfer which is made on the basis of one of the contracts referred to in Article 383 and the dissipation of the property despite a formal notice.

In this case, the file does not show that Abdoulaye Sylla gave money to Sakiyoulahi Sow, nor that the latter ever received the aforementioned sums of money. However, it is true that it was at his request that Mr. Sylla transferred 5 billion to the Togolese Treasury.

Furthermore, the magistrate noted that this transfer did not create a contractual relationship between Sylla and Sow, but was merely intended to allow ECOTRA to acquire SIAB's shares. Moreover, it is undisputed that the cancellation of the acquisition was not due to Sakiyoulahi Sow's wishes, since Abdoulaye Sylla himself acknowledged that it was the Togolese government that terminated the acquisition agreement.

Moreover, when Mr. Sylla noticed the termination, he went directly to the liquidator of SIAB to claim reimbursement of his money.

However, it is important to note that in this case, the transfer was not voluntary; it was induced. Sakiyoulahi Sow led Mr. Sylla to believe that if he paid the requested 5 billion, he would become a shareholder of SIAB. In reality, he himself was to benefit from this transfer through his company, Siraj Financial Holding.

Therefore, in the absence of a prior transfer of funds based on a contract between Abdoulaye Sylla and Sakiyoulahi Sow, proof of embezzlement, and a specific obligation incumbent upon the latter, the facts of this case cannot constitute breach of trust. Consequently, there is no basis for further proceedings against Sakiyoulahi Sow for breach of trust.

On referral

Referring to the provisions of Article 379 of the Penal Code, Judge Seck stated that it was undisputed, as established by the proceedings, that Sakiyoulahi Sow invited Abdoulaye Sylla to participate in the share buyback of the Togolese bank, Société Interafricaine de Banque (SIAB). He instructed Sylla to make a transfer to the Togolese Treasury, leading him to believe that once the transfer was complete, he would receive the SIAB shares. In reality, however, it was his company, Siraj Financial Holding, that was to benefit from the buyback. Abdoulaye Sylla paid the funds to the Togolese government. The reason for the transfer was never related to the payment of fees.

However, Sakiyoulahi Sow's argument that the 5 billion CFA francs were intended for the payment of his fees cannot withstand the objective elements of the case, since he admitted to having invited Mr. Sylla to come and participate in the share buyback operation.

The judge added that nowhere in the file was there any document attesting to the existence of a fee agreement between him and the plaintiff. Moreover, even Mr. Sow was unable to provide proof of such an agreement, apart from a letter of intent which, in reality, was insufficient to prove the existence of a contractual relationship. According to the magistrate, Sakiyoulahi could not in any way use this fee agreement to mask his bad faith, as he knew perfectly well that the transfer was motivated by the share buyback, not the other way around.

Furthermore, it appears from the mediation agreement dated December 22, 2022, signed between the lawyers of the parties, that Sakiyoulahi Sow recognized Abdoulaye Sylla's exclusive ownership right over the 5 billion CFA francs paid to the Togolese public treasury.

For the investigating judge, Sakiyoulahi Sow's attitude of inviting Abdoulaye Sylla to come and participate in the repurchase of the shares, asking him to transfer money to the Togolese public treasury account while making him believe that he would be a shareholder and presenting him with related documents, constitutes fraudulent maneuvers which undoubtedly determined the handover.

Sufficient for me to declare that Sakiyoulahi Sow has gathered against him all the elements constituting fraud.

Sakiyoulahi disputes the memorandum of understanding and refers to it as a fee note.

In court, Sakiyoulahi Sow presented himself as an investment banker. He denied the fraud charge, brandishing stacks of documents. He maintained that Abdoulaye Sylla of ECOTRA owed him fees amounting to 4.5 billion CFA francs. He claimed to have assisted ECOTRA on the Diameniadio project, where Abdoulaye Sylla received 21 billion CFA francs. Sakiyoulahi Sow also emphasized that he had deposited a bond of 143 million CFA francs. The defendant disregarded the agreement his lawyers had signed with those of the plaintiff.

Attorneys Seny Dione, Demba Cire Bathily, Baboucar Cissé, and Clédor Ly, representing Abdoulaye Sylla, maintain that the defendant is guilty of the charges. According to Mr. Bathily, the defendant is a bank employee engaged in influence peddling. They have requested 10 billion CFA francs in damages.

For his submissions, the public prosecutor deferred to the wisdom of the court.

The defense, represented by lawyers Ndoumbé Wane, Sayba Danfakha, Omar Tandian, Moussa Sarr and Mbaye Dieng, requested a complete and unconditional acquittal.

Deliberated on December 4, 2025.