• Ivory Coast courts will try Fidelis Finance and four executives for alleged breach of banking secrecy, a first in the UEMOA zone.

• The case stems from the cancellation of a CFA7.7 billion ($11.7 million) real estate transaction involving Ivorian contractor SOGETRA.

• The proceedings threaten Fidelis Finance’s plan to obtain a full banking license from the BCEAO.

Fidelis Finance operates as a Burkina Faso–based financial institution specializing in leasing. The company pursues ambitions to become a bank. However, the firm has faced a major crisis for several months following alleged disclosures by senior executives.

The leasing and factoring company has remained under pressure after Ivorian construction firm SOGETRA filed a lawsuit against it. SOGETRA sued Fidelis Finance and four executives for alleged violations of banking secrecy. The case marks a first within the West African Economic and Monetary Union (UEMOA).

The dispute originated in a failed real estate transaction. In February 2025, SOGETRA, an Ivorian public works SME, negotiated a deal valued at CFA7.7 billion, or $11.7 million. Court documents state that participants disclosed confidential information on the company’s financial position to a third party during a meeting held at Fidelis Finance’s offices in Ivory Coast.

Senior executives came under investigation. Authorities named Deputy Chief Executive Officer Nomel Franck Aristide Yapo, Chief Financial Officer Anselme Sanou, Legal Affairs Head Hervé-Gilles Koissy N’guessan, and Risk and Compliance Head Boubacar Didier Barry. Investigators allege that the disclosures caused the cancellation of the contract, pushed SOGETRA into distress, forced the company to shut down operations, and led to the dismissal of 72 employees. SOGETRA then filed a complaint in September 2025 against Fidelis Finance and about 90% of its executive management.

Multiple offenses and a trial

An investigating judge reviewed the case and confirmed the existence of material elements that could constitute a violation of Article 30 of the UEMOA banking law. The provision prohibits credit institution executives bound by professional secrecy from “using confidential information obtained in the course of their activity to conduct, directly or indirectly, transactions for their own benefit or for the benefit of third parties.”

The investigation also identified two additional offenses, including destruction of evidence and witness tampering. On January 15, the Ivorian magistrate issued a referral order. The decision requires the four executives and Fidelis Finance, as a legal entity, to stand trial before a criminal court.

BCEAO under scrutiny

Beyond SOGETRA’s collapse and the legal proceedings, the case has weakened confidence in Fidelis Finance’s internal governance at a strategic moment. The UEMOA-recognized financial institution aims to convert into a fully licensed bank. The Central Bank of West African States oversees that process and enforces financial stability and governance standards.

The BCEAO has not commented publicly on the case. However, the criminal referral of the institution and most of its local executive leadership complicates any license application. UEMOA regulations condition banking status on strict requirements covering integrity, internal controls, and risk management, with professional secrecy ranking among the core obligations.

This article was initially published in French by Emiliano Tossou

Adapted in English by Ange J.A de BERRY QUENUM