US$4 Million is too much: Safe Guard boss breathes fire following Ecobank Bulawayo robbery, blames bank for risking guards’ lives

The brazen daylight robbery of US$4 million from Ecobank’s Parkade branch in Bulawayo on Thursday has ignited a furious exchange of accusations between the bank and Safe Guard Security, the company tasked with transporting the cash.

Safe Guard CEO Andrew Mallon has publicly criticised Ecobank for failing to inform them of the unusually large sum, claiming the bank jeopardised the safety of their security personnel and violated contractual agreements.

The robbery, which unfolded at approximately 3:30 PM at the corner of Fife Street and 9th Avenue, involved six armed robbers who swiftly overpowered a team of five Safe Guard security guards.

Assistant Inspector Nomalanga Msebele, Bulawayo’s acting police spokesperson, detailed the attack: “Three of the Cash-in-Transit details were armed with a shotgun, which had two rounds of ammunition, a pistol (make and type unknown) with 10 rounds, and a Canik 9mm pistol with five rounds. The accused persons approached the Cash in Transit team, assaulted the details with the butt of AK-47 rifles they were carrying, and disarmed the security team.

“The suspects ordered the security team to lie down on their stomachs and warned them against raising any alarm. The security team complied, and the accused persons took away their guns. The accused persons dragged three trunks that had cash, loaded them into a getaway vehicle, and drove off at high speed. The suspects also took away the three guns which they had taken from the security team.”

Eyewitness accounts paint a picture of chilling efficiency. One street vendor recounted how one of the robbers, seemingly unfazed, casually bought chewing gum moments before the attack. Another detail that emerged is that one robber did not wear a disguise and even acted like a member of the public during the initial stages of the robbery. This same individual was later seen assisting in loading the boxes into the getaway vehicle. The entire heist was executed in a remarkably short 149 seconds.

The getaway vehicle, a white single cab Ford Ranger, displayed number plates later identified as belonging to a Mazda Demio – a common tactic used by criminals to mislead investigators. A detective from the Vehicle Theft Squad (VTS) confirmed this, explaining the modus operandi of stealing number plates from parked cars, particularly in areas with high foot traffic after work hours.

The audacious nature of the crime, the largest cash heist in Zimbabwean history, has prompted a massive police investigation, extending beyond Bulawayo to other towns and cities. Police spokesperson Commissioner Paul Nyathi confirmed that investigations are ongoing, dismissing social media reports claiming arrests have been made.

He stated: “The ZRP is still conducting investigations in connection with the armed robbery incident which occurred in Bulawayo on October 3 at a local financial institution. The police dismisses social media messages indicating that the suspects have been arrested. The police will certainly keep the public and media informed on the latest developments in relation to this case.”

Safe Guard, however, is placing the onus squarely on Ecobank. In a statement released Friday, CEO Andrew Mallon stated that the US$4 million transaction far exceeded the agreed-upon limits for cash transportation. “We wish to remind all customers of their responsibility to work within their contracted limits… and to communicate clearly with us if a cash movement is to be out of the ordinary. This allows us to plan and approach the risks appropriately,” Mallon said.

He added that a US$4 million move “obviously poses a significant risk” and was “well outside any contracted limits for Safeguard and almost certainly the security industry Africa wide.”

He further warned that failing to communicate unusual cash movements “places the safety of our staff, our security teams and your cash at considerable risk.”

Mallon’s statement raises concerns about potential insurance implications. Safe Guard suggests that insurers may not compensate Ecobank for losses exceeding the undisclosed contractual limits. This casts a shadow over the financial repercussions for Ecobank, already reeling from the significant loss.

Safe Guard and Ecobank are probably now playing the blame game, judging by what an Ecobank employee had said earlier, moments after the incident took place.

An Ecobank employee, speaking on condition of anonymity, confirmed that the money was being transported to Harare by Safe Guard and said the money was stolen when it was already in the hands of Safe Guard Security, not Ecobank.

“The money was being taken to Harare by Safeguard security. The robbers took the money from the security guards’ hands outside the bank when they were about to load it into the car,” the employee said.

This confirms Safe Guard’s assertion that they were not adequately prepared for such a large cash transfer.

The incident has prompted Ecobank to temporarily close its Parkade branch, reassuring customers that digital banking channels remain fully operational. The bank directed customers requiring in-branch services to its Bradfield branch.

Meanwhile, law enforcement sources indicate that investigations are underway, with some leads being pursued. Speculation has also named Elijah Vumbunu, a notorious armed robber, as a potential suspect.

Vumbunu, known for his involvement in high-profile robberies, is believed to be operating from South Africa. The US$4 million heist in Bulawayo remains a major ongoing investigation, highlighting the significant security challenges faced by financial institutions in Zimbabwe.