Safeguard Security Services (Pvt) Ltd has stated that it was not informed by Ecobank about the movement of US$4 million, which was stolen by armed robbers during a brazen heist on a busy street in Bulawayo on Thursday afternoon.
In a letter to clients dated October 4, 2024, Safeguard CEO Andrew Mallon revealed that the amount in question far exceeded the “contracted limits” for cash transportation.
The letter also noted that Safeguard’s insurers might not cover losses exceeding the undisclosed limit agreed with Ecobank. The letter read:
“You may have seen reports of a significant cash heist outside Ecobank in Bulawayo.
This incident highlights the severe risks associated with holding and moving large amounts of cash, risks we frequently communicate.
We would like to remind all customers of their duty to adhere to contracted cash movement limits and to notify us of any unusual cash movements.
This enables us to mitigate risks more effectively.
A US$4 million transfer presents considerable risk and falls far outside any contracted limit for Safeguard—and likely the entire African security industry.
Failure to follow these protocols endangers not only your staff and our security teams but also the cash itself.”
The security guards, who were using a single van, had collected the money from the Ecobank branch located in the NRZ Building and were instructed to transport it to Harare.
As they were loading the cash, a white Ford Ranger pulled up, and six armed men wearing masks and hats exited the vehicle.
The robbers, acting swiftly and with coordination, subdued the guards, grabbed the cash boxes, and loaded them into their getaway vehicle. The entire operation was over within two minutes, after which the robbers fled the scene with the stolen funds.
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