Anichebe, 30, claimed his ex-Baggies team-mate owed him and now-Celtic midfielder Youssouf Mulumbu £10,000 each – before deleting the Instagram post where he called Sessegnon a "cheap motherf***er".
However, screenshots of the apparent post were saved and later circulated on social media.
In the post, Anichebe wrote: "This guy Stephane Sessegnon asked me to borrow him £10k.
"I've been chasing him for it for a long period of time now but he ignores my calls, messages and any form of contact.
"He even borrowed £10k from [Youssouf] Mulumbu and failed to pay him back.
"This is the problem with our African brothers. They pretend to live some big lifestyle whilst borrowing money from others and failing to pay back.
"If anybody knows him or has contact with him please tell him to contact me or simply send me my f***ing money.
Anichebe and Sessegnon played together at The Hawthorns from 2013 to 2016.
Former Everton and Sunderland striker Anichebe is currently without a team because of a contractual dispute with former club Beijing Enterprises Group FC.
Earlier this month, Anichebe accused the Chinese division one club of match-fixing and his case is now in the hands of Fifa.
Sessegnon currently plays for Turkish second division side Genclerbirligi.
SunSport have attempted to contact Anichebe, Sessegnon and Mulumbu for comment.
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