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Business News

Change of guard as eTranzact confirms its directors are stepping down

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Mr. Wole Abegunde

eTranzact International Plc has confirmed that some of its directors will honourably step down, this is coming in the wake of alleged fraud to the tune of ₦11 billion perpetrated on its platform.

In a letter signed by the company’s secretary, it stated that the Managing Director Mr.Valentine Obi will step down as the company Managing Director, while Mr. Niyi Toluwalope will be taking over as the Managing Director in an acting capacity. Until his new appointment, Toluwalope was the Chief Financial Officer of the company, a position he has held since 2011.

Others affected by the management change include Executive Directors; Sullivan Akala, Ike Eze and Chief Technology Officer, Mr. Richard Omoniyi, Head of Operations, Mr. Kehinde Segun.

e-Tranzact also denied that any form of fraud occurred within the company, and the affected directors resigned since they were ultimately responsible for the company’s affairs.

we want to categorically state that there was no fraud in eTranzact International Plc, however a merchant used the company’s interface with a bank to perpetrate fraud. The eTranzact executives resigned honorably because they have the responsibility for governance in the company

The firm also denied reports that PricewaterhouseCoopers, PwC, had been recruited to review the accounts of the company. PwC’s transactions with e-Tranzact were technology related.

e-Tranzact international was incorporated as a Private Limited Liability Company on the 7th of May 2003. It became a public limited liability company on the 7th of August 2009 and was quoted on the Nigerian Stock Exchange (NSE). Its shares are currently trading flat on the Nigerian Stock Exchange at ₦4.55. Year to date, the stock is down 7.14%.

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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    Coronavirus

    Covid-19: WHO approves China’s Sinopharm vaccine

    WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.

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    Covid-19: First world nations oppose waiving intellectual rights for vaccine development

    The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.  The vaccine is reported to have 79% efficacy against covid.

    This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.

    “This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.

    The WHO added that the easy storage requirements make it highly suitable for low-resource settings.

    “Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.

    “On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.

    The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.

    The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.

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    In case you missed it

    The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.

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    Obituaries

    “Mama Taraba”, Former minister and senator, Aisha Al-Hassan is dead

    Ex-Women Affairs minister, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead

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    A former Minister for Women Affairs and ex-Governorship Candidate in Taraba State, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead.

    According to media reports she died in a hospital on Friday in Cairo, Egypt at the age of 61.

    Al-Hassan, who was a former senator of the Federal Republic of Nigeria from Taraba North Senatorial District, was the All Progressive Congress (APC) Governorship Candidate for Taraba in the 2015 general elections.

    READ: Abba Kyari’s last letter to President Buhari

    She later contested for the same seat on the platform of the United Democratic Party in the 2019 general elections after resigning from APC and as a minister in the administration of President Muhammadu Buhari on July 27, 2018.

    The former senator was born on the 16th of September, 1959 in Jalingo, Taraba State, to Alhaji Abubakar Ibrahim, Sarkin Ayukan Muri.

    READ: Chad’s President Deby dies of injuries suffered on the frontlines, as son takes over

    Aisha Jummai Al-Hassan attended Muhammed Nya Primary School, Jalingo and LEA Primary School, Tudun Wada, Kaduna before proceeding to Saint Faith College (now GGSS) Kawo Kaduna where she studied between January 1973 and June 1977.

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    Details later…

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