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%.
NNPC to provide free conversion services to motorists to switch from PMS to autogas
The NNPC has revealed plans to help motorists switch from Premium Motor Spirit (PMS) to Autogas.
The Nigerian National Petroleum Corporation (NNPC) has disclosed that it is going to provide free conversion services in some selected NNPC retail filling station in the country.
This is part of the effort of the corporation aimed at assisting interested motorists to switch from Premium Motor Spirit (PMS) popularly known as petrol to Autogas as the Federal Government rolls out an autogas programme called the National Gas Expansion Programme.
This was disclosed by the Group Managing Director of NNPC, Mele Kyari, on Tuesday, December 1, 2020, while delivering his address at the Presidential Virtual Rollout of the National Gas Expansion Programme (NGEP).
While delivering his address, Kyari pointed out that the areas of focus with existing Autogas service stations include the Federal Capital Territory Abuja, Kaduna, Kano, Kogi, Kwara, Ogun, Ondo, Oyo, Lagos, Edo, Delta, Rivers and Bayelsa States.
The statement from Kyari partly reads, ‘’To support this effort, NNPC is providing free conversion services in some selected NNPC retail filling stations to assist interested motorists switch from PMS to Autogas, especially in areas with existing Autogas service stations in the Federal Capital Territory Abuja, Kaduna, Kano, Kogi, Kwara, Ogun, Ondo, Oyo, Lagos, Edo, Delta, Rivers and Bayelsa States.’’
The NNPC boss revealed that the state-owned oil corporation is expanding this initiative to all NNPC retail filling stations across the country, while also assuring motorists of steady availability of Autogas at competitive prices.
He also said that NNPC is expanding its natural gas footprint across the country in order to support industrialization and job creation through its various ongoing gas infrastructure projects which includes Obiafu-Obrikom-Oben (OB3) gas pipeline project connecting East and West.
Others are Escravos-Lagos Pipeline System (ELPS 11 which is expected to boost supply to the western corridor and the AKK gas pipeline that will supply gas to Abuja, Kaduna and Kano states.
What you should know
- President Muhammadu Buhari today performed the virtual rollout of autogas programme called the National Gas Expansion Programme. The programme, which involves the conversion of fuel-powered cars, generators from petrol to gas, is aimed at deepening domestic usage of natural gas in its various forms.
- The programme is also in line with the Federal Government’s plan to make gas the first choice source of cheaper and cleaner energy. This follows the deregulation of the downstream sector of the oil industry with sharp increases in prices of petrol.
GMD @NNPCgroup: "To support this effort, NNPC is providing free conversion services in some selected NNPC Retail Filling Stations to assist interested motorists switch from PMS to Autogas…#NGEP #NigeriaGoGas #YearOfGas
— NNPC Group (@NNPCgroup) December 1, 2020
Just-in: Senate confirms 6 NERC commissioners, drops Chairman-nominee
Six nominees for the board of the Nigerian Electricity Regulatory Commission (NERC) have been confirmed as commissioners.
The Nigerian Senate has confirmed the nomination of six members for the board of the Nigerian Electricity Regulatory Commission (NERC) as commissioners.
The legislators also dropped, Prof. Akintunde Akinwande, the nominee for the Chairman position due to his absence from the screening.
This was disclosed by the senate committee on Power, Steel Development and Metallurgy on Tuesday.
The confirmed nominees are Sanusi Garba (North-West) as vice-chairman; with Nathan Rogers Shatti (North-East), Moses Arigu (North-Central), Dafe Akpedeye (South-South), Frank Okafor (South-East) and Musiliu Oseni (South-West).
The committee recommended that President Muhammadu Buhari present another nominee to replace Akinwande.
Details soon …
COVID-19: NCDC issues travel advisory for the yuletide season
The NCDC has issued a public health advisory to the general public as they prepare for the festive season.
The Nigeria Centre for Disease Control (NCDC) has issued a public health advisory to all members of the public to exercise caution as they celebrate the upcoming festivities – Christmas and New year.
The Commission said that it is fully aware that the yuletide season affords a number of people an opportunity to celebrate with their families and friends and as well for people to travel to visit their loved ones or attend events, but cautioned that everyone has to make necessary adjustments in social interactions in line with the reality of the pandemic to limit the spread of Covid-19.
According to the commission, “Since the first confirmed case of COVID-19 in Nigeria, just over 67,000 Covid-19 cases have been reported with just over 1,000 deaths. Most of the confirmed cases and deaths have been in urban/semi-urban cities and towns and the risk of spread remains.
“The Covid-19 virus does not spread on its own, it spreads when people move around. This means that by traveling across countries and cities, there is a higher risk of transmission, especially to rural areas where the existing health infrastructure is already weak.”
Key highlights of the advisory
- Limit all non-essential domestic and international travels.
- As an alternative to traveling, you could still remain socially connected with friends and loved ones using mobile or video conferencing technology.
- Hold virtual services and prayer sessions to limit the mass congregation.
- Observe appropriate social distancing protocols and personal hygiene in all public places and events, washing of hands frequently with soap and water or using a hand sanitizer when hands are not visibly dirty and running water is not readily available.
Why this matters
The number of confirmed COVID-19 cases has continued to rise across several countries globally. Nigeria is not an exception, with the recent spike recorded in the number of confirmed cases in some major cities.
In the first wave of infections, the economy was paralyzed with lockdowns that lasted for months, and the country cannot afford a second wave which could be more catastrophic.