Change of guard as eTranzact confirms its directors are stepping down

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%.