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Home Business News

REVEALED: Why CBN hammer fell on E-Tranzact directors

Fikayo Owoeye by Fikayo Owoeye
May 22, 2018
in Business News, Company News
Michael Obasuyi

Michael Obasuyi Managing Director Smartmicro Systems Limited

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Facts have emerged on why the Central Bank of Nigeria (CBN) ordered the sack of E-Tranzact directors.

The Apex bank, asked the Chief Executive Officer, Valentine Obi, and two other executive directors, Sullivan Akala and Ike Ezeto vacate their seats.

  • According to BusinessDay report, In 2012, Smartmicro Systems Limited had approached E-Tranzact for the deployment of a bulk purchase solution to facilitate payment of salaries of Delta State employee in Microfinance Bank.
  • It was alleged that the company configured an additional outbound fund transfer solution which requires Smartmicro to maintain a pre-funded settlement account with a first generation bank for settlement.
  • The first generation bank sometime in March 2018, revealed to E-Tranzact that the settlement account was in debit to the tune of N11 billion.
  • The Economic and Financial Crimes Commission EFCC in April arrested Michael Obasuyi, Managing Director, Smartmicro Systems Limited, for alleged offenses bordering on cybercrime and money laundering.
  • Obasuyi had earlier written a petition to the anti-graft agency in March 2018 against E-Tranzact. However, in a twist of events, E-Tranzact had also written a counter-petition against Smartmicro.
  • Investigations by the anti-graft agency revealed Obasuyi had defrauded the bank to the tune of N11 billion using E-Tranzact’s platform.
  • In addition, the apex bank has reportedly ordered Pricewaterhouse Coopers and Ernest and Young to conduct an audit of the firm’s accounts.

E-Tranzact in its recently released company’s results for the first quarter ended 31st March, 2018 show 17% increase in revenue from ₦2.8 billion in 2017 to ₦3.3 billion in 2018. Profit before tax, however, fell sharply from ₦190 million in 2017 to ₦91 million in. 2018. Profit after tax also dropped from ₦129 million in 2017 to ₦62 million in 2018.

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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).

The majority shareholder of the company is Virgin Island-based eTranzact Global, with a 50.3% shareholding.E-Tranzact shares are currently trading flat on the Nigerian Stock Exchange at ₦4.55 with its one year return down by 7.14%.


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Tags: e-TranzactMichael ObasuyiNews ReviewSmartmicro Systems
Fikayo Owoeye

Fikayo Owoeye

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 fikayo.owoeye@nairametrics.com

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