Connect with us
deals book
Advertisement
Polaris bank
Advertisement
Oando
Advertisement
Alpha
Advertisement
Hotflex
Advertisement
Binance
Advertisement
Advertisement
UBA
Advertisement
Patricia
Advertisement
Access bank
Advertisement
app

Business News

REVEALED: Why CBN hammer fell on E-Tranzact directors

Published

on

Michael Obasuyi

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.

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%.

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]

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Coronavirus

Covid-19: WHO approves China’s Sinopharm vaccine

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

Published

on

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.

Hotflex

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.

Continue Reading

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

Published

on

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.

Hotflex

Details later…

Continue Reading

  





Nairametrics | Company Earnings

Access our Live Feed portal for the latest company earnings as they drop.