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Two months after the Central Bank of Nigeria (CBN) ordered the removal of some top executives of eTranzact International Plc, the company is set to elect new ones during its 14th annual general meeting (AGM) which is scheduled for Thursday, August 30th, 2018.

Information about the AGM is contained in a notice which was issued to the Nigerian Stock Exchange (NSE) today.

Other issues that are up for discussion at the AGM include the company’s full-year 2017 financial report, auditor’s remuneration, the election of members of the audit committee, etc. The venue of the AGM is Four Points by Sheraton, Oniru, Victoria lsland, Lagos.

More on the controversial sack of the company’s MD and Directors

Earlier this year in May, the Nigerian business community was shocked by the news that the CBN had ordered the removal of eTranzact’s former Managing Director, Valentine Obi. As we reported, two other directors (Sullivan Akala and Ike Eze) were also relieved of their positions.

Nigeria’s apex bank also ordered the sack of the company’s Chief Technology Officer (CTO) Richard Omoniyi and Chief Operating Officer (COO) Kehinde Segun, even as Pricewaterhouse Coopers and Ernest and Young were commissioned for an emergency audit of eTranzact’s accounts.

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Prior to the sacking…

The sack of some members of eTtranzact’s directors in May followed an alleged incident of fraud in the company to the tune of ₦11 billion. The fraud followed a series of incidents which began in 2012 and involved three principal players, namely the Delta State Government, Smartmicro Systems Limited, and an unnamed first generation bank.

Apparently, Smartmicro Systems Limited had approached eTranzact to help deploy a bulk purchase solution which would facilitate the payment of Delta State employees. Interestingly, the company allegedly configured an additional outbound fund transfer solution which required Smartmicro to maintain a pre-funded settlement account with a first generation bank for settlement.

In March 2018, the first generation bank disclosed to eTranzact that the settlement account was in debit to the tune of ₦11 billion. That same March, the Managing Director of Smartmicro Systems Limited, Michael Obasuyi, wrote a petition to the Economic and Financial Crimes Commission (EFCC) against eTranzact. However, in a twist of events, eTranzact also wrote a counter-petition against Smartmicro Systems Limited.

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A subsequent EFCC investigation into the matter implicated Michael Obasuyi, even as he was then arrested over alleged cybercrime and money laundering.

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The CBN also ordered the removal of the afore-mentioned executives of eTranzact International Plc and Mr Niyi Toluwalope has since been acting as the company’s Managing Director.

eTranzact International Plc 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 price closed today at ₦4.10 on the Nigerian Stock Exchange. Year to date, the stock is down 7.14%.

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Emmanuel holds an MSc. in International Relations and a B.A in Philosophy & Logic, both from the University of Ibadan. He is a communications professional. As a Lead Business Analyst at Nairametrics, he focuses mostly on quoted companies, their products/services, and the economy in which they operate. Emmanuel is also experienced in the areas of corporate communication, brand communication, corporate storytelling, public relations, business research, management/strategy, etc. You may contact him via his email- emmanuel.abara@nairametrics.com.

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