e-Tranzact has announced the appointment of new non-executive directors. In a notice sent to the Nigerian Stock Exchange (NSE), it announced the appointment of Mr. Paul Obanua, Mr. Jude David Ogochukwu Mbamalu, Mr. Olayinka Oluwatimilehin as Non-Executive directors, while Mr. Olaniyi Toluwalope as Executive Director. It also announced the resignation of Mr. Adebayo Adeyemo as a Non-Executive Director.
Recall that the company recently announced that some of its directors will step down, this is coming in the wake of alleged fraud to the tune of ₦11 billion perpetrated on its platform.
Profile of the new Directors
Paul Obanua (Non-Executive Director)
- Mr. Paul Obanua is the Group Managing Director of Greenfield Assets Limited.
- He studied Geophysics from the Edo State University (now Ambrose Ali University).
- He has completed a number of international programs including a management program (Private Equity-Venture Capital) at the Harvard Business School.
- Mr. Obanua is an alumnus of Lagos Business School and also a member of the Nigerian-Chinese Business Council.
Judedavid Ogochukwu Mbamalu (Non-Executive Director)
- Mr. Judedavid Ogochukwu Mbamalu holds an LL.B from the University of Nigeria and a Masters degree from the Lagos State University and Queen Mary University, London.
- He has obtained a Graduate Certificate in public Policy Administration from Walden University and another certificate in privacy and Data protection (PDP) from the United Nations lnstitute of Training and Research (UNITAR).
- He is also a member of the Nigerian Bar Association.
- Mr. Mbamalu is currently the Managing Partner of Jumbo chambers.
Olayinka Oluwatimehin (Non-Executive Director)
- Mr. Olayinka Oluwatimehin is the founder and Group Chief Executive of Amazon Energy Limited.
- He holds a bachelor’s degree in Chemical Engineering from the University of Lagos and has attended various management courses including the owner Manager Program (OMP) at the Lagos Business School.
- Mr. Oluwatimehin has considerable experience as a Business Development Engineer.
- He is a member of the Board of Trustees of the oil and Gas Engineers of Nigeria(OGDEN) and sits on the Board of Rehoboth Properties Limited among other companies.
- ln recognition for his contribution to the Nigerian Engineering lndustry, Mr. Oluwatimehin was awarded fellowship of the Nigerian Society of Chemical Engineers (NSChE) in 2013.
Olaniyi Totuwalope (Executive Director)
- Mr. Olaniyi Toluwalope holds a BSc in Accounting and an MBA from the University of Virginia’s Darden Graduate School of Business. He is also a Chartered Accountant.
- Before joining eTranzact lnternational Plc as the Chief Financial Officer in 2011, he worked in several units within PricewaterhouseCoopers including Financial Services, Energy and Oil & Gas, Telecommunication, and Consumer and lndustrial Products.
- He also worked at JPMorgan Securities lnvestment Banking Division and Credit Suisse First Boston’s lnvestment Banking unit in New York.
- Mr. Toluwalope is currently the interim Chief Executive Officer of eTranzact lnternational Plc.
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 traded on the Nigerian Stock Exchange at ₦3.95 as at 8th August. One Year return is down by 21%.
Meristem features Nike Okundaye in Campaign titled “The Journey”, highlights the importance for partners
Meristem taps into Okundaye’s creative energy, highlighting the shared story of growth and collaboration.
It has been a long journey for financial services provider, Meristem Nigeria, having started out as a boutique stockbroking firm over 16 years ago and morphing into a capital market conglomerate offering an array of diversified service and product offerings. The tale is similar for the art and culture doyen, Nike Okundaye-Davies whose humble beginning in traditional weaving and dying practice annealed her to the art world and art lovers.
At a graceful age of 70, she has achieved over 102 solo art exhibitions, 36 group art exhibitions, a permanent display of two of her works in the Smithsonian National Museum of African Art, a Harvard recognition and many other global acclaims. With four (4) art galleries spread across the country, and the Lagos center being the biggest art gallery in West Africa, she once told a Forbes journalist that her dreams are driven by careful financial planning as she reinvests at least two-thirds of her income in her business and art centers.
Meristem taps into her creative energy in this campaign, highlighting the shared story of growth and collaboration for both institutions, and the need to onboard the right partners to achieve long term financial goals and investment security.
Meristem, a capital market conglomerate and diversified financial services provider offering stockbroking, wealth management, asset management, trustee services and financial advisory. Over the past 16 years, Meristem has been consistent in value creation and innovation within the capital market space. The Nigerian stock exchange awarded Meristem as the best digital broker of the year. In 2018 also, Meristem became the first Nigerian asset management firm to attain compliance with the Global Investment Performance Standards (GIPS) by the CFA Institute. In 2017, Meristem handled the single largest trade in the history of the Nigerian Stock Exchange.
Shell considers relocating its headquarters to the UK
Royal Dutch Shell has consistently pushed for the Dutch Government to stop taxes on dividends.
Oil and gas giant, the Royal Dutch Shell, is considering moving its corporate headquarters from The Netherlands to Britain. This could be a move against the implementation of dividend tax in The Netherlands.
The move was disclosed by the oil company’s Chief Executive Officer, Ben Van Beurden, during an interview with a Dutch newspaper on Saturday, July 4, 2020. According to him, the oil giant is not ruling out relocating its headquarters from the Netherlands to Britain. He said:
“You always need to keep thinking. Nothing is permanent and of course we will look at the business climate. But moving your headquarters is not a trivial measure. You cannot think too lightly about that.”
Further confirming the Chief Executive Officer’s comment, a Shell spokesman told Reuters that the oil giant is looking at ways to simplify its dual structure, as it had been doing for many years.
Royal Dutch Shell has consistently pushed for the Dutch Government to stop the tax on dividend paid to shareholders, as this makes financing dividend, share buy-backs and acquisition a lot more difficult.
An earlier attempt by the Dutch Government to stop the dividend tax as an incentive to convince Unilever to unify its dual structure in Rotterdam, was met with an outcry by the public, who see that as a gift to rich foreigners.
It can be recalled that Shell had announced a few days ago that it might likely write down between $15 billion-$22 billion in post impairment charges for the second quarter of 2020. The impairment, which is its largest since the merger with Shell Transport and Trading Company Ltd in 2005, shows the huge adverse impact that the coronavirus pandemic has had on the oil giant’s businesses.
Also, in a move that shocked investors, Shell for the first time since the Second World War, cut down the dividend that it paid to its shareholders by two-thirds due to the negative impact of the pandemic. The decision came as a surprise to many including shareholders of the oil company which is by far the biggest payer of dividend in the FTSE 100.
Governor David Umahi of Ebonyi tests positive for COVID-19
Umahi has directed those who worked in the budget review for 2020 to immediately test for COVID-19.
The Governor of Ebonyi State, David Umahi has tested positive for COVID-19, reported on Saturday afternoon.
Umahi’s Special Assistant on Media, Mr. Francis Nwaze, confirmed the news and also revealed that some associates of the governor also tested positive.
He also said that the Governor is not showing any symptoms of the disease, though he has isolated himself in line with the NCDC protocols.
“The governor has directed his Deputy, Dr Kelechi, to coordinate the state’s fight against the disease and appealed to the citizens to take the NCDC protocols seriously.
“He will currently be working from ‘home’ and will be conducting all meetings virtually,” Nwaze added.
David Umahi becomes the sixth Nigerian governor to test positive for the disease, Governors of Kaduna, El- Rufai, Bauchi, Bala Mohammed and Oyo, Seyi Makinde have fully recovered while the recent cases have been the Governors of Ondo, Rotimi Akeredolu and Delta, Ifeanyi Okowa.
On Thursday, Governor Umahi announced that the state’s Executive Council was finalizing the budget review required by World Bank and said “most us broke down and are being treated of malaria.”
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He also directed those who worked in the budget review for 2020 to immediately test for COVID-19 and admitted he is expecting a second test result after he initially tested negative in March.