eTranzact, MTN Nigeria, lead boardroom shake-ups as 9M 2026 earnings roll in

As Nigerian Exchange (NGX)-listed companies publish their nine-month (9M) 2026 financial results, a wave of boardroom changes is also unfolding across the corporate landscape, with companies announcing new director appointments, executive restructuring and the retirement or replacement of long-serving board members.

Announced between September and November, the changes cut across several sectors, including banking, telecommunications, payments, education, manufacturing, transportation and investment services.

While some appointments and departures are linked to changes in ownership, others reflect efforts to strengthen executive leadership, enhance corporate governance and position businesses for their next phase of growth.

Among the notable developments are eTranzact International Plc’s replacement of five directors following a change in majority ownership, MTN Nigeria’s appointment of five new board members, and Premier Paints Plc’s emergence under a new chairman after changes to its shareholding structure.

eTranzact reshuffles board after change in ownership

One of the most significant developments occurred at eTranzact International Plc, where a change in majority ownership triggered a major restructuring of its board.

The payments company announced the changes on October 13, 2026, following the transfer of 5.17 billion ordinary shares, representing 56.18% of its issued shares, to Trademarks Global Concepts Limited.

• The transaction involved Access Bank Plc, Meristem Trustees Limited, acting as trustee for Accelerex Holdings, and eTranzact Global Limited.
• Following the transaction, five directors exited the board. They were Chuma Ajene, Benjamin Dabra and Afolabi Oladele, who served as non-executive directors, alongside Binta Max-Gbinije and retired Major General Emeka Onwuamaegbu, who served as independent non-executive directors.
• The company subsequently appointed Akinwunmi Akinfemiwa, Olatunde Akande and Doron Grupper as non-executive directors, while Omobola Hollist and Mustapha Ajenifuja, SAN, joined as independent non-executive directors.

The company disclosed that it had obtained approval from the Central Bank of Nigeria (CBN) for the appointments.

The development represents more than a routine board refresh, as the change in ownership brought a new set of directors into the company’s governance structure.

Premier Paints appoints new chairman and directors

Premier Paints Plc also underwent a major board restructuring following the emergence of Xenergi as a significant shareholder.

In a notification filed with the NGX on September 15, the paint manufacturer announced the appointment of Emeka Ene as board chairman, alongside Adebowale Fagbemi, Dr John Erinne and Doseke Apkoriaye as non-executive directors.

• The appointments were approved by the board on August 31, subject to ratification at the company’s Annual General Meeting.
• They followed the retirement of three directors: Adedoyin Adeyinka, Dr M.K.O. Balogun and Ajayi Oluyemi, effective August 31, 2026.
• Ene is the Chief Executive Officer of Oida Group, which includes Xenergi, the company’s new core investor. Xenergi had acquired approximately 49.6% of Premier Paints’ issued share capital.

The changes marked a new phase in the company’s ownership and governance structure, with Ene, who is linked to the investor group, taking over as chairman alongside three newly appointed non-executive directors.

MTN Nigeria appoints five new board members

Beyond ownership-driven changes, some companies used the reporting period to bring additional experience and independent oversight into their boards.

MTN Nigeria Communications Plc announced five new appointments on November 3, four days after releasing its nine-month financial results.

• The appointments, effective December 1, 2026, include Ibrahim Dikko and Boye Olusanya as independent non-executive directors, alongside Professor Fabian Ajogwu, Imoni Akpofure and Lwazi Bam as non-executive directors.
• The new directors bring experience across several sectors and professional fields, including telecommunications, banking, infrastructure investment, legal practice and corporate governance.

The appointments represent a substantial addition to the telecommunications company’s board, with two independent directors joining alongside three other non-executive members.

Learn Africa adds four directors to its board

Learn Africa Plc also announced four new appointments to its board on October 29, with all four appointments effective October 28.

• The educational publishing company appointed Dr Bisi Aina, Babalola Oluwole Awe and Olanrewaju Oniyitan as independent non-executive directors, while Dr Mufida Bello Hussain joined as a non-executive director.
• The appointments bring additional expertise in information technology, capital markets, education, human capital development and corporate leadership to the company’s board.

Three of the four appointments are independent non-executive positions, making the development particularly relevant to the composition and oversight of the company’s board.

Access Bank strengthens executive leadership

At Access Bank Plc, the changes involved three appointments to its executive management, announced between September and November, shortly before and around the release of its parent company’s nine-month results.

• Access Holdings Plc disclosed on September 18 that its banking subsidiary had appointed Ifedayo Olaniyi Orimoloye as Executive Director, Risk Management, effective September 21, following approval from the CBN.
• Orimoloye previously served as Group Chief Risk Officer of the African Development Bank, bringing extensive experience in risk management across financial institutions.
• In a separate announcement on November 1, Access Holdings disclosed that its banking subsidiary had appointed Oluseyi Kumapayi as Deputy Managing Director, African Subsidiaries, and Olanrewaju Bamisebi as Executive Director, Information Technology and Digitalisation.

The appointments followed approval from the CBN, with Kumapayi’s appointment taking effect on October 27 and Bamisebi’s on October 28.

• Kumapayi previously served as Executive Director, African Subsidiaries, at Access Bank. Bamisebi had previously held the Executive Director, Information Technology and Digitalisation position at Access Holdings, but retired from that role effective September 30 before joining Access Bank’s board.

The appointments strengthen the bank’s executive leadership in three important areas: risk management, its operations across African markets, and technology and digitalisation.

Access Holdings released its nine-month unaudited financial results on November 2, making the executive appointments part of a wider period of leadership changes around the group’s reporting season.

VFD Group appoints first deputy managing director

VFD Group Plc also strengthened its executive structure by appointing its first-ever Deputy Managing Director.

• The company appointed Ijeoma Emezie-Ezigbo to the position, effective October 5, 2026, subject to shareholders’ approval at a general meeting and the relevant regulatory approvals. The development was announced on October 2 and subsequently highlighted in the group’s nine-month earnings announcement on November 2.
• Emezie-Ezigbo brings more than two decades of experience in corporate finance, mergers and acquisitions, transaction advisory, business valuation and strategic financial management.

Before joining VFD Group, she served as Partner and Head of Transaction Services for West Africa at KPMG Nigeria. Her previous experience also includes positions at Stanbic IBTC Group, IBM Canada and Canadian Tire Corporation.

The creation of the position is significant because it introduces a new layer of executive leadership within the investment group rather than replacing an existing managing director.

The company described the appointment as part of its leadership succession and institutional development plans.

ABC Transport loses long-serving board member

The changes during the reporting period were not limited to new appointments, as ABC Transport Plc announced the resignation of a long-serving member of its board.

• The transport company disclosed on October 20 that Alhaji Kabiru Yusuf had resigned as a non-executive director, effective September 30, 2026.
• Yusuf had served on the company’s board since August 2006, completing approximately 20 years in the position.

During his tenure, he served as chairman of the Governance and Remuneration Committee and as a member of the Audit Committee.

In its notification to the NGX, the company acknowledged his contribution to the board and expressed appreciation for his commitment and service.

Unlike the board changes at eTranzact, MTN Nigeria and Learn Africa, the announcement did not involve the appointment of a replacement director.

The departure nevertheless represents a notable change in the composition of the transport company’s board, particularly given Yusuf’s lengthy tenure and committee responsibilities.

Omatek appoints acting managing director as Ogundipe exits

At Omatek Ventures Plc, the leadership change involved the planned departure of its Group Managing Director, Yemi Ogundipe, and the appointment of an acting replacement.

• The company disclosed the development in a board resolution submitted to the NGX on November 5, following a meeting held on October 28.
• Ogundipe is expected to exit as Group Managing Director and director, effective November 30, 2026. The board appointed Temidayo Seriki, an existing director, as Acting Group Managing Director.
• According to the company’s disclosure, Seriki will oversee the completion of ongoing discussions with prospective investors.

The board acknowledged Ogundipe’s contribution to the company, particularly his leadership during its seven-and-a-half-year period of receivership.

The transition comes as Omatek continues efforts to attract fresh investment and strengthen its business operations.

Unlike the board expansion at MTN Nigeria and Learn Africa, Omatek’s development represents a direct change at the top of its executive management.

The company approved the leadership transition at the same board meeting at which it considered and approved its nine-month financial statements, placing the change directly within its latest reporting process.