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%.

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