eTranzact reconstitutes board after ownership transition

eTranzact Plc. Photo: eTranzact

eTranzact International Plc has reconstituted its board following a share transfer that gave Trademarks Global Concepts Limited a 56.18 per cent stake in the Nigerian payments company.

 The company disclosed in a notification to the Nigerian Exchange Limited that Access Bank Plc, Meristem Trustees Limited, acting as trustee for Accelerex Holdings, and eTranzact Global Limited transferred 5.17 billion ordinary shares to Trademarks Global Concepts.

 The transaction triggered the exit of five directors, including three non-executive directors representing the outgoing shareholders and two independent non-executive directors, as the company brought in five new board members.

 The departing directors are Chuma Ajene, Benjamin Dabra, Afolabi Oladele, Binta Max-Gbinije, and retired Major General Emeka Onwuamaegbu.

 The new appointees are Akinwunmi Akinfemiwa, Olatunde Akande and Doron Grupper as non-executive directors, alongside Omobola Hollist and Mustapha Ajenifuja as independent non-executive directors.

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 The changes mark a shift in the company’s ownership and governance structure as it continues to operate in Nigeria’s digital payments market, where financial institutions and technology providers compete to process electronic transactions for businesses and consumers.

 eTranzact said the new directors bring experience spanning banking, corporate leadership, development finance, legal advisory, infrastructure, energy and investment management. The appointments are intended to strengthen board oversight and support the company’s long-term strategy.

 The company said the Central Bank of Nigeria had approved the appointments and that it was updating its records with the Corporate Affairs Commission to meet regulatory requirements.

 The board also acknowledged the contributions of the outgoing directors, thanking them for their service during their tenure.

 eTranzact said it remained focused on corporate governance, operational performance and creating value for shareholders and other stakeholders as it pursues its strategic priorities in Nigeria’s evolving digital payments industry.