eTranzact Makes Significant Management Changes, Appoints Acting Managing Director/CEO

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eTranzact International PLC, Africa’s premier e-payments solution provider, on Monday, May 21, 2018, announced that it will be making significant changes to the Company’s management team.

Mr. Valentine Obi, Managing Director of the Company will be stepping down and Mr. Niyi Toluwalope will be taking over as the Managing Director in an acting capacity. Until his appointment, Mr. Niyi Toluwalope was the Chief Financial Officer, a position he has held since 2011. Other executive positions affected by the management changes are Executive Directors -Mr. Sullivan Akala and Mr. Ike Eze; Chief Technology Officer – Mr. Richard Omoniyi and Head of Operations – Mr. Kehinde Segun.

MR. NIYI TOLUWALOPE, ACTING MANAGING DIRECTOR/CEO

eTranzact is aware of recent Business Day publications about these management changes and wishes to announce that the changes are strictly eTranzact Board’s decision, and would like to advise all its stakeholders that it is working closely with the regulators, and all other relevant Stakeholders to resolve any issue related to or arising from the management changes.

In addition, we want to categorically state that there was no fraud in eTranzact International Plc, however, a merchant used the company’s interface with a bank to perpetrate fraud. The eTranzact executives resigned honorably because they have the responsibility for governance in the company. Also, there is no truth about PricewaterhouseCoopers (PwC) or Ernst & Young reviewing the Accounts of the Company. eTranzact retains PwC from time to time for various technology-related assignments and none has to do with reviewing the Company’s Accounts.

The ISO certifications are a testament to eTranzact’s focus on adopting and implementing global and best practices to ensure effectiveness, efficiency, confidentiality, and integrity in its day to day operations. This marks the beginning of a new journey for the company.”

About eTranzact

eTranzact is Africa’s leading provider of mobile banking and payment services. We are the first fully operational multi-application and multi-channel electronic transaction switching and payment processing company that is publicly quoted on the Nigeria Stock Exchange.  Our vision is: ‘To be a leading global provider of mobile transaction services, leveraging on our award-winning mobile switching platform’ and since 2003, we have been at the forefront of delivering cutting-edge electronic and mobile payment products and services to customers that cut across virtually all works of life.

 

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