eTranzact Appoints Five Directors After Majority Ownership Change

By Atlantic Reports

eTranzact International Plc has appointed five directors following the transfer of a majority stake to Trademarks Global Concepts Ltd., marking a change in the ownership and board composition of the electronic payments company.

In a statement issued on Tuesday, eTranzact said 5.17 billion ordinary shares, representing 56.18 per cent of its issued shares, had been transferred to the new majority shareholder.

The shares were transferred by Access Bank Plc, Meristem Trustees Ltd., acting as trustee for Accelerex Holdings, and eTranzact Global Ltd.

The company said the transaction resulted in the resignation of three Non-Executive Directors and two Independent Non-Executive Directors.

The outgoing directors are Chuma Ajene, Benjamin Dabra, Afolabi Oladele, Binta Max-Gbinije and retired Maj.-Gen. Emeka Onwuamaegbu.

New Board Appointments

Akinwunmi Akinfemiwa, Olatunde Akande and Doron Grupper were appointed Non-Executive Directors. Omobola Hollist and Mustapha Ajenifuja joined as Independent Non-Executive Directors.

According to eTranzact, the appointees bring experience spanning corporate leadership, banking, development finance, governance, legal advisory, infrastructure, energy and investment management.

The company said it had obtained Central Bank of Nigeria approval for the appointments and was updating its records with the Corporate Affairs Commission.

It expects the new directors to strengthen strategic oversight and support its long-term objectives. Those expectations remain prospective, with the board’s performance to be assessed through subsequent decisions and results.

Transaction Details Remain Limited

The share transfer gives Trademarks Global Concepts Ltd. a majority interest in a company operating in Nigeria’s digital payments industry.

However, the statement did not disclose the transaction value, the price paid per share or the new majority shareholder’s plans for the business. It also did not outline any changes to executive management or payment services.

For shareholders, the transition changes who holds the majority stake and introduces a new group of directors responsible for board oversight.

eTranzact reaffirmed its commitment to corporate governance, operational excellence and sustainable value creation. Future disclosures will provide a clearer basis for assessing how the ownership change affects its strategy, operations and shareholder returns.

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