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

 

May 22, 2018/eTranzact

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 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.

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 certifcations are a testament to eTranzact’s focus in 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.”

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