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eTranzact Appoints Acting Managing Director as Obi Steps Down

By Dipo Olowookere

The management of eTranzact International Plc has announced the appointment of Mr Niyi Toluwalope as the acting Managing Director of the Africa’s premier e-payments solution provider.

This followed the resignation of Mr Valentine Obi from the position.

On Monday, May 21, 2018, eTranzact had announced that it would be making significant changes to its management team.

Until his appointment, Mr Toluwalope was the Chief Financial Officer of the firm, 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.

In a statement issued by the company over Tuesday, eTranzact said it was aware of recent reports 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,”it said.

“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,” the statement stressed.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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