By Elizabeth Adegbesan

eTranzact International Plc has announced changes to the composition of its Board of Directors following the completion of a shareholding transaction that resulted in a change in the company’s majority ownership structure. 

In a notification to Nigerian Exchange Limited (NGX) and the investing public, the Company disclosed that Access Bank Plc, Meristem Trustees Limited (as Trustee for Accelerex Holdings), and eTranzact Global Limited transferred an aggregate of 5,168,921,170 ordinary shares, representing 56.18 per cent of the Company’s issued ordinary shares, to Trademarks Global Concepts Limited. 

Following the completion of the transaction, directors representing the existing shareholders resigned from the Board alongside two Independent Non-Executive Directors. 

The Company has also appointed new Directors, including nominees of Trademarks Global Concepts Limited and two Independent Non-Executive Directors, bringing additional experience and expertise to the Board. 

According to the  company, Chuma Ajene, Non-Executive Director; Benjamin Dabra, Non-Executive Director ; Afolabi Oladele, Non-Executive Director; Binta Max-Gbinije; Independent Non-Executive Director ; and Maj Gen Emeka Onwuamaegbu (rtd)., Independent Non-Executive Director have resigned.

The Board expressed its appreciation to the outgoing Directors for their service, contributions and commitment to the growth and development of the Company during their tenure. 

The appointed individuals are Akinwunmi (Akin) Akinfemiwa, Non-Executive Director; Olatunde Akande, Non-Executive Director;  Doron Grupper, Non-Executive Director; Omobola Hollist, Independent Non-Executive Director; and Mustapha Ajenifuja, Independent Non-Executive.

The Company noted that collectively, the new appointees bring significant experience across corporate leadership, banking, development finance, governance, legal advisory, infrastructure, energy, investment management and business transformation. 

eTransact noted that their appointments are expected to strengthen the Board’s capacity to provide strategic oversight and support the Company’s long-term objectives. 

The Company said it has obtained the approval of the Central Bank of Nigeria (CBN) for the appointments and is updating its records with the Corporate Affairs Commission (CAC) in accordance with applicable regulatory requirements.