eTranzact Sacks MD, Others Over Alleged Fraud

Valentine Obi, MD eTranzact

Lagos, Nigeria, May 24, 2018// – eTranzact International Plc has fired its Managing Director, Valentine Obi and some of its other directors will step down, after the Central Bank of Nigeria (CBN) asked the senior management of the payment processor company to resign.

According to sources, the action is coming in the wake of alleged fraud to the tune of ₦11billion perpetrated on its platform, by Michael Obasuyi, CEO of Platinum Multi-Purpose Cooperative Society Limited on the platform.

In a letter signed by the company’s secretary, eTranzact International, said that Mr. Obi will step down as the company managing director, while Mr. Niyi Toluwalope will be taking over as the managing director in an acting capacity.

Until this new appointment, Toluwalope was the Chief Financial officer of the company, a position he has held since 2011.

Others affected by the management change include Executive Directors; Sullivan Akala, Ike Eze and

In a letter signed by the company’s secretary, eTranzact International, said that Mr. Obi will step down as the company managing director, while Mr. Niyi Toluwalope will be taking over as the managing director in an…
Chief Technology Officer, Mr. Richard Omoniyi, Head of Operations, Mr. Kehinde Segun.

eTranzact International however denied reports that PricewaterhouseCoopers, PwC, and Earnest & Young have been recruited to review the accounts of the company.

eTranzact, claimed that the move for the change in the management of the firm is strictly a decision by the board.

“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 press release made available to Techpoint.ng reads in part

The firm also affirms that neither of PricewaterhouseCoopers (PwC) nor Ernst and Young is reviewing the books of the company.

eTranzacts claims PwC handles various technology-related assignments from time to time for the company, none of which has to do with account reviewing.

Instructively, E-Tranzact international was incorporated as a Private Limited Liability Company on May 7, 2003. It became a public limited liability company on August 7, 2009 and was quoted on the Nigerian Stock Exchange (NSE). Its shares are currently trading flat on the Nigerian Stock Exchange at ₦4.55 with its one year return down by 7.14%.

Independent.ng

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