E-Tranzact Board Overhaul After 56% Stake Transfer to New Owner

E-Tranzact International Plc has notified the Nigerian Exchange Limited of a change in its majority ownership and a full reconstruction of its board. The development follows a decision by Access Bank Plc, a major shareholder and strategic partner, to exit the company in 2025.

Under a tag-along arrangement, Meristem Trustees Limited (as trustee for Accelerex Holdings) and eTranzact Global Limited also exited alongside Access Bank. The three parties collectively transferred 5,168,921,170 ordinary shares, representing a 56.18% equity interest, to Trademarks Global Concepts Limited.

Following the transfer, five directors resigned from the board: Chuma Ajene, Benjamin Dabra, and Afolabi Oladele, all Non-Executive Directors, and Independent Non-Executive Directors Binta Max-Gbinije and Maj Gen Emeka Onwuamaegbu (rtd). Five new directors have been appointed in their place.

Trademarks Global Concepts Limited nominated Akinwunmi Akinfemiwa, Olatunde Akande, and Doron Grupper as Non-Executive Directors. Two new Independent Non-Executive Directors, Omobola Hollist and Mustapha Ajenifuja, SAN, have also joined the board.

The incoming directors bring backgrounds spanning energy, development finance, legal practice, and international banking.