eTranzact International Plc reshuffles board after ownership change

eTranzact International Plc has reconstituted its Board of Directors following a major ownership transition. Trademarks Global Concepts Limited acquired a 56.18 per cent equity stake through the transfer of 5.17 billion ordinary shares from Access Bank Plc, Meristem Trustees Limited, and eTranzact Global Limited.

The transaction led to the resignation of five directors, including three non-executive directors representing the exiting shareholders and two independent non-executive directors. The company has appointed five new members, including Akinwunmi Akinfemiwa, Olatunde Akande, and Doron Grupper as non-executive directors, and Omobola Hollist and Mustapha Ajenifuja as independent non-executive directors. The Central Bank of Nigeria has approved these appointments.

Separately, the Nigerian stock market experienced volatility. After losing ₦144 billion in market capitalization on Tuesday, the All-Share Index rebounded on Wednesday, gaining ₦104 billion. eTranzact shares saw significant movement, rising nearly 10 per cent to ₦15.75 during the market recovery, diverging from the broader market trends.