Economy
CBN Orders Audit of eTranzact over N11b Fraud, Sacks Directors
By Dipo Olowookere
All seems not well at eTranzact, a foremost electronic payment platform in Nigeria, as the company is battling hard to clear its name from an alleged N11 billion fraud that already has the Economic and Financial Crimes Commission (EFCC) involved.
A report by BusinessDay disclosed that the Central Bank of Nigeria (CBN) has already taken some actions against top management staff of the firm.
According to the paper, the chief executive of eTranzact, Mr Valentine Obi, has been asked to resign from office in connection with the issue.
Also, two executive directors of the company, Mr Sullivan Akala and Mr Ike Eze, have been asked to follow suit.
However, two other persons are not so lucky as their appointments have been terminated immediately. They are the chief technology officer (CTO), Mr Richard Omoniyi and the chief operating officer, Mr Kehinde Segun.
BusinessDay, relying on information from “a source very knowledgeable on the matter,” disclosed that the management were asked to resign following allegations of N11 billion fraud perpetrated on its platform by one Michael Obasuyi, CEO of Platinum Multi-Purpose Cooperative Society Limited against a major Nigerian bank.
The N11 billion fraud allegation comes from a petition written in March 2018 by Michael Osasogie Obasuyi, who is also the managing director of Smartmicro Systems Limited, to the Economic and Financial Crimes Commission (EFCC) against a mobile and electronic company provider.
A statement from the EFCC in April 2018 disclosed that, the company implicated in the petition had also written a counter-petition against Smartmicro and Obasuyi, thereby leading the Commission to begin investigations into the activities of Obasuyi.
Smartmicro was alleged to have approached the company in 2012 for the deployment of bulk purchase solution called “Corporatepay” to facilitate payment of salaries of Delta State employees in microfinance banks.
It was also alleged that the company configured an additional outbound fund transfer solution called “Fundgate” in 2017, which required Smartmicro to maintain a pre-funded settlement account with a first generation bank for settlement of account it had initiated.
Obasuyi later confessed to EFCC in his statement to the commission to having committed the crime, stating that he created fraudulent and imaginary monies through the aid of Fundgate financial application from the company.
“Part of the money has been recovered,” the source told BusinessDay. The EFCC statement confirmed that the sums of N2,903,737,563.92, $37,992.87 and €18,538.09 found in Obasuyi’s accounts in various banks in the country were recovered.
“However, several watchers are also thinking that CBN has not been fair to e-Tranzact because they were not the perpetrator of the fraud.”
It also spotlights the question the CBN needs to address – what are the risk management frameworks in places like e-Tranzact, NIBSS, Interswitch and SystemSpecs? This becomes necessary as the companies become big players whose misdeeds can have systemic impact on the economy.
e-Tranzact CEO, Valentine Obi told BusinessDay in a phone conversation that “There is nothing like that please.”
e-Tranzact is one of the switching companies in Nigeria with reputable shareholders like Access Bank, Ecobank, Meristem and Africa Capital Alliance. Nevertheless, the company has at various times been at the receiving end of CBN punishment for flouting financial rules. In 2016, for instance, the company was fined N500 million.
Meanwhile, BusinessDay reports that the CBN has appointed auditors from PricewaterhouseCoopers (PwC) and Ernst & Young to go through the books of e-Tranzact.
By Adedapo Adesanya
Central Securities Clearing System (CSCS) Plc kept the NASD Over-the-Counter (OTC) Securities Exchange in the green territory by 0.04 per cent on Friday, July 16.
The securities depository company added N2.50 to its share price to settle at N95.14 per unit from the preceding session’s N92.64 per unit.
However, FrieslandCampina Wamco Nigeria Plc slid during the session by N5.85 to N141.81 per share from N147.66 per share.
But when the bourse closed for the day, the market capitalisation increased by N1.08 billion to N2.593 trillion from N2.592 trillion, while the NASD Security Index (NSI) appreciated by 1.80 points to 4,320.67 points from 4,318.87 points.
During the session, the value of securities slid by 38.9 per cent to N63.5 million from N104.1 million, the volume of securities went down by 34.5 per cent to 1.2 million units from 4.8 million units, and the number of deals declined by 15.4 per cent to 33 deals from 39 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 75.4 million units traded for N5.3 billion.
GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis, with 3.4 billion units exchanged for N8.4 billion, followed by Infracredit Plc with 2.3 billion units sold for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
By Dipo Olowookere
The bulls regained control of the Nigerian Exchange (NGX) Limited on Friday after surrendering power to the bears a day earlier as a result of mild selling pressure.
Yesterday, the Nigerian bourse rebounded by 0.54 per cent, mainly due to the gains recorded by First Holdco and others.
Data harvested by Business Post indicated that the industrial goods and energy sectors were flat, while the banking index chalked up 3.13 per cent. The insurance space expanded by 1.08 per cent, and the consumer goods counter rose by 0.21 per cent.
Consequently, the All-Share Index (ASI) went up by 1,316.52 points to 243,462.13 points from 242,145.61 points, and the market capitalisation grew by N850 billion to N157.057 trillion from N156.207 trillion.
The market breadth index was bullish during the last trading session of this week, printing 31 appreciating stocks and 23 depreciating stocks, representing strong investor sentiment.
First Holdco led the advancers’ log after it climbed 9.97 per cent to N95.95, Haldane McCall appreciated by 9.94 per cent to N3.65, LivingTrust Mortgage Bank soared by 9.73 per cent to N3.72, LASACO Assurance jumped by 5.26 per cent to N2.00, and Thomas Wyatt gained 5.10 per cent to quote at N3.09.
On the flip side, Red Star Express declined by 9.50 per cent to N20.00, Omatek slipped by 6.08 per cent to N1.70, C&I Leasing shrank by 5.93 per cent to N5.55, Jaiz Bank crashed by 5.03 per cent to N8.50, and Livestock Feed fell by 3.89 per cent to N8.65.
As for the activity chart, market participants bought and sold 685.9 million equities for N42.7 billion in 44,134 deals on Friday versus the 498.5 million equities worth N34.9 billion traded in 39,484 deals on Thursday, implying a rise in the trading volume, value, and number of deals by 37.59 per cent, 22.35 per cent, and 11.78 per cent, respectively.
Investors’ darling for the day was First Holdco, with a turnover of 225.9 billion units valued at N21.0 billion, Guinea Insurance sold 53.4 million units for N45.2 million, Zenith Bank traded 41.5 million units worth N4.7 billion, Access Holdings exchanged 29.1 million units valued at N720.6 million, and UBA exchanged 27.5 million units for N1.2 billion.
By Modupe Gbadeyanka
The Africa Association of Professional Freight Forwarders and Logistics of Nigeria (APFFLON) has appealed to the Nigeria Customs Service (NCS) to deepen its sensitisation on the newly introduced Green Tax Surcharge Policy.
The chairman of APFFLON, Mr Akeem Ayobiojo, made this plea on behalf of his colleagues on Tuesday, July 14, 2026, at the Customs House in Abuja, during a stakeholders’ engagement with the agency.
He also called for improvements in the administration of Pre-Arrival Assessment Reports and Post Clearance Audit and the African Continental Free Trade Area (AfCFTA).
Mr Ayobiojo stated that freight forwarders were happy to work with the customs, commending the organisation for implementing Chapter 99, describing it as a major relief for manufacturers.
He, however, emphasised that a deeper understanding of the new tax was necessary for his members, saying more predictable procedures would reduce delays and unexpected costs for importers and freight forwarders.
In his remarks, the Comptroller-General of Customs, Mr Adewale Adeniyi, assured manufacturers, freight forwarders and other players in the nation’s trade sector that the NCS would continue to engage them on fiscal policies affecting their businesses, saying sustained dialogue remains key to resolving implementation challenges and improving the country’s trading environment.
He also promised them the service’s resolve to enhance and facilitate trade, acknowledging that, “Your feedback is important because it helps us understand what is happening in the field, and where necessary, we will take your concerns to the Federal Ministry of Finance and other relevant government institutions.”
Speaking about Authorised Economic Operator (AEO), Mr Adeniyi further explained that Nigeria would not lower the standards required under the Authorised Economic Operator Programme as the initiative is guided by global benchmarks established by the World Customs Organisation (WCO).
On her part, the Deputy Comptroller-General of Customs for Tariff and Trade, Ms Caroline Niagwan, clarified that electric vehicles can be imported without payment of duty only by holders of Import Duty Exemption Certificate (IDEC) issued by the Federal Ministry of Finance.
She also urged importers facing classification disputes to take advantage of the Advance Ruling system, noting, “Once an Advance Ruling is issued based on genuine documentation, importers have certainty on classification, valuation or origin before the goods arrive, thereby reducing unnecessary disputes during clearance.”
