CBN Okays eTranzact Board Overhaul After New Investor’s 56.18% Acquisition

By Dipo Olowookere

The Central Bank of Nigeria (CBN) has approved the restructuring of the board of eTranzact International Plc following the acquisition of a 56.18 per cent equity interest in the company by Trademarks Global Concepts Limited.

Trademarks Global recently received 5,168,921,170 ordinary shares from Access Bank Plc, Meristem Trustees Limited (as trustee for Accelerex Holdings) and eTranzact Global Limited to become the majority shareholder of the organisation.

This development triggered the resignation of the directors representing the exiting shareholders from the board, alongside two independent directors.

The board members who left include Mr Chuma Ajene as a non-executive director, Mr Benjamin Dabra as a non-executive director, Mr Afolabi Oladele as a non-executive director, Binta Max-Gbinije as an independent non-executive director, and Mr Emeka Onwuamaegbu as an independent non-executive director.

To fill the vacant positions, the company has appointed Mr Akinwunmi Akinfemiwa as a non-executive director, Mr Olatunde Akande as a non-executive director, Mr Doron Grupper as a non-executive director, Ms Omobola Hollist as an independent non-executive director, and Mr Mustapha Ajenifuja (SAN) as an independent non-executive director.

Mr Akinfemiwa has vast experience in transformational leadership, ideation and execution of strategic and tactical initiatives, which he has demonstrated throughout his career across different fields, including Engineering, Information Technology, Banking, Commodity Trading, Oil and Gas, Power Generation, and Corporate Restructuring.

He once served as the chief executive of Forte Oil Plc and Geregu Power Plc. He is a non-executive director at First Bank of Nigeria Limited.

On the part of Mr Akande, he is a seasoned development finance and investment executive with over two decades of experience spanning banking, private equity, financial inclusion, agribusiness and SME development across Sub-Saharan Africa.

His expertise includes capital mobilisation, investment structuring and developing commercially sustainable businesses. He is currently a Non-Executive Director of Southwest Agric Company (SWAgCo), a subsidiary of Odu’a Investment Company Limited, and previously served as Executive Director, Technical at NIRSAL.

Mr Grupper is an experienced senior executive with extensive experience in banking, energy, infrastructure and corporate management.

Ms Hollist is a development finance executive and governance specialist with over 35 years of experience in international banking and multilateral development finance. She served as Financial Controller at the African Development Bank Group.

Mr Ajenifuja (SAN) is an experienced legal practitioner and corporate governance adviser with over 13 years of post-qualification experience spanning commercial litigation, regulatory compliance, corporate governance, financial transactions and capital market advisory. He has extensive experience in banking, insolvency, debt recovery, receivership, mergers and acquisitions, debenture registration and regulatory engagements with financial institutions.