eTranzact appoints Niyi Toluwalope as Acting MD, denies rumours of fraud

May 22, 2018
1 min read

eTranzact International PLC has appointed Niyi Toluwalope as the Acting Managing Director, replacing founder and former CEO, Valentine Obi.

Prior to his appointment as the acting MD, Toluwalope was the Chief Financial Officer of the company, a position he has held since 2011.

Other executive positions affected by the management changes are Executive Directors, Sullivan Akala and Ike Eze, Chief Technology Officer, Richard Omoniyi and Head of Operations, Kehinde Segun.

It was recently reported that the Central Bank of Nigeria (CBN) had earlier asked Valentine Obi and four other senior management level staff members of the payment processor company to step down based on allegations of fraud perpetrated by Michael Obasuyi, CEO of Platinum Multi-Purpose Cooperative Society Limited on the platform.

But according to eTranzact, 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 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.

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Mobile & African Tech Enthusiast │ Data Analyst │ Music
Mobile & African Tech Enthusiast │ Data Analyst │ Music
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