{"id":23857,"date":"2018-05-23T14:31:00","date_gmt":"2018-05-23T13:31:00","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=23857"},"modified":"2018-05-23T14:31:00","modified_gmt":"2018-05-23T13:31:00","slug":"etranzact-executives-step-down-over-fraud-under-their-watch","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/etranzact-executives-step-down-over-fraud-under-their-watch\/","title":{"rendered":"eTranzact Executives Step Down Over \u2018Fraud Under Their Watch\u2019"},"content":{"rendered":"

eTranzact International Plc has announced that Valentine Obi, its managing director, and some other members of the executive board will step down after an alleged N11 billion happened under their watch.<\/p>\n

In a statement released on Tuesday, the company said the decision was of its board\u2019s volition and not an order of the Central Bank of Nigeria.<\/p>\n

There had been reports that Michael Obasuyi, managing director of Smart Microsystems, perpetuated an N11 billion fraud using eTranzact\u2019s platform.<\/p>\n

\u201cValentine Obi, managing director of the company will be stepping down and Niyi Toluwalope will be taking over as the managing director in an acting capacity. Until his appointment, Niyi Toluwalope was the chief financial officer, a position he has held since 2011.<\/p>\n

\u201cOther executive positions affected by the management changes are executive directors; Sullivan Akala and Ike Eze, chief technology officer \u2013 Richard Omoniyi and head of operations \u2013 Kehinde Segun.<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

\u201ceTranzact is aware of a recent media publication about these management changes and wishes to announce that the changes are strictly eTranzact board\u2019s decision.<\/p>\n

\u201cIn addition, we want to categorically state that there was no fraud in eTranzact International Plc, however, a merchant used the company\u2019s interface with a bank to perpetrate fraud.<\/p>\n

\u201cThe eTranzact executives resigned honorably because they have the responsibility for governance in the company. Also, there is no truth about PricewaterhouseCoopers (PwC) or Ernst & Young reviewing the accounts of the company. eTranzact retains PwC from time to time for various technology-related assignments and none has to do with reviewing the company\u2019s accounts.\u201d<\/p>\n

The company provides electronic solutions for transaction settlements.<\/p>\n","protected":false},"excerpt":{"rendered":"

eTranzact International Plc has announced that Valentine Obi, its managing director, and some other members of the executive board will step down after an alleged N11 billion happened under their watch. In a statement released on Tuesday, the company said the decision was of its board\u2019s volition and not an order of the Central Bank …<\/p>\n","protected":false},"author":6,"featured_media":23858,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[4074],"coauthors":[2391],"class_list":["post-23857","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-etranzact"],"yoast_head":"\neTranzact Executives Step Down Over \u2018Fraud Under Their Watch\u2019 - National Wire<\/title>\n<meta name=\"description\" content=\"eTranzact International Plc has announced that Valentine Obi, its managing director, and some other members of the executive board will step down after an alleged N11 billion happened under their watch.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/etranzact-executives-step-down-over-fraud-under-their-watch\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"eTranzact Executives Step Down Over \u2018Fraud Under Their Watch\u2019 - 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