eTranzact International Plc has reshaped its board following Trademarks Global Concepts Limited’s acquisition of a controlling 56.18% stake in the company.
The company disclosed this in a recent filing with the Nigerian Exchange Limited (NGX), announcing the appointment of new directors following the transaction.
The acquisition involved the transfer of 5,168,921,170 ordinary shares by Access Bank Plc, Meristem Trustees Limited, as trustee for Accelerex Holdings, and eTranzact Global Limited, with Access Bank and Accelerex exiting their respective stakes in the payments company.
eTranzact announces board changes after sale
eTranzact disclosed the share transfer in a notification to the NGX and the investing public. The company also announced changes to its board following the completion of the transaction.
- “Access Bank Plc, Meristem Trustees Limited (as Trustee for Accelerex Holdings), and eTranzact Global Limited transferred an aggregate of 5,168,921,170 ordinary shares, representing 56.18 percent of the Company’s issued ordinary shares, to Trademarks Global Concepts Limited,” the company said.
- “Following the completion of the transaction, directors representing the exiting shareholders resigned from the Board alongside two Independent Non-Executive Directors. The Company has also appointed new Directors, including nominees of Trademarks Global Concepts Limited and two Independent Non-Executive Directors, bringing additional experience and expertise to the Board,” it added.
The new appointments include Akinwunmi (Akin) Akinfemiwa, Olatunde Akande and Doron Grupper as Non-Executive Directors, alongside Omobola Hollist and Mustapha Ajenifuja, SAN, as Independent Non-Executive Directors.
The company stated that it has obtained Central Bank of Nigeria approval for the appointments and is updating its records with the Corporate Affairs Commission in accordance with applicable regulatory requirements.
Access Bank’s investment and divestment history
Nairametrics earlier reported the eTranzact sale in August. Sources with knowledge of the transaction told Nairametrics that the deal followed months of negotiations between the parties involved.
- Nairametrics Intelligence reported a surge in trading activity in March, when eTranzact recorded 5.1 billion shares traded, a volume close to the 5.17 billion shares disclosed in the completed transaction.
- Access Bank previously increased its investment in the payments company to N12.1 billion through additional share purchases, raising its stake from 23.8% in 2021 to 37.56% by December 2022.
- In July 2026, Access Bank sold a 7.44% stake in Access Bank (Ghana) Plc, reducing its holding from 93.40% to 85.96% while retaining control of the subsidiary.
Unlike the Ghana transaction, the eTranzact sale represents a full exit from a domestic associate, according to the supplied account of the transaction.
Access Bank has not publicly stated its reasons for selling its stake in the payments company.
eTranzact revenue rises as board changes
eTranzact International Plc grew revenue by 22.6% to N16.28 billion in the first half of 2026. The payments company expanded its operations during the period, ahead of the latest announcement detailing the share transfer and appointments to its board.
- eTranzact was founded by Valentine Obi, who served as its Managing Director and Chief Executive Officer in its early years; the company began operations in Nigeria in 2003 as a mobile and electronic payments switch.
- The company later listed on the Nigerian Stock Exchange, now the NGX, while Obi’s founding vehicle, the British Virgin Islands-registered eTranzact Global Limited, was historically its majority shareholder.
- Akin Akinfemiwa, one of the newly appointed Non-Executive Directors, is a Non-Executive Director at First Bank of Nigeria Limited and previously served as Managing Director and Chief Executive Officer of Geregu Power Plc.
Akinfemiwa also previously served as Group Chief Executive Officer of Forte Oil Plc, formerly African Petroleum Plc.