eTranzact fires Mr. Valentine Obi over N11Bn fraud allegations


eTranzact International PLC, an e-payments solution provider, on Monday May 21, 2018, announced it had fired Mr. Valentine Obi with immediate effect.

Mr Obi, will step down as the Managing Director of the Company and will be replaced by Mr. Niyi Toluwalope in acting capacity.

eTranzact says it’s aware of recent media publications about these fraud allegetaions but the firm insists the changes are strictly eTranzact Board’s decision.

“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,” said the firm in a statement. “The eTranzact executives resigned honorably because they have the responsibility for governance in the company.”

The firm added that there was no truth about PricewaterhouseCoopers (PwC) or Ernst & Young reviewing the Accounts of the Company as alleged. The firm says it retains PwC from time to time for various technology related assignments and none has to do with reviewing the Company’s Accounts.

Until his appointment, Mr. Niyi Toluwalope was the Chief Financial Officer, a position he has held since 2011. Other executive positions affected by the management changes are: Executive Directors -Mr. Sullivan Akala and Mr. Ike Eze; Chief Technology Officer – Mr. Richard Omoniyi and Head of Operations – Mr. Kehinde Segun.