Niyi Toluwalope is now the new Managing Director of eTranzact International PLC. Prior to his appointment, Toluwalope, since 2011, has been the Chief Financial Officer of the company.
Breaking news: eTranzact Appoints Niyi Toluwalope as acting CEO, debunk rumours of fraud https://t.co/NisJx3NwzD
— eTranzact PLC (@eTranzactPLC) May 22, 2018
Toluwalope has an MBA from the University of Virginia Darden School of Business where he studied Corporate Finance and Financial Strategy. He was also a Senior Associate at PricewaterhouseCoopers.
His appointment as the new MD is rumoured to be consequent upon a major shakeup in the management structure of the electronic payment solution provider due to an alleged fraud.
It’s a bad day for one of Nigeria’s biggest fintech companies, eTranzact. The top payments processing company is in hot water following an N11bn fraud investigation.https://t.co/CyEMHUeUEk#etranzact @eTranzactMmoney #buissnesspostng #onlinefraud pic.twitter.com/vLQr7n7yYO
— Technext (@technextdotng) May 23, 2018
eTranzact has, however, released a statement saying that the managerial shakeup was a decision of the company taken by the board to move eTranzact forward and that the firm was working closely with the regulators, and other relevant stakeholders to resolve any issue arising from the changes in management structure.
The statement said:
The eTranzact executives resigned honourably because they have the responsibility for governance in the company. Also, there is no truth about PricewaterhouseCoopers or Ernst & Young reviewing the accounts of the company.
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.
Since its launch in September 2003, eTranzact has experienced steady growth and is currently in partnership with 70 universities in Nigeria, government parastatals, and banks and has evolved into a brand with global reach. The company offers payment solution platforms and easy payment channels to its numerous customers while providing security, convenience, and affordability.
The eTranzact platform is Nigeria’s first award-winning multi-application and multi-channel electronic transaction switching and payment processing system.
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