eTranzact Reshuffles Board After Trademarks Global Takes 56.18% Stake

eTranzact International Plc has reshuffled its board after Trademarks Global Concepts Limited acquired a controlling 56.18 per cent stake in the payments technology company, ending years of fragmented ownership and ushering in a new group of directors.

The change, notified to the Nigerian Exchange (NGX), involves the transfer of about 5.17 billion ordinary shares from Access Bank Plc, Meristem Trustees Limited (acting as trustee for Accelerex Holdings) and eTranzact Global Limited.

A controlling stake changes hands

The transaction hands Trademarks Global Concepts a decisive controlling interest in a company with a long history in Nigeria's electronic payments space. Access Bank had decided to exit its investment in 2025, while the other shareholders sold under a tag-along arrangement that allowed minority holders to participate in the sale on the same terms.

Such a large ownership change inevitably triggers a board transition, and eTranzact's was sweeping. Five directors stepped down: Chuma Ajene, Benjamin Dabra and Afolabi Oladele as non-executive directors, and Binta Max-Gbinije and Maj Gen Emeka Onwuamaegbu (rtd) as independent non-executive directors.

In their place, the company appointed Akinwunmi Akinfemiwa, Olatunde Akande and Doron Grupper as non-executive directors, and Omobola Hollist and Mustapha Ajenifuja, a Senior Advocate of Nigeria, as independent non-executive directors.

Regulatory sign-off

The appointments were approved by the Central Bank of Nigeria, a requirement for directors of regulated payments companies, and the company said records were being updated at the Corporate Affairs Commission. The NGX notification was dated October 13, 2026.

For a company operating in the regulated payments sector, the CBN's approval is not a formality. It signals that the new controlling shareholder and its chosen directors meet the central bank's fit-and-proper standards, which cover integrity, competence and financial soundness.

Business Insight

eTranzact occupies an important but unglamorous position in Nigeria's payments value chain. Its switch and gateway technology powers transactions for banks, fintechs and government agencies, making it critical infrastructure even though it rarely appears in consumer-facing headlines. New controlling shareholders typically bring a mandate for growth, efficiency or strategic repositioning, and the composition of the new board will signal which.

The shake-up also reflects a broader trend: consolidation and ownership churn in Nigeria's fintech and payments sector as investors reposition for a market that is growing rapidly but also becoming more competitive and more heavily regulated. Companies with strong technology but weak distribution or capital can become acquisition targets, and controlling stakes now change hands more frequently than they did a decade ago.

For shareholders, the key question is whether the new owners can accelerate eTranzact's growth. For customers and partners, the priority is continuity — ensuring that the leadership transition does not disrupt the reliability of the systems on which their transactions depend.

Background

eTranzact was one of Nigeria's earliest electronic payments companies and has been listed on the NGX for years. Like many pioneers in the sector, it has faced intensifying competition from well-capitalised fintechs and from banks building their own digital rails. Ownership concentration under a single strategic investor can provide the focus and capital needed to compete, but it also places responsibility for performance squarely on the new controlling shareholder.

Conclusion

The arrival of Trademarks Global Concepts as controlling shareholder marks a new chapter for eTranzact. A fresh board with CBN approval gives the company a clean governance reset. Whether the ownership change translates into commercial momentum will depend on how quickly and decisively the new leadership acts.