The changes were disclosed in a filing to the Nigerian Exchange Limited (NGX), following the transfer of 5.17 billion ordinary shares, representing 56.18 per cent of eTranzact’s issued share capital.

The transaction involved shares previously held by Access Bank Plc, Meristem Trustees Limited in its capacity as trustee for Accelerex Holdings, and eTranzact Global Limited. The transfer resulted in Trademarks Global Concepts becoming the company’s majority shareholder, while Access Bank and Accelerex exited their respective direct holdings.

According to eTranzact’s second-quarter financial statements for the period ended June 30, 2026, Trademarks Global Concepts held 5,168,921,170 shares, equivalent to 56.18 per cent of the company. Meanwhile, eTranzact Global Limited retained 1,332,988,534 shares, representing 14.49 per cent.

Following the ownership change, the company announced the appointment of Akinwunmi (Akin) Akinfemiwa, Olatunde Akande and Doron Grupper as non-executive directors. Omobola Hollist and Mustapha Ajenifuja, SAN, were appointed independent non-executive directors.

The company said the appointments had received approval from the Central Bank of Nigeria, while updates to its records with the Corporate Affairs Commission were being handled in line with applicable requirements.

The board changes mark a significant development for eTranzact, which operates in Nigeria’s electronic payments and transaction-processing market. The new ownership structure could influence the company’s strategic direction, governance and approach to growth, although the full implications will depend on decisions taken by its new controlling shareholder and management.

The transaction follows months of negotiations between the parties involved, according to earlier media reports. Access Bank has not publicly disclosed its reasons for exiting its investment in the payments company.

eTranzact’s financial performance provides additional context for the ownership transition. The company reported revenue of ₦16.28 billion in the first half of 2026, up 22.6 per cent from ₦13.28 billion recorded in the corresponding period of 2025.

However, the increase in revenue did not translate into higher profits. Rising operating costs weighed on earnings, with profit after tax declining to approximately ₦1.22 billion from ₦1.51 billion in the first half of the previous year.

The figures indicate that while the company continues to expand its business, managing costs and improving profitability remain important challenges as it enters a new phase under majority ownership by Trademarks Global Concepts.

Akinfemiwa, one of the newly appointed directors, previously served as Group Chief Executive Officer of Forte Oil Plc, which was formerly known as African Petroleum Plc.

The latest changes place eTranzact under a new ownership structure at a time when Nigeria’s payments industry is undergoing technological and regulatory changes. Investors will be watching how the new board approaches business expansion, financial performance and competition in the digital payments market.

Reporting by TalkNaijaMedia