eTranzact International Plc has announced a major board reshuffle following the acquisition of a 56.18% controlling stake by Trademarks Global Concepts Limited. The stake, totaling over 5.16 billion shares, was acquired from previous shareholders including Access Bank Plc, Meristem Trustees Limited (for Accelerex Holdings), and eTranzact Global Limited.

In connection with this ownership change, five directors resigned from the board, including those representing the exiting shareholders and two independent non-executive directors. The company has appointed five new directors to replace them, including nominees of Trademarks Global Concepts and two independent non-executive directors. The Central Bank of Nigeria has approved these appointments, which the company states will strengthen its strategic oversight and support its long-term objectives in the digital payments sector.

The Nigerian stock market cooled during the week ended October 2, 2026, as profit-taking in large-cap stocks led the NGX All-Share Index to decline 0.52% to 250,808.27 points. Market capitalization dropped by N812.61 billion to N162.843 trillion, though year-to-date returns remain robust at 61.17%. The shortened trading week, influenced by the Independence Day holiday, saw reduced market activity with total turnover value falling 32.5% to N155.023 billion. Notable decliners included NGXGROUP, ETRANZACT, and several banking heavyweights, while ABC TRANSPORT emerged as the top performer with a 45.10% gain. Analysts suggest the market is shifting into a consolidation phase as investors await Q3 earnings results and assess the impact of recent monetary policy adjustments. Selective stock picking based on fundamental strength and dividend potential is advised over chasing momentum-driven rallies.

Nigerian banks and payment companies have expressed concern over the Central Bank of Nigeria’s (CBN) January 1, 2027, deadline for localizing payment transaction data. Industry executives warn that the six-month window is insufficient for a migration of this scale, citing risks to operational stability, cybersecurity, and service continuity. While stakeholders acknowledge the goal of enhancing data sovereignty, they are calling for a phased implementation approach and clearer regulatory guidance regarding hybrid cloud environments to avoid potential service disruptions.

eTranzact International Plc reported a 22.6% revenue growth to N16.28 billion for the first half of 2026, driven by expansion in its agent banking and POS networks. However, profitability declined, with profit after tax falling as rising costs outpaced revenue gains. Operating profit dropped 23.2% to N1.59 billion due to increased administrative expenses and costs of sales. The company also faces structural headwinds from the reduction in NIBSS payment switching fees and negative operating cash flow, alongside an ongoing legal case involving alleged fraudulent platform transactions. Additionally, Trademarks Global Concepts Limited has emerged as the company’s majority shareholder with a 56.18% stake.

The Federal High Court in Abuja has ordered 12 commercial banks and six fintech platforms to freeze 69 accounts linked to an alleged N1.39 billion fraud on the eTranzact International Plc platform. The court granted the ex parte motion filed by the Inspector-General of Police following reports of database penetration and unauthorized transaction manipulation. While eTranzact has managed to recover N181 million, the majority of the funds remain outstanding, prompting this legal move to prevent further dissipation of assets.

Nigeria’s listed technology companies recorded a 75 percent surge in combined capital expenditure to N3.23 billion in the first half of 2026. Data from six firms, including Chams, CWG, and eTranzact, shows total cash and cash equivalents nearly doubled to N37.8 billion. Despite the rise in expenditure, the sector’s aggregate CAPEX-to-cash ratio declined as cash accumulation outpaced investment. Analysts note that firms are now prioritizing internal cash generation over expensive external financing, with varying strategies ranging from Chams’ infrastructure-heavy expansion to the asset-light models adopted by companies like CWG and eTranzact.

eTranzact International Plc reported a 19 percent decline in profit after tax to N1.22 billion for the half-year ended June 30, 2026, down from N1.51 billion in the same period last year. While revenue grew 23 percent to N16.28 billion, profitability was pressured by a 39 percent surge in the cost of sales to N9.50 billion and a 22 percent increase in administrative expenses. Consequently, operating profit dropped 23 percent to N1.59 billion. Despite the earnings decline, total assets rose 54 percent to N39.02 billion, though the company recorded a negative cash flow from operating activities of N6.86 billion compared to a N1.14 billion surplus in the prior year.