Abegunde: eTranzact Remains Innovative, Promotes Customer Focus Culture

Kayode Tokede

The Chairman, eTranzact International Plc, Mr. Wole Abegunde has said the company will remain innovative and committed to promoting a customer/shareholders-focused culture through the refinement of various products and solutions.

On this, he expressed that the innovations is expected to develop a competitive advantage that provides value to shareholders and customers while reducing the cost of business for the organization.

Speaking to shareholders at the company’s 18th Annual General Meeting (AGM) in Lagos recently, Abegunde hinted that the company commenced the process of raising additional capital in form of 5,772,225 units of convertible debenture stock at N1,000 units, as part of the plans to ensure compliance with the licensing categorization and requirements issued by the Central Bank of Nigeria (CBN).

He noted that the capital raising exercise would be utilized significantly for investments in technology, settlement of outstanding liability, and working capital.

eTranzact in 2021 financial year reported a profit after tax of N455.75million and gross revenue that increased by 3.79per cent from N22.7billion in 2022 to N23.6billion in 2021.

The Managing Director, eTranzact International, Mr. Olaniyi Toluwalope, at the AGM said the company had a satisfactory 2021 performance, attributing it to the commitment of the board of directors, management, and staff working extremely hard against all odds and exceptionally delivering on their tasks.

He disclosed that the company has developed a roadmap as the first step towards the restructuring of its licenses, as an offset of CBN guideline (s) on license categorization.