Nigerian Payments Firm eTranzact Sees Majority Stake Acquired by Trademarks

The transaction involved the transfer of 5,168,921,170 ordinary shares from Access Bank Plc, Meristem Trustees Limited as trustee for Accelerex Holdings, and eTranzact Global Limited to Trademarks Global Concepts. The details were reported by Nairametrics on 13 October citing eTranzact’s disclosure to the exchange.

Following completion, directors representing the exiting shareholders resigned alongside two independent non-executive directors. The company named Akinwunmi Akinfemiwa, Olatunde Akande and Doron Grupper as non-executive directors, alongside Omobola Hollist and Mustapha Ajenifuja as independent non-executive directors.

The company said it had obtained Central Bank of Nigeria approval for the appointments and was updating records with the Corporate Affairs Commission. The change gives Trademarks a controlling interest, but any future operating strategy will depend on decisions the company has yet to disclose.

A transfer of control, not just a board refresh

The 56.18% holding means Trademarks has acquired a majority of eTranzact’s issued ordinary shares. The transaction transfers a substantial ownership position from a group of existing shareholders rather than simply adding a new minority investor.

Access Bank and the other selling parties transferred a combined 5.17 billion shares. Nairametrics reported that Access Bank had previously increased its eTranzact stake through market purchases and that the bank and Accelerex were exiting their investments in the payments company as part of this transaction.

A majority stake can give the new shareholder significant influence over board composition and company strategy, subject to the company’s constitutional documents, regulatory requirements and shareholder rights. It does not automatically guarantee a change in products, pricing or management priorities.

Revenue grew before the ownership change

eTranzact reported that revenue rose 22.6% to ₦16.28B in the first half of 2026, according to the same report. The company provides electronic payment switching and related services, a part of the financial system that allows transactions to be routed and processed between participating institutions and merchants.

Revenue growth offers context for the timing of the acquisition, but it does not show how much profit the company generated or whether the growth rate will continue. Profitability, operating costs, transaction volumes, customer concentration and investment needs would provide a fuller picture of its performance.

The latest ownership transfer also follows a period in which the company’s shares attracted high trading volumes. Nairametrics reported that eTranzact recorded about 5.1 billion shares traded in March, close to the number disclosed in the subsequent transfer. Trading volume can indicate investor activity, but it does not by itself explain the motivations behind a negotiated control transaction.

What shareholders should watch

The company’s future disclosures should clarify whether Trademarks intends to change the board further, alter management, invest in new products or pursue a different growth strategy. Investors should also monitor the company’s subsequent financial results and any additional NGX announcements about the transaction.

For now, the key confirmed development is the transfer of 56.18% of eTranzact’s ordinary shares and the resulting board changes. The acquisition brings a new controlling shareholder, while the operational consequences remain to be established through future decisions and performance.

The transaction was reported by Nairametrics citing an NGX filing by the company. Related reporting on African financial services is available from Mwenendo.