The founder and CEO of EazzyTranzact Payment Service Africa Limited, Olusanya Olumide Adeniran, has finally spoken publicly about the N50 billion fraud allegation that has trailed him for nearly a year, insisting the case stems from foreign exchange losses and not from any intent to defraud.
In an exclusive interview, Adeniran explained that his dispute with Kashton Concepts Nigeria Limited, an oil and gas firm owned by Sherif Ganiyu Shagaya, grew out of mounting FX losses, delayed settlements, and repayment talks that eventually broke down. He said several settlement offers were ignored while enforcement actions from the Economic and Financial Crimes Commission made it harder for his company to raise funds to offset the debt.
The EFCC declared Adeniran wanted last September, accusing him and his companies, EazzyTranzact and EazzyOil Petroleum Gas Energy Limited, of fraudulent diversion and breach of trust. But Adeniran maintains that the case is a civil commercial dispute rather than a criminal matter, pointing to his international business background as proof he has no reason to defraud anyone.
According to Adeniran, EazzyTranzact and Kashton Concepts had done business worth about 200 million dollars before the dispute, built on forward foreign exchange contracts where clients pay in naira upfront and receive dollars after 30 days. This arrangement, common among oil and gas firms managing currency risk, worked smoothly until Kashton Concepts began delaying payments. One transaction alone, involving a 13.5 billion naira transfer in May 2024, resulted in a 1.5 billion naira loss for EazzyTranzact after an 11 day payment delay exposed the deal to volatile exchange rates.
Rather than halt the arrangement, both companies agreed to keep trading, hoping future deals would recover the losses. Instead, the losses deepened. Transaction records shared with the reporter showed that over 109 million dollars in trades between May and November 2024 produced a cumulative FX loss of about 31 million dollars, which Adeniran insists came purely from currency swings and not from missing or diverted funds.
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The relationship worsened when a planned 33 billion naira banking facility from Providus Bank collapsed, cutting off a key source of funds EazzyTranzact needed to repay its obligations. Adeniran said talks with Kashton Concepts also shifted from resolving the debt to personal disputes involving the chairman, which stalled further negotiations entirely.
Adeniran disclosed that both sides had agreed on a loss sharing formula, with his company taking on 75 percent of the burden, translating to a 24 million dollar repayment obligation. He said EazzyTranzact remains solvent and holds assets valued at around 75 million dollars, arguing that a temporary cash crunch does not mean the company is broke. He also revealed an offer to transfer a 5.4 billion naira property to reduce the outstanding debt, a proposal he says has gone unanswered.
With the case still before the Federal High Court in Abuja, Adeniran says his priority now is clearing his name and correcting the narrative that a commercial disagreement has been mischaracterized as fraud, even as Kashton Concepts continues to pursue the matter through legal channels.
