🇳🇬 English, 13 October 2026, boardroom-dispute
Africa Bitcoin Corporation Faces Governance Test Amid Boardroom Battle
Shareholders have forced out most of the board, but the fight over who should replace them remains unsettled.
The company must rebuild its board while addressing a separate demand to appoint two new non-executive directors. The dispute centres on two shareholder demands, with investors holding approximately 76% of ABC’s shares calling for the appointment of two new non-executive directors. The board opposed this move on governance grounds.
The four directors who resigned are Norma Sephuma, board chairperson; Stafford Masie, the company’s interim chief executive officer; and independent non-executive directors Snowy Masakale and GG Alcock. The remaining directors are Robin Coode, an independent non-executive director, and Jonathan Phillips, the company’s financial director.
The company faces a governance test at a critical point in its transformation from a small-business financier into a Bitcoin treasury company, with shareholders having forced out most of its board, but the fight over who should replace them remains unsettled.