Capital Market: SEC approves EDL as Portfolio Managers -
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Published on: 8/9/2004
Last Visited: 6/19/2008
HOME>> NEWS & EVENTS >>Kekere-Ekun steps down, Zakariya'u appointed EDL Chairman
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KEKERE-EKUN STEPS DOWN, ZAKARIYA'U APPOINTED EDL CHAIRMAN
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At the meeting, the Chairman, Board of Directors, Mr Akin Kekere-Ekun, OFR announced his resignation from the Board of EDL, having given notice of his retirement as the Managing Director/Chief Executive Officer, Habib Nigeria Bank Limited.
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Mr Kekere-Ekun was appointed as the Chairman of EDL on 1st July, 2000 and during his tenure, the company witnessed significant growth.PBT increased by 164% from =N=155.47 million in 1999 to =N=411.49 million in 2004.Shareholders funds grew from =N=383.67 million to =N=1.416 billion representing an increase of 269% while Gross Earnings went up from =N=749 million in 1999 to =N=2,369 billion in 2004, a 215% increment.
The Chairman designate, Alhaji Bala Zakariya'u is the longest serving current director of the company after Mr Kekere-Ekun, having been appointed to the Board on 27th August, 1997.He has served as the Chairman of the Finance and General Purpose Committee, the only Board Committee since 27th June, 2000.