2004 Press Release

KEKERE-EKUN STEPS DOWN, ZAKARIYA’U APPOINTED EDL CHAIRMAN
Lagos Island, Lagos – August 9, 2004

Express Discount Limited (EDL) held its 11th Annual General Meeting on Tuesday, 3rd August, 2004 at the Panorama Hall, Oceanview Restaurants, Adetokunbo Ademola Street, Victoria Island, Lagos.

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. Alhaji Bala Zakariya’u, Managing Director/Chief Executive Officer of Niger Insurance Company Plc was appointed as the new Chairman, Board of Directors of Express Discount Limited with effect from 1st September, 2004.

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.

A Chartered Insurer, Alhaji Zakariya’u is a key player in the insurance industry having served in companies like AIICO Insurance Plc, Kapital Insurance Company and NICON Insurance Plc.

Alhaji Zakariya’u is currently the President of the Chartered Insurance Institute of Nigeria (CIIN) and is married with children.

As a result of the performance of the company as at the year ended 31st March, 2004, dividend at the rate of 20 kobo per =N=1.00 ordinary share and a bonus issue of =N=101.4 million to be allotted in the proportion of 1 new share for every 10 shares was approved.

The authorized share capital was also increased to =N=2 billion from =N=1.5 billion.

For more information: (Media Only Please)
Jumoke Gbajabiamila
Tel: (234)-01-2641650-5
Email: corp_aff@expdisc.com