17 June 2010
The company has notified The Exchange that pursuant to the change in control as a result of the acquisition of Absa Bank Limited shares by Trilinear Empowerment Trust the following changes are proposed in the Board.
Masers Lazarus Zim, the Chairman, Andrew Fasedemi, Bright Igbinedion and Khehla Mtembu, Non-Executive directors, will all resign from the board.
Mr. Igbinedion will continue as Chairman of Pinnacle Point West Africa Limited (PPWA) and Mr. Zim will be appointed to the board of PPWA in other to focus on the Lagos Keys development in Nigeria, a cornerstone in the future of the Company.
New appointees to the board will be Ms. Savannah Maziya as Non-Executive Chairperson and Mr. Fola Ogunsiaken as a Non-Executive director.
Ms. Maziya currently works as Chairman and CEO of Bungeni Holdings South Africa. She has also worked as Group CEO to ABN, a UK-based African Television network. She also sits on several boards of other Companies.
Mr. Ogunsiaken works as the Managing Partner and founder of Cedar Capital based in Nigeria. He has also worked with Cummins Engine Company (USA) and several other companies.