The ownership tussle between Wale Tinubu, Group Chief Executive and Alhaji Dahiru Mangal, shareholder in Oando Plc, has been resolved.
This was contained in a statement by Oando on Monday, where it stated that the crisis was resolved recently through the intervention of the Emir of Kano, Emir Muhammadu Sanusi II.
The statement read, “The tide certainly seems to be turning for Oando Plc, following the recent Peace Accord between the company and Alhaji Dahiru Mangal.
“Oando’s management team spent the better part of 2017 defending the company’s business and reputation, following the Securities and Exchange Commission’s investigation into its affairs on petitions raised by two shareholders, Alhaji Mangal and Ansbury Inc.
“AlhajiMangal has confirmed his status as a substantial shareholder in the company and all the issues he raised in his petition to the SEC have been successfully addressed and clarified.
‘’This action is in line with the company’s promise at the end of last year where it committed to the successful conclusion of the SEC investigation so that it could refocus its energy on managing the business optimally.”
The statement quoted Tinubu, as saying “I am pleased we have been able to reach an amicable agreement with Alhaji Dahiru Mangal and successfully address the concerns he raised in his petition to the SEC.”
On his part, Mangal said, “Following the clarification I have received from Oando’s management team, I have withdrawn my petition to the SEC.
“I invested in Oando because I could see its potential. It is, therefore, with excitement that I concur to this peace accord signifying the renewal of our relationship; one that gives me more insight into the company’s operations and aspirations and involves more dialogue.
‘’I am confident in the company’s leadership team and trust that with the right support it will continue to grow from strength to strength, returning real value to all its shareholders including my good self.”
The Emir was also quoted as having said, “It is my belief that they have put the past behind them and are looking forward to working together to create greater success stories.
“As Nigerians, we must protect our local industries and ultimately the development of this great nation and so I am excited by what this means for the company and Nigeria as a whole.
‘’The development of the Nigerian economy is hinged on local participation; it is, therefore, an imperative that as a people, we come together to make indigenous participation and success a reality.
“I have watched Wale Tinubu from his days in Ocean and Oil and I am extremely proud of his growth and the company he has built. Oando is proudly a Nigerian company whose impact has been positively felt by every Nigerian.
‘’The Company is evidence of the progress we have made from an IOC led sector to one that is thriving with a mix of indigenous and international players.
“I call on AlhajiMangal and Wale Tinubu to see themselves as partners focused on achieving one goal; attainable only if they have confidence and trust in one another.”
However, Oando added: ‘’Following the Peace Accord and declaration of his substantial shareholding, the Company has encouraged him to exercise his rights as a shareholder by having more oversight of the Company’s affairs; the belief is that this will enable him gain a better understanding of the Company’s business development plans, initiatives and operations.”