Oando Plc has signed a peace accord with one of its aggrieved shareholders, Alhaji Dahiru Mangal, who earlier petitioned the Securities and Exchange Commission (SEC).
Mr Ayotola Jagun, Oando Chief Compliance Officer & Company Secretary said, on Monday, that the Emir of Kano, Muhammadu Sanusi II, waded into the crisis between the company and Mangal.
The statement was posted on the Nigerian Stock Exchange website (NSE).
The company in the statement officially confirmed Mangal as a substantial shareholder.
Oando also stated that in addition, subject to the provisions of the SEC Code, Companies and Allied Matters Act (CAMA) and Oando’s board appointment process, its board of directors would consider the appointment of a representative for Mangal to the board.
“The representation will take the form of directorship from qualified individuals nominated by Alhaji Mangal. All Directors have a fiduciary duty to always act in the best interest of the Company and its stakeholders,” said the statement.
Mangal and Ansbury Inc. on, October 20, 2017 wrote SEC, alleging infractions and mismanagement against Oando management.
Subsequently, the NSE, with a directive from the SEC, announced the suspension of trading in the shares of Oando effective October 20, and followed it with a forensic audit of the company to the tune of N160 million.
In accordance with the Companies and Allied Matters Act, Cap. C20 LFN 2004 (‘CAMA’), an individual or entity with direct / beneficial share ownership of over 10 per cent constitutes a substantial shareholder in the Company. The company has been officially notified by Mangal that he is a substantial shareholder in the company.
“In addition to confirming his status as a substantial shareholder, all the issues raised by Alhaji Mangal in his petition to the Securities and Exchange Commission (‘SEC’) have been successfully addressed and clarified by the company.
“The Company has always encouraged oversight over its affairs by all shareholders”, said the statement.
The Oando issue led to the suspension of Mr Mounir Gwarzo, former SEC Director-General by the Minister of Finance, Mrs Kemi Adeosun.
