Oando substantial investor sells stake after SEC petition

One of the substantial investors in Oando Plc, Dahiru Mangal, has sold his stake in the oil and gas company, two years after petitioning Securities and Exchange Commission (SEC) against Oando and three months after Oando agreed to settle out of court with some of its aggrieved board directors including Mangal.

This was disclosed in a statement released to the investing public and the Nigerian Exchange Group.

According to the statement, Mangal sold his 1.96 billion shares in the domestic oil giant to Leaf Investment & Realtors Limited. Information Guide Nigeria

RIPPLES NIGERIA reports that the stake is worth N9.64 billion as at last market price of Oando share. This took Leaf Investment & Realtors Limited shareholdings in Oando to 15.83 percent.

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According to RIPPLES NIGERIA, Mangal had written a petition against Oando to SEC over four years ago, alleging financial infractions.

The petition led to the investigation of Oando. Upon the capital market authority’s probe, Oando was sanctioned for mismanagement and bad corporate governance.

This was followed by the sack of the company’s Group Chief Executive Officer, Wale Tinubu, and his deputy, Omamofe Boyo – co-founders of Oando. The company was also fined. Jamb Result 

According to RIPPLES NIGERIA, Oando agreed in September 2021 through a press released that it would drop its court case against SEC, while also settling out of court with Mangal, in a bid to end the uncertainty surrounding the future of the firm.

(RIPPLES NIGERIA)

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