*As Oando signs ‘Peace Accord’ with Alhaji Mangal
OpeOluwani Akintayo
24 January 2018, Sweetcrude, Lagos — The Emir of Kano, Muhammadu Sanusi II (CON), has waded into the ongoing crisis between Oando Plc and one of its shareholder, Alhaji Dahiru Mangal.
In a statement signed by Oando’s Chief Compliance Officer & Company Secretary, Ayotola Jagun, and its Head, Corporate Communications, Alero Balogun on Monday, the company said it has been officially notified by Alhaji Mangal that he is a “substantial shareholder” in the company.
To this end, a peace accord mediated by Sanusi was concluded on January 7, 2018.
According to Oando, the move to settle the matter with Alhaji Mangal was in accordance with the Companies and Allied Matters Act, Cap. C20 LFN 2004, CAMA, which states that “an individual or entity with direct/beneficial share ownership over 10% constitutes a substantial shareholder in the Company”.
“The company has always encouraged oversight over its affairs by all shareholders. In the same vein, we have encouraged Alhaji Mangal to exercise such rights to enable him to gain a better understanding of the Company’s business development plans, initiatives and operations”.
Commenting on the peace accord, Oando PLC’s Group Chief Executive, Jubril Adewale Tinubu said: “I am pleased we have reached an amicable agreement with Alhaji Dahiru Mangal and have satisfactorily addressed the concerns he raised in his petition to the SEC. We encourage him to exercise his rights as a shareholder and be more involved in oversight of the affairs of the Company. Shareholders must be confident in the operations of the company they are invested in; this can only occur through active participation.’’
Commenting further, Sanusi said the development of the Nigerian economy is hinged on local participation; adding that it is imperative that Nigerians 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 Alhaji Mangal and Wale Tinubu to see themselves as partners focused on achieving one goal; attainable only if they have confidence and trust in one another”.
Sanusi expressed confidence in the truce between both parties who “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.’’
On his part, Alhaji Dahiru Mangal said he had withdrawn his petition from SEC following the clarification from Oando’s management team.
“I invested in Oando because I could see its potential. It is therefore with excitement that I concur with 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 have confidence 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.’’
In addition, Oando announced the commencement of the process to appoint Alhaji Mangal to its Board of Directors in line with the SEC’s CAMA.
“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”.
The crisis had led to the suspension of Oando’s Shares both from the Nigerian Stock Exchange and Johannesburg’s Stock Exchange where it is listed.