Bright Prospects as Oando, Mangal Feud Ends
Oando PLC and Alhaji Dahiru Mangal have resolved their conflict – thanks to deal a peace deal mediated by the Emir of Kano Muhammadu Sanusi II.
Oando’s management team spent the better part of 2017 defending the company’s business and reputation following the Securities and Exchange Commission’s (SECs) investigation of its affairs on petitions raised by two shareholders, Alhaji Mangal and Ansbury Inc.
According to a statement issued by Oando, “Alhaji Mangal 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.
Oando PLC’s Group Chief Executive, Jubril Adewale Tinubu, said: “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.” Commenting further Alhaji Dahiru Mangal said: “Following the clarification I have received from Oando’s management team, I have withdrawn my petition to the SEC.
The successful execution of the Peace Accord was mediated by the Emir of Kano, Emir Muhammadu Sanusi II (CON), who said: “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 international oil companies (IOCs) 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.’’
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.
“We encourage him to exercise his rights as a substantial shareholder and be more involved in the affairs of the Company. Shareholders must be confident in the operations of the company they are invested in; this can only occur through dialogue and active participation.’’ Wale Tinubu said.
In addition, subject to the provisions of the SEC Code, Companies and Allied Matters Act (CAMA) and Oando’s Board Appointment Process, Oando’s Board of Directors will consider the appointment of representation for Alhaji Mangal to the Board. Oando has reinforced its stance that its business is run above board by publicly inviting Alhaji Mangal to have more oversight of its operations and exercise his rights as a shareholder which include the right to share in the Company’s profitability, as well as have a degree of control over the selection of the Company’s management team and General Meeting voting rights.