Connect with us

Business

Mangal gets directorship in dispute settlement with Oando

Published

on

Mangal gets directorship in dispute settlement with Oando

Oando Plc has reached a truce with one of its shareholders, Alhaji Dahiru Mangal with affirmation of Mangal’s substantial shareholding and an offer to him to appoint a director unto the board of Oando.

The truce was brokered by the Emir of Kano, Emir Muhammadu Sanusi II under a peace accord concluded on January 7, 2018.

In a regulatory filing just submitted to the Nigerian Stock Exchange (NSE), Oando stated that in accordance with the Companies and Allied Matters Act, Cap. C20 LFN 2004 (CAMA), an individual or entity with direct or beneficial share ownership of more than 10 per cent constitutes a substantial shareholder in the company.

“The company has been officially notified by Alhaji Dahiru 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,” Oando stated.

Oando noted that it has always encouraged oversight over its affairs by all shareholders adding that it has encouraged Mangal to exercise such rights to enable him gain a better understanding of the company’s business development plans, initiatives and operations.

“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. The representation will take the form of Directorship from qualified individuals nominated by Alhaji Mangal,” Oando stated in the filing signed by Ayotola Jagun, Oando’s Chief Compliance Officer and Company Secretary.

Group Chief Executive, Oando Plc, Wale Tinubu said shareholders must be confident in the operations of the company they are invested in and this can only occur through active participation.

“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,” Tinubu said.

READ ALSO : NBS report says 7.5m Nigerians jobless since 2016

Apparently providing the background to his intervention, Sanusi said the development of the Nigerian economy is hinged on local participation and it is therefore an imperative that as a people, the country must 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 said.

According to him, “As Nigerians we must protect local industries and ultimately the development of this great nation”.

Mangal said that he has received clarifications from Oando’s management team and he has withdrawn its 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,’’Mangal said.

 

RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now