Business
Oando substantial investor, Dahiru Mangal, sells stake after SEC petition
One of the substantial shareholders 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 the firm.
In a statement released to the investing public and the Nigerian Exchange Group, Mangal sold his 1.96 billion shares in the domestic oil giant to Leaf Investment & Realtors Limited.
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, the statement seen by Ripples Nigeria shows.
The share sell off comes three months after Oando agreed to settle out of court with some of its aggrieved board directors, and one of them was Mangal.
Read also: Oando to settle out of court with investor, amid $680m debt owned by Wale Tinubu
He had written a petition against Oando to SEC over four years ago, alleging financial infractions. This led to the investigation of the oil company. Upon the capital market authority’s probe, Oando was sanctioned for mismanagement and bad corporate governance.
It resulted in the sack of the company’s Group Chief Executive Officer, Wale Tinubu and his deputy, Omamofe Boyo – both were co-founders of Oando. The company was also fined.
In September 2021, Oando released a statement, stating 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.
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