We’ve settled rift with key shareholder, Mangal –Oando
Oando Plc has reached a peace accord with Alhaji Dahiru Mangal after a prolonged rift between both parties over the running of the company.
The management of Oando spent the better part of 2017 defending the company’s business and reputation following the Securities and Exchange Commission’s investigation into its affairs on petitions raised by two shareholders, Mangal and Ansbury Inc.
Oando, in a statement on Monday, said Mangal had 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, Oando said, was 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 its business optimally.
Oando’s Group Chief Executive Officer, Adewale Tinubu, was quoted as saying that, “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.”
Mangal was also quoted to have said that, “Following the clarification I have received from Oando’s management team, I have withdrawn my petition to the SEC.”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, Muhammadu Sanusi II, 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.”