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Oando holds peace accord with aggrieved shareholder Mangal, to have a representation on the Board
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By Innocent Senyo
January 23, 2018 11:45:20am GMT      |      Views: 1144
L-R: Group Chief Executive, Oando Plc, Jubril Adewale Tinubu; Emir of Kano, Muhammadu Sanusi II (CON), and Alhaji Dahiru Mangal, at the peace accord.

WorldStage Newsonline-- Oando Plc has affirmed Alhaji Dahiru Mangal as a substantial shareholder of the company following a mutual resolution of all concerns between both parties.

According to Oando in a statement, Mangal which owns 17.9 per cent share capital of Oando Plc would now be considered to have a representation on the Board of Oando subject to the provisions of relevant regulatory guidelines.

The statement said the parties had successfully addressed and clarified all concerns during a ‘Peace Accord’ facilitated by the Emir of Kano, Muhammadu Sanusi II (CON). Part of the peace move was the withdrawal of a petition Mangal and another investor, Ansbury Investments Inc. had forwarded to the Securities and Exchange Commission (SEC) against the Board of Oando.

Announcing the end of their rift, the statement added that: “In addition, subject to the provisions of the SEC Code, Companies and Allied Maters 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.”

Speaking at the peace parley, Mangal was quoted as saying: “Following the clarification I have received from Oando’s management team, I have withdrawn my petition to SEC.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, aspirations and involves more dialogue. I am confident in Oando’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.’’

Emir Muhammadu Sanusi was quoted as saying: “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 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.

 “Oando Plc 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. It is my belief that they 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, Group Chief Executive, Oando Plc, 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.’’

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