The board of Oando Plc, on Monday, announced the sale of 1,968,452,614 ordinary shares of the company by Alhaji Dahiru Mangal, a significant shareholder, to Leaf Investment & Realtors Limited.

The sale was done last week through an off-market trade at N6.00 each, totaling about N11.81bn to the new investor, details of whose identity were still sketchy as of the time of going to press on Tuesday morning.

Investdata recalls Mangal, founder of Max Air, a domestic, regional, and international airline operator, with investments in transportation, oil and gas, and construction, authored one of the two petitions in 2017 that led to the suspension of trading in the shares of Oando on both the Lagos and Johannesburg stock exchanges. He was a non-executive director of MRS Oil Nigeria until November 17, 2017, when he resigned.

As part of his submission in the petition, according to details of the Securities & Exchange Commission (SEC) Technical Committee that reviewed the two petitions Oando Plc’s Group Chief Executive, Wale Tinubu, convinced Alhaji Dahiru Mangal, to acquire more shares, to enable it “fund the ConocoPhillips transaction, which led to AlhajiDahiruBarauMangal agreeing to invest N16.4bn (USD 100m).”

The transaction was consummated between Alhaji Mangal and Ocean and Oil Holding Limited (OOHL) by Vetiva Securities Limited, and payment was completed by July 30, 2014.

The transaction involved 911,111,110 units of OandoPlc shares transferred by OOHL to the Mangal Group at N18 each, with 400m units each going to Afdin Construction Company Ltd and Max Air Ltd 400,000,000 units; while Mangal received 111,111,110 units.

According to Monday’s notice to stakeholders by Ayotola Jagun, Oando’s Chief Compliance Officer & Company Secretary, based on Rule 17:13 (a) of the Nigerian Exchange Limited Issuers’ Rules, “Leaf Investment & Realtors Limited now holds 15.83% of Oando Plc.”