Sanusi Brokers Oando, Mangal Peace Accord, Petitioner Gets Board Seat

• Matter Still In Court, We’re Going Ahead With Probe- SEC Source

The management of Oando Plc, on Monday informed the nation’s capital market community through the Nigerian Stock Exchange (NSE) that it has sealed a peace accord with Alhaji Dahiru Managal, who wrote one of the two petitions leading to the ongoing forensic investigation ordered by apex regulator- the Securities & Exchange Commission (SEC).
As part of the January 7, 2018 peace deal brokered by immediate past Governor of the Central Bank of Nigeria (CBN), now Emir Muhammadu Sanusi II of Kano, Mangal was quoted in the statement by Oando as saying: “I have withdrawn my petition to the SEC.”
As part of the deal, which he said followed clarifications received from the company, which also acknowledged Mangal as a substantial shareholder, since he holds over 10% stake, in line with the Companies and Allied Matters Act, Cap. C20 LFN 2004.
Oando in the statement by Ayotola Jagun, its Chief Compliance Officer and Company Secretary added that “in addition to confirming his status as a substantial shareholder, all the issues raised by Alhaji Mangal in his petition to the Securities & Exchange Commission (SEC) have been successfully addressed and clarified by the company.”
Consequently and in line with the SEC Code, CAMA and its board appointment process, Oando’s board is to “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.”
While the SEC is yet to react officially to the deal, a source close to the commission told on Monday evening: “As far as SEC is concerned the matter is still in court. And we are determined to continue with our investigation.”
The statement by Oando Plc quoted Emir Sanusi 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… 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. It is my belief is that they have put the past behind them and are looking forward to working together to create greater success stories,” he added.
Continuing, Sanusi urged Nigerians to protect the nation’s “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.”
Also commenting, Tinubu, Oando Plc’s Group Chief Executive, expressed pleasure at the amicable agreement with Alhaji Mangal and satisfactorily addressing concerns 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,” Tinubu stressed.
Continuing, Mangal recalled: “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.”