The management of Oando Plc and Alhaji Dahiru Mangal have resolved all the issues that threw company into serious dispute last year.
The peace deal mediated by the Emir of Kano, Muhammadu Sanusi II, will consider a board appointment for Mangal or his representative among others.
Oando’s management had spent the better part of 2017 defending the company’s business and reputation following the Securities and Exchange Commission’s (SEC) investigation into its affairs on petitions raised by two shareholders, Alhaji Mangal and Ansbury Inc.
But a press statement issued by Oando maintained that, “Alhaji Mangal has 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 is 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 the business optimally.
Oando Plc’s Group Chief Executive, Jubril Adewale Tinubu, said “I am pleased we have been able to reach an amicable agreement with Alhaji Dahiru Mangal and successfully addressed the concerns he raised in his petition to the SEC.”
“Following the peace accord and declaration of his substantial shareholding, the company has encouraged him to exercise his rights as a shareholder by having more oversight of the company’s affairs.
“The belief is that this will enable him gain a better understanding of the company’s business development plans, initiatives and operations,” Tinubu further said.
Also Alhaji Dahiru Mangal said: “Following the clarification I have received from Oando’s management team, I have withdrawn my petition to the SEC.”
It is however not clear if the withdrawal will result in the suspension of the forensic audit ordered by the SEC in December, 2017, as effort to get further clarification from SEC was not successful.
The successful execution of the peace accord was mediated by the Emir of Kano, Alhaji Muhammadu Sanusi II (CON), 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,” the emir also stated.
A management source at SEC, said to our reporter: “As far as SEC is concerned the matter is still in court and we are determined to continue with our investigation.”
Other source at the apex regulatory expressed doubt that the commission will continue with the audit.
He said the primary parties in the dispute have resolved and it may be unnecessary to sustain the process.