Billionaire businessman, Dahiru Mangal, has sold his shares in Oando Plc, four years after the ownership tussle with Adewale Tinubu led management.
Specifically, the company traded 1.97 billion shares valued at N11.83 billion in off-market trade at N6 per share in eight deals.
Oando in a statement signed by its Chief Compliance Officer & Company Secretary, Ayotola Jagun officially notified the Nigerian Exchange Ltd (NGX) of the acquisition of Dahiru Mangal’s interest in the company by Leaf Investment & Realtors Ltd.
Mangal is the Chairman and Chief Executive Officer of AFDIN Group of companies Nigeria Limited comprising Max Air Limited, Katsina Dyeing, Printing Textiles Limited, AFDIN Football Club, AFDIN Construction Company Nigeria Ltd, Manasawa Oil, Mangal Oil and Manasawa Enterprises, a clearing and forwarding firm.
Oando in the announcement said that Mangal has sold his 1,968,452,614 shares in Oando Plc to Leaf Investment & Realtors Limited.
Oando said: “Based on the above, Leaf Investment & Realtors Limited now holds 15.83 percent of Oando PLC.”
The development is coming four years after the ownership tussle with the Oando management led by Oando PLC’s Group Chief Executive, Tinubu.
The rift led to the suspension of the oil company from trading on both the Nigerian Stock Exchange and Johannesburg Stock Exchange.
Daily Trust learnt that the latest transaction was negotiated as a cross deal by APT Securities and Funds Ltd. as both buyer and seller.
Speaking on the transaction, a broker who do not want his name mentioned said the transaction was part of the agreement with Ocean and Oil development Partners Ltd. with Alhaji Dahir Mangal to settle their dispute.
The stockbroker said Mangal was realising all his holdings as part of settlement in line with the Securities and Exchange Commission (SEC) mandate to the company to settle all the grievances causing issues with its majority shareholder.
The broker said Mangal would also withdraw his directors, both the executive director, Mukhtar Zubair and non-executive director, Alhaji Bukar Goni Aji, as part of the settlement agreement
Recall that Mangal and Ansbury Inc. on Wednesday, October 20, 2017, filed a petition on allegations of infractions and mismanagement against Oando management.
Ansbury Incorporated, owned by Gabriele Volpi, an Italian-born Nigerian businessman petitioned the Securities and Exchange Commission.
The shares of Oando were suspended by the NSE and the Johannesburg Stock Exchange.
Volpi had claimed that he owned 61.9 percent equity in the company which makes both him and Mangal owners of nearly 70 percent of Oando shares.
The duo claimed that the shares were sufficient to make them owners of Oando.
On December 15, 2017, Oando accused Mangal of acquiring his shareholding interest by contravening market rules.
“The SEC ignored the wrongdoing and illegal conduct of Alhaji Dahiru Mangal in not disclosing his full shareholding interest in the Company, a proportion of which was acquired as a result of market manipulation and Insider Trading activities,” the company said.
In 2018, Oando said a ‘peace deal’ had been reached with Mangal following the intervention of the Emir of Kano, Muhammadu Sanusi.
Oando confirmed that Mangal was a substantial shareholder, adding that all the issues raised in his petition to the SEC have been addressed and clarified by the Company.
Mangal had said: “Following the clarification I have received from Oando’s management team, I have withdrawn my petition to the 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 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.’’
