By Dipo Olowookere
Embattled indigenous oil firm, Oando Plc, has finally settled its differences with one of its petitioners, Mr Dahiru Mangal.
As part of the settlement deal, the energy company has reserved a slot for Mr Mangal in the board of Oando, which can be occupied by any of his nominee.
A statement issued on Monday by Oando disclosed that the peace deal between both parties was brokered by the Emir of Kano, Mr Muhammadu Sanusi, the immediate past Governor of Central Bank of Nigeria (CBN).
Mr Mangal had petitioned the Securities and Exchange Commission (SEC), alleging gross financial misconduct and others.
A panel was set up by the regulatory agency to look into the allegations and Oando was found guilty and ‘technically’ suspended the company on the Nigerian Stock Exchange (NSE), allowing the trading of Oando shares with price frozen at N5.99k per share.
SEC also ordered an independent forensic audit of Oando, but the oil firm initially blocked this by running to a Federal High Court in Lagos.
However, it lost the suit and was asked to approach the appropriate quarters, the Investments and Securities Tribunal (IST) to seek redress.
In the statement released yesterday, Oando said it has resolved “all the issues raised by Mr Mangal in his petition to SEC.”
Group Chief Executive of Oando, Mr Adewale Tinubu, while commenting on the peace accord, expressed satisfaction with the “amicable agreement” reached with Mr Mangal, noting that the firm has 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,” he said.
On his part, Mr Mangal said, “Following the clarification I have received from Oando’s management team, I have withdrawn my petition to the SEC.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.”
Also commenting, the Emir of Kano noted that the development of the Nigerian economy is hinged on local participation and all efforts must be made to allow indigenous firms progress.
He urged Mr Mangal and Mr 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.
“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.”
