Leaf Investment Acquires 15.83% Stake in Oando After Mangal Deal

By Dipo Olowookere

A Lagos-based company, Leaf Investment & Realtors Limited, has now acquired a 15.83 per cent stake in Oando Plc, an indigenous energy firm listed on the Nigerian Exchange (NGX) Limited.

A statement issued by Oando on Monday disclosed that Leaf Investment attained the new status after it struck a deal with Mr Dahiru Mangal, one of the major shareholders of the organisation.

Last week, there was a cross deal at the exchange for the sale of 1,968,452,614 shares of Oando, which was carried out by APT Securities and Funds, which has Mr Garba Kurfi as its Managing Director.

Today, Oando confirmed that Leaf Investment acquired Mr Mangal’s interest in the company and from information flying around, it was part of the agreement reached to settle the rift he had with the organisation.

“In accordance with Rule 17:13 (a) of the Nigerian Exchange Limited Issuers’ Rules, we hereby announce the acquisition of Alhaji Dahiru Mangal’s interest of 1,968,452,614, shares in Oando PLC by Leaf Investment & Realtors Limited.

“Based on the above, by Leaf Investment & Realtors Limited now holds 15.83% of Oando PLC,” the disclosure stated.

Recall that over four years ago, Mr Mangal petitioned the Securities and Exchange Commission (SEC), accusing Oando of gross financial misconduct.

The apex capital market regulatory agency looked into the petition and established gross abuse of corporate governance and a series of manipulations and financial management in Oando Plc.

The alleged infractions included breach of the SEC Code of Corporate Governance; Breach of ISA 2007 on Disposal of Oando Exploration & Production Limited (OEPL) by Oando Plc 2013; Breach of ISA 2007: Misstatements in the 2013 and 2014 Audited financial statement of Oando Plc arising from the OEPL transaction; Breach of ISA on Misleading Information contained in Oando Plc’s 2014 Rights Issue Circular; Breach of SEC Rules and Regulations on Payment of Dividends; and the Auditor’s doubt over the ability of Oando to continue as a Going Concern.

The issue caused the suspension of Oando from the stock exchange by SEC and a forensic audit was ordered. The issue lingered for years but Mr Mangal was prevailed on to drop the case.

The deposed Emir of Kano, Mr Muhammadu Sanusi II, on Sunday, January 7, 2018, brokered peace between Oando Plc and Mr Mangal and he dropped the matter and he was allowed to appoint a director on the board.