Economy
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.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
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By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
