Oando Plc has confirmed it signed a peace accord with one of the aggrieved shareholders, Alhaji Dahiru Mangal, who earlier petitioned the Securities and Exchange Commission (SEC).
Mr. Ayotola Jagun, Oando Chief Compliance Officer & Company Secretary disclosed that the Emir of Kano, Muhammadu Sanusi II, waded into the crises between the company and Alhaji Dahiru Mangal.
The company in the statement officially confirmed Mangal as a substantial shareholder, Oando also stated that subject to the provisions of the SEC Code, Companies and Allied Matters Act (CAMA) and Oando’s board appointment process, its board of directors would consider the appointment of a representative for Mangal to the board.
In a statement, Oando said “The representation will take the form of directorship from qualified individuals nominated by Alhaji Mangal. All Directors have a fiduciary duty to always act in the best interest of the Company and its stakeholders”.
Meanwhile, the NSE, with a directive from the SEC, announced the suspension of trading in the shares of Oando effective Oct. 20 and followed it with a forensic audit of the company to the tune of N160 million.
