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Max Air Chairman, Mangal sells 15.8% stakes in Oando Plc in dispute settlement

By Samuel Bankole

Nigeria’s Oando Plc on Monday said a realtor company has bought over the 1.97 billion stakes of one of its director Dahiru Mangal in the oil company.

In a regulatory filing with the Nigerian Exchange Limited (NGX), Oando said with the acquition, Leaf Investment & Realtors Limited now holds 15.83 percent stake in Oando PLC.

“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 percent of Oando PLC,” the energy firm wrote in the communication with the NGX on Monday.

READ ALSO: Seplat Energy in talks to buy ExxonMobil shallow water oilfields in Nigeria

In September, Oando has agreed to settle the dispute between the company and its aggrieved investors, Alhaji Dahiru Mangal and Ansbury Inc., a major investor in investment vehicle, Ocean and Oil Development Partners Limited (OODP BVI) out of court.

Oando said in a statement two months ago that it has now resolved to put its disagreement with the two investors behind the company, like it did with the Securities and Exchange Commission (SEC), which sacked the company’s Group Chief Executive Officer, Wale Tinubu and his deputy, Omamofe Boyo at the height of the crisis in the company two year ago.

This follows Oando’s decision to settle out of court with SEC in July, with the company expected to pay the capital market regulator without accepting guilt in the allegation made by SEC.

Mangal, a business mogul, an entrepreneur who expert is the Chairman of Max Air Limited.

With the acquisition of Mangal stake in Oando Plc by a realtor firm, two of the directors representing the interest of Max Air chairman, Mukhtar Zubair and non-executive director Bukar Goni-Aji, as part of the settlement agreement.

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