Oando Plc Ownership Tussle: Dahiru Mangal Sells His 15% Shares

Billionaire Businessman, Dahiru Mangal has sold his 15% shares in Oando Plc.

Gatekeepers News reports that Leaf Investment & Realtors Limited has purchased 15.83% – 1,968,452,614 units of Oando Plc shares owned by Dahiru Mangal.

In a statement issued by Oando Plc and filed with the Nigerian Exchange Limited (NGX), Leaf Investment & Realtors Limited now holds about 15.83% of the total shareholdings in Oando Plc.

According to a source, the transaction was part of the truce Dahiru Mangal had with Ocean and Oil Development Partners Ltd. while extending an olive branch.

This comes after the Securities and Exchange Commission (SEC) had mandated the company to settle all the grievances causing issues with its majority shareholder.

Mangal sales of his shares in Oando Plc follow four years ownership battle between him and Adewale Tinubu led management.

Mangal is the Chairman and Chief Executive Officer of AFDIN Group of companies Nigeria Limited comprising Max Air Limited, Katsina Dyeing, Printing Textiles Limited, AFDIN Football Club, AFDIN Construction Company Nigeria Ltd, Manasawa Oil, Mangal Oil, and Manasawa Enterprises, a clearing, and forwarding firm.

Following this, it is expected that Mangal would also withdraw his Directors, both the Executive Director, Mukhtar Zubair, and Non-Executive Director, Bukar Goni Aji, as part of the settlement plan.

Oando Plc, while confirming the recent acquisition in a press statement, acknowledged by its Secretary, Ayotola Jagun, and its Head of Corporate Communications, Alero Balogun, stated that: “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.’’

Meanwhile, the deal was negotiated as a cross deal by APT Securities and Funds Limited. Also, Oando Plc’s share price shed about 2.78% to close at N4.90 per share on the local bourse today. The firm traded about 1.41 million of its shares on Monday.