Sanusi settles Oando dispute as firm considers appointment of Mangal representative on board
Effort to address the crises of confidence between the Securities and Exchange Commission (SEC) and Oando Plc heightened yesterday, as the Emir of Kano, Emir Muhammadu Sanusi II, waded into the crises between Oando and Alhaji Dahiru Mangal.
Consequently, the oil giant in a statement, yesterday officially confirmed Alhaji Dahiru Mangal substantial shareholder in the company.
Oando also stated that in addition, subject to the provisions of the SEC Code, Companies and Allied Matters Act (CAMA) and Oando’s board appointment process, its board of directors will consider the appointment of representation for Alhaji Mangal to the Board.
“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.”
Alhaji Mangal and Ansbury Inc. on Wednesday, October 20, 2017 filled a petition on allegations of infractions and mismanagement against Oando management.
Subsequently, the NSE, with a directive from the SEC, announced the suspension of trading in the shares of Oando Plc from October 20, followed with a forensic audit of the company to the tune of N160 million.
In a statement signed by the Chief Compliance Officer & Company Secretary of Oando Plc, Ayotola Jagun obtained from the Nigerian Stock exchange website stated;” In accordance with the Companies and Allied Matters Act, Cap. C20 LFN 2004 (‘CAMA’) an individual or entity with direct / beneficial share ownership over 10 per cent constitutes a substantial shareholder in the Company, the Company has been officially notified by Alhaji Dahiru Mangal that he is a substantial shareholder in the Company.
“In addition to confirming his status as a substantial shareholder, all the issues raised by Alhaji Mangal in his petition to the Securities and Exchange Commission (‘SEC’) have been successfully addressed and clarified by the Company.”
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