For those who have been fuelling the faceoff between Oando’s Boss, Wale Tinubu and a top share of Oando plc, Alhaji Dahiru Mangal, if you care to know, the storm is over. The ruffled sea is calm in peace and tranquillity. Wale and Dahiru have resolved their conflict by embracing the spirit of togetherness in uplifting Oando, a top oil and gas company in Nigeria to an enviable height. Dahiru Mangal also withdrew his petition with the Security Exchange Commission (SEC).
Wale’s heart is full of joy and song of victory; Like mellifluous note flit through his belly like a dapper-wing butterflies. The U.K trained lawyer is a happy man. In his words, He said; “I am pleased we have been able to reach an amicable agreement with Alhaji Dahiru Mangal and successfully address the concerns he raised in his petition to the SEC.” To further buttress that Dahiru is happy with the development in his remarks he said; “Following the clarification I have received from Oando’s management team, I have withdrawn my petition to the SEC.”
It will interest you to know that Emir of Kano, Emir Muhammadu Sanusi II (CON) was the mediator of the peace accord between Oando, Alhaji Mangal and Ansbury Inc. Emir Sanusi in his remarks said: “The development of the Nigerian economy is hinged on local participation; it is, therefore, an imperative that as a people we come together to make indigenous participation and success a reality. I have watched Wale Tinubu from his days in Ocean and Oil and I am extremely proud of his growth and the company he has built. Oando is proudly a Nigerian company whose impact has been positively felt by every Nigerian. The Company is evidence of the progress we have made from an international oil companies (IOCs) led sector to one that is thriving with a mix of indigenous and international players. I call on Alhaji Mangal and Wale Tinubu to see themselves as partners focused on achieving one goal; attainable only if they have confidence and trust in one another.’’
Following the Peace Accord and declaration of his substantial shareholding, Oando has encouraged Mangal to exercise his rights as a shareholder by having more oversight of the Company’s affairs; the belief is that this will enable him gain a better understanding of the Company’s business development plans, initiatives and operations.
“We encourage him to exercise his rights as a substantial shareholder and be more involved in the affairs of the Company. Shareholders must be confident in the operations of the company they are invested in; this can only occur through dialogue and active participation.’’ Wale Tinubu said.
In addition, subject to the provisions of the SEC Code, Companies and Allied Matters Act (CAMA) and Oando’s Board Appointment Process, Oando’s Board of Directors will consider the appointment of representation for Alhaji Mangal to the Board. Oando has reinforced its stance that its business is run above board by publicly inviting Alhaji Mangal to have more oversight of its operations and exercise his rights as a shareholder which include the right to share in the Company’s profitability, as well as have a degree of control over the selection of the Company’s management team and General Meeting voting rights.
