Oando crisis: Sanusi brokers peace between company’s CEO, Tinubu, major shareholder
The chief executive officer of Nigeria’s oil firm, Oando Plc, Wale Tinubu, has reconciled with Dahiru Mangal, an estranged shareholder of the company.
A notice posted by the company to The Nigerian Stock Exchange (NSE), on Monday said the peace accord was mediated by Muhammadu Sanusi, the Emir of Kano, and was concluded on January 7, 2018.
The notice also said Mangal had withdrawn his petition to the Securities and Exchange Commission (SEC).
Oando and Mangal were last year engaged in a controversy over the shareholding status of the businessman in the oil firm.
Mangal later petitioned the SEC and prompted the regulatory agency to order the suspension of the company’s shares on the NSE.
It should be recalled that Oando has been battling the technical suspension imposed on the shares of the company on the floor of the Nigerian stock market, a matter Oando had taken to court to challenge SEC’s suspension of its shares and an order for an audit of its business activities by forensic experts hired by SEC.
The crisis also led to the sack of Mounir Gwarzo, the erstwhile Director General of SEC, by Kemi Adeosun, the Finance Minister, over wave of corruption allegations swirling around him, including paying himself over N100million in retirement benefits to which he was not eligible, although some insiders said it was because Gwarzo pointedly refused the minister’s instruction that the SEC should halt its investigation of Oando Plc, former employers of Adeosun, for crooked book-keeping and corruption.
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