Oando settles key shareholder Dahiru Mangal, eyes SEC return

Oando CEO, Adewale Tinubu
Oando CEO, Adewale Tinubu
Oando CEO, Adewale Tinubu and the Board have settled key shareholder Dahiru Mangal

Nigerian oil company Oando says it has resolved it differences with one of its key shareholder Dahiru Mangal and hopes to return to the Nigerian Securities and Exchange Commission following its suspension from the Nigerian Stock Exchange.

The Nigerian Securities and Exchange Commission (SEC) has not said whether it is calling off a forensic audit of Oando after the oil company settled a dispute with key shareholder Dahiru Mangal, a company spokesperson told Reuters.

Oando said it has been providing information to the regulator since last year and was working on getting all issues resolved this year including lifting a suspension imposed on its share price.

The spokesperson said Mangal’s petition to the SEC had to do with understanding the company’s liabilities and that Oando has paid down over half of its debt since its bought ConocoPhillips’ Nigerian assets in 2014 to 209 billion naira as of the third quarter last year.

Oando said a second petition was still with the regulator.

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On 5 December, the Securities and Exchange Commission said it will commence a forensic audit of Oando Plc.

In a letter obtained by our correspondent on Tuesday in Abuja, SEC notified the Group Chief Executive Officer of Oando, Mr Adewale Tinubu, of its decision to conduct a forensic exercise into the activities of the company.

The letter, which was signed by the acting Director-General of SEC, Dr. Abdul Zubair, said the forensic auditors would be at the premises of Oando on Wednesday to undertake the audit.