Nigeria’s Oando clears legal hurdles

LAGOS, January 23, 2018 – Nigerian independent Oando has resolved an alleged discrepancy in its ownership structure which led the Nigerian Securities and Exchange Commission to briefly suspend trading in October 2017, the company announced on Monday.

Alhaji Dahiru Mangal, who filed a petition with the SEC, has been confirmed as a substantial shareholder in Oando, the company statement added.

“I am pleased we have reached an amicable agreement with Alhaji Dahiru Mangal and
have satisfactorily addressed the concerns he raised in his petition to the SEC,” Oando Group CEO Jubril Adewale Tinubu said.

“We encourage him to exercise his rights as a shareholder and be more involved in oversight of the affairs of the Company. Shareholders must be confident in the operations of the company they are invested in; this can only occur through active participation.”