By Nkiruka Nnorom

Oando Plc, yesterday, said that billionaire businessman, Dahiru Mangal, has sold his entire 1.97 billion shareholding in the company, four years after ownership tussle with Adewale Tinubu’s led management.

A statement by Oando’s Company Secretary, Ayotola Jagun, filed with the Nigerian Exchange Limited (NGX) indicated that the shares were acquired by Leaf Investment & Realtors Limited.

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Recall that Mangal along with Ansbury Incorporated, an Italian company, accused the management of Oando Plc of gross abuse of corporate governance and financial mismanagement in a petition filed with the Securities and Exchange Commission (SEC) in 2017.

The petition had led to the sack of Oando’s directors and imposition of financial fines on them.

The rift also led to the suspension of the oil company from trading on both the Nigerian Stock Exchange and Johannesburg Stock Exchange.

However, on July this year, Oando Plc said it has settled its disagreement with the SEC in the overriding interest of the shareholders of the company and the capital market after years of legal tussle.

The agreement included payment of all monetary penalties stipulated in the Commission’s letter of May 31, 2019.

Meanwhile, the statement from Oando indicated that Leaf Investment & Realtors Limited now owns 15.83 percent of the company with the acquisition.

The statement reads: “In accordance with Rule 17:13 (a) of the Nigerian Exchange Limited issuers’ rules, we hereby announce the acquisition of Alhaji Dahiru Mangal’s interest of 1,968,452,614, shares in Oando Plc by Leaf Investment & Realtors Limited. Based on the above, by Leaf Investment & Realtors Limited now holds 15.83 percent of Oando Plc.

Although the details of the deal was not revealed, the deal may have worth as much as N10 billion as the company’s shares closed at N4.90 per share yesterday.