OANDO OFF THE HOOK OF SECURITIES AND EXCHANGE COMMISSION?

It looks like Oando plc is on its way out of the hook of the Securities and Exchange Commission which recently ordered its suspension from the Nigerian stock market with a court order reversing this later to give Oando a breather.

Even though SEC is believed to have headed for the higher court to ensure its order stays in place, news from Oando in a release on Monday signed by Company secretary and chief compliance officer, Ayotola Jagun, is that Alhaji Dahiru Mangal, the shareholder who petitioned SEC and Oando have reached a peace accord brokered by the Emir of Kano, Muhammadu Sanusi 11.

According to Jagun, under the accord Alhaji Mangal has been accorded his rightful status of substantial shareholder since he has above 10% interest shareholding in Oando. As a substantial shareholder, he is entitled to nominate his representative on the board of Oando.

Also, Alhaji Mangal was encouraged to, like every shareholder, exercise his right by law to over sight  the company and get more involved to appreciate its modus operandi.

Says Jagun: "In addition to confirming his status as a substantial shareholder, all issues raised by Alhaji Mangal in his petition to the Securities and Exchange Commission have been addressed and clarified by the company"

He then quoted Alhaji Mangal as saying of the accord in part: "Following the clarification I have received from Oando's management team, I have withdrawn my petition to SEC".

This is yet to be confirmed by SEC though but if indeed, there is a peace accord, it leaves less room for any big hammer by SEC unless of course, the issues raised are substantially important enough to warrant being resolved through a forensic audit as earlier called for by SEC.

The Emir of Kano, was however quoted as saying that he got involved in the peace process because he has known Oando major player, Adewale Tinubu for a long while and believed that indigenous investment efforts of the Oando kind should be encouraged to grow and excel.

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