Oando has notified Nigerian Exchange Ltd., NGX, of the acquisition of Dahiru Mangal’s stake in the company by Leaf Investment & Realtors Ltd. The disclosure was made at the floor of the Stock Exchange in a statement signed by Oando’s chief compliance officer and company secretary Ayotola Jagun, published on the NGX on Monday. “In accordance with Rule 17:13 (a) of the Nigerian Exchange Ltd. Issuer 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 Ltd .
“Based on the above, Leaf Investment & Realtors Ltd. now owns 15.83 per cent of Oando Plc,” the statement said. Oando had surpassed the volume of shares traded on NGX on November 22 with an exchange of 1.97 billion shares. Specifically, the company traded 1.97 billion shares valued at N11.83 billion in off-market trading at N6 per share in eight deals. The transaction was negotiated as a crossover agreement by APT Securities and Funds Ltd. as buyer and seller.
Speaking about the transaction, a broker for APT Securities and Funds Ltd., who declared himself anonymous, said that the transaction was part of the agreement with Ocean and Oil Development Partners Ltd. with Mangal to resolve their dispute. The stockbroker said that Mangal was becoming aware of all his holdings as part of an agreement under the mandate of the Securities and Exchange Commission, SEC, to the company to resolve all complaints that cause problems with its majority shareholder. The broker said Mangal would also remove his directors, both CEO Mukhtar Zubair and non-executive director Bukar Goni-Aji, as part of the settlement agreement.