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Nigerian businessman Dahiru Mangal has sold off his 15.83-percent stake in the Nigerian integrated energy solutions provider, Oando Plc, to Leaf Investment & Realtors Limited.
With the sale amounting to 1,968,452,614 ordinary shares in Oando, Mangal will pocket N9.92 billion ($24.1 million) from Leaf Investment & Realtors, a Lagos based investment company.
Oando is a Nigeria-based integrated energy solutions provider with operations in four segments: exploration and production, supply and trading, gas and power and corporate.
The group operates under the leadership of CEO Adewale Tinubu, the nephew of one of the most prominent statesmen in Nigeria, Bola Tinubu, who is also a former governor of Lagos State.
The acquisition of the shares was executed after the investment company struck a deal to acquire a 15.83-percent stake in Oando from Dahiru Mangal, a significant shareholder in the organization.
The deal comes nearly four years after Mangal’s ownership tussle with the Oando management after allegations of infractions and mismanagement against the Adewale Tinubu-led company.
The conflict arose in 2017 when Mangal and a shell company controlled by influential Italian-born Nigerian businessman Gabriele Volpi submitted a petition to the Nigerian Securities Exchange Commission, alleging financial mismanagement and insider trading by the executive, prompting an audit into the matter.
The power tussle led to the suspension of the oil company from trading on the Nigerian Exchange and Johannesburg Stock Exchange. The insider fighting, coupled with difficulties in its operating environment, led to poor financial performance on behalf of the company.
Mangal is the chairman and CEO of AFDIN Group, comprising Max Air Limited, Katsina Dyeing, Printing Textiles Limited, AFDIN Football Club, AFDIN Construction Company Nigeria Limited, Manasawa Oil, Mangal Oil and Manasawa Enterprises.
Through Mangal Industries, he recently signed an agreement with the Chinese construction firm, Sinoma. The two companies will construct a 3-million-metric-tonne-per-year cement plant and a 50-megawatt captive power plant in Moba in Kogi State by early 2024.
