₦airaland Forum

In a press release issued today on the Nigerian Stock Exchange (NSE) today, OANDO Plc finally shed more light about the petitions sent to the Securities and Exchange Commission (SEC). News had broken last month, that SEC was investigating the company based on two petitions sent by shareholders.

Here are highlights of the petitions:

One of the petitioners is Ansbury Plc. Ansbury Plc is not a shareholder in Oando but a shareholder in a company domiciled outside the country which in turn holds shares in a Nigerian investment company that has shares in Oando.
The second petitioner is Alhaji Dahiru Mangal. Alhaji Mangal indicated in his petition indicated that he holds a 17.9 % interest in Oando, of which 4% in his personal capacity. He is yet to disclose his beneficial ownership of 13.9%, in accordance with the Corporate and Allied Matters Act (CAMA). Failure to do so is a violation of the act, and Oando has written to inform both SEC and Alhaji Mangal.



READ MORE:https://nairametrics.com/oando-plc-reveals-the-parties-behind-the-petitions-to-sec/


Cc:lalasticlala

nairametrics:
In a press release issued today on the Nigerian Stock Exchange (NSE) today, OANDO Plc finally shed more light about the petitions sent to the Securities and Exchange Commission (SEC). News had broken last month, that SEC was investigating the company based on two petitions sent by shareholders.

Here are highlights of the petitions:

One of the petitioners is Ansbury Plc. Ansbury Plc is not a shareholder in Oando but a shareholder in a company domiciled outside the country which in turn holds shares in a Nigerian investment company that has shares in Oando.
The second petitioner is Alhaji Dahiru Mangal. Alhaji Mangal indicated in his petition indicated that he holds a 17.9 % interest in Oando, of which 4% in his personal capacity. He is yet to disclose his beneficial ownership of 13.9%, in accordance with the Corporate and Allied Matters Act (CAMA). Failure to do so is a violation of the act, and Oando has written to inform both SEC and Alhaji Mangal.



READ MORE:https://nairametrics.com/oando-plc-reveals-the-parties-behind-the-petitions-to-sec/


Cc:lalasticlala

The company is on life support, if the banks call for their money today the company will become bankrupt.

nairametrics:
...

The second petitioner is Alhaji Dahiru Mangal. Alhaji Mangal indicated in his petition indicated that he holds a 17.9 % interest in Oando, of which 4% in his personal capacity. He is yet to disclose his beneficial ownership of 13.9%, in accordance with the Corporate and Allied Matters Act (CAMA). Failure to do so is a violation of the act, and Oando has written to inform both SEC and Alhaji Mangal.

Baba just played himself. Oya EFCC, where are you guys!

Google " corporate misgovernance and management recklessness" by Emmanuel Ewumi. You will realise that Oando's problems did not start today.


https://www.nairaland.com/1065198/corporate-misgovernance-management-recklessness-corporate



http://www.knightofdelta.com/2012/10/corporate-misgovernance-and-management.html

If it is true that Wale got over 1 billion dollars from those guys in order to fund the COP deal.



http://saharareporters.com/2017/07/15/nigerian-oil-company-oando-under-probe-nigeria%E2%80%99s-securities-and-exchange-commission


1. Has Wale returned the money with interest.
2. Did he allocate shares to those guys.
3. If yes what is the quantity of shares allocated to those guys.
4. What valuation methods did he use in allocating shares to them.

We all know that when the COP deal was consummated oando was selling for less than N30.

What those aggrieved investors want, is that they want a say in the running of the business so that they can get quick return on their investment.
Wale and those guys are fighting for the soul of Oando.

Wale wants investors money and yet he wants to maintain absolute control.

Dangote would not have fallen for the sales pitch which Wale used in get funds from the aggrieved investors/shareholders.

The last is yet to be heard about this issue. SEC is yet to make any pronouncement, we have only being hearing from Oando because they have access to the press.

Beware of CEOs who crave unnecessary publicity and media hype.

The AGM coming in Akwa ibom may be the last for Wale as the CEO of Oando.

Google Alhaji Mangal, the guy is a ruthless businessman from Katsina

davide470:


Baba just played himself. Oya EFCC, where are you guys!

He played the wrong guys this time around.