After several months of boardroom tussle and name-calling, Dahiru Mangal and Oando PLC’s management said they have resolved the lingering crisis that has mired the image of the company.
Oando said in a statement that Dahiru Mangal will be given a board appointment.
It would be recalled that Dahiru Mangal had issued a scathing statement and other documents which alleged gross misconduct and corruption in the energy company.
A spokeswoman for Oando said: “In 2018 we are trying to resolve all issues so that we focus on running the business and get our share price lifted. The price of oil is going back up and this needs to be reflected on our share price.”
Dahiru Mangal confirmed the resolution saying he has withdrawn his petition after he received “clarifications” from the management of Oando
You will recall that the entire fight ended up polarising the capital markets community with the Securities and Exchange Commission suspending the trading ion the shares pf Oando.
The SEC ordered for a forensic audit into the books of Oando and that the company will pay for the costs of the audit. Oando went to a law court to block the audit while still maintaining that it is a transparent organisation with zero financial irregularities. The entire saga led to the suspension of Mounir Gwarzo, the Director General of the SEC on corruption allegations levelled against him from an internal activity within the Commission.
The fight became messier when it became more apparent that both Oando and Dahiru Mangal had hired image makers to launder their image and throw shades at each other. These PR people went ahead to get hundreds of Twitter influencers who were spamming various social networks with brickbats and insulting lines.
Well, after the messy fight, we are now bestowed with this elusive resolution. For many shareholders of Oando, it is expected that the resolution will bring about a reset in the company’s corporate governance as Dahiru Mangal’s petitions exposed several lapses as to how the company is being managed.
There are other questions left unanswered in this whole matter. Was Mounir Gwarzo taken out of the way because of his standing that Oando had erred in its books? Was he really guilty of corruption charges? who dug up dirt on him? Why was he not investigated before the Oando saga happened?
The SEC and the federal ministry of finance will have to come clean to bring confidence to the capital markets.