Nigerian billionaire and business magnate Dahiru Mangal has divested his entire stake in Oando Plc, marking the end of his involvement in the company. The sale of his 1,968,452,614 shares to Leaf Investment & Realtors Limited comes four years after a high-profile ownership tussle with the Wale Tinubu-led management of Oando.
A Key Shareholder Bows Out
The sale, valued at an estimated N10.4 billion, is based on Oando’s current trading price of N5.4 per share. The transaction positions Leaf Investment & Realtors Limited as a significant shareholder in Oando, now holding a 15.83% stake in the energy company.
This development is a major shift in Oando’s ownership structure, as Mangal was once a critical player in the company’s history. His exit follows years of disputes and eventual reconciliation with the management of Oando, led by Group Chief Executive Adewale Tinubu.
A History of Disputes
The ownership battle between Mangal and Tinubu dates back to 2017 when Mangal and Ansbury Incorporated—owned by Italian-Nigerian billionaire Gabriele Volpi—filed a petition with Nigeria’s Securities and Exchange Commission (SEC). They alleged financial infractions and mismanagement by Oando’s leadership, a claim that led to the suspension of Oando’s shares on both the Nigerian Stock Exchange and the Johannesburg Stock Exchange.
At the peak of the dispute, Mangal and Volpi claimed to control a combined 70% of Oando’s shares, asserting that this equity was sufficient to make them majority owners of the company. However, Oando countered the claims, accusing Mangal of market manipulation and insider trading, alleging that he failed to disclose his full shareholding interest.
The 2018 Peace Accord
In 2018, following interventions by prominent figures, including the late Emir of Kano, Muhammadu Sanusi II, a peace accord was brokered between Mangal and Oando. Mangal publicly withdrew his petition, stating confidence in the company’s leadership and expressing optimism about Oando’s growth potential.
At the time, Mangal described the resolution as a new chapter in his relationship with Oando, saying, “I invested in Oando because I could see its potential… I am confident in the company’s leadership team and trust that it will continue to grow from strength to strength, returning real value to all its shareholders.”
The End of an Era
Dahiru Mangal’s exit marks the conclusion of a tumultuous chapter in Oando’s corporate history. Known as a key player in Nigeria’s business landscape, Mangal is the Chairman and Chief Executive Officer of AFDIN Group of companies Nigeria Limited comprising Max Air Limited, Katsina Dyeing, Printing Textiles Limited, AFDIN Football Club, AFDIN Construction Company Nigeria Ltd, Manasawa Oil, Mangal Oil and Manasawa Enterprises, a clearing and forwarding firm
With his departure, Oando now looks to solidify its ownership structure and focus on its ambitious global expansion plans under Tinubu’s leadership. The sale also reflects a new phase for Mangal, who continues to oversee his vast business empire, which has made him one of Nigeria’s most influential entrepreneurs.
A Legacy of Influence
Mangal’s stake in Oando and his eventual departure underscore his significance in shaping the dynamics of Nigeria’s energy sector. As one of the country’s wealthiest businessmen, his influence extends far beyond Oando, leaving an indelible mark on industries ranging from aviation to oil and gas.
For Oando, this development is an opportunity to turn the page, ushering in a new era of stability and growth as it positions itself for greater achievements on the global stage.
