Leaf Investment & Realtors Limited has acquired a substantial stake in Oando Plc.

The firm which now holds 15.83 per cent shares in Oando acquired the interest of Alhaji Dahiru Mangal in the oil company.

“In accordance with Rule 17:13 (a) of the Nigerian Exchange Limited Issuers’ 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 Limited. “Based on the above, Leaf Investment & Realtors Limited now holds 15.83% of Oando Plc,” Oando stated in a notice to the Nigerian Exchange on Monday.

Mangal is the owner of Max Air. He recently signed a $600 million agreement with a Chinese firm to build a cement company in Kogi State

Speaking on the transaction, a broker at APT Securities and Funds Ltd., who pleaded anonymity, said the transaction was part of the agreement between Oando and Ocean and Oil Development Partners Ltd. to settle their dispute.

The stockbroker said Alhaji Dahiru Mangal, representative of company, was realising all his holdings as part of settlement in line with the Securities and Exchange Commission (SEC) mandate to the company to settle all the grievances causing issues with its majority shareholder.

The broker said Mangal would also withdraw his directors; both the executive director, Mukhtar Zubair and non-executive director, Alhaji Bukar Goni Aji, as part of the settlement agreement.

Mangal and Gabriel Volpi-controlled shell company had petitioned the Securities and Exchange Commission (SEC) wherein they alleged financial mismanagement by Oando’s management.

This led to an audit and the suspension of Oando’s trading on both the Lagos and Johannesburg stock exchanges.

The intervention of deposed Emir of Kano, Lamido Sanusi, led to the resolution of the crisis in January 2018.