Wale Tinubu and Italian investor, Gabriele Volpi have agreed to acquire shares of minority investors. As they demand to exit Oando after enduring a long dispute involving the firm’s board; and the capital market regulator, Securities and Exchange Commission (SEC).
SEC ordered Tinubu to resign, alongside his deputy, accusing them of false disclosures and market abuse.
While Tinubu and Oando denied the allegations, the battle lasted until July 19, 2021. When SEC disclosed that Oando has settled out-of-court with the regulator; and mandated the company to pay undisclosed amount to the Commission as part of its settlement agreement.
Another set of shareholders are now making their way out of Oando, after agreement to buy their 42.63% stake by OODP, which is by Volpi (40%) Tinubu (40%) and Boyo (20%) according to the company’s financials seen by Ripples Nigeria.
OODP has 57.37% ownership of Oando, and acquisition of the minority shareholders stake will see the majority investor hold 100% ownership of Oando, making it a private company, and ending its publicly listed run in the Nigerian stock market.
Although, shareholders are yet to vote on the share transfer, and the company has 120 days to send the share arrangement to SEC and the capital market authority, Nigerian Exchange Limited. While it has 30 days to organise a court-ordered shareholders meeting to decide on the deal officially.
-RipplesNigeria
