The representation will take the form of directorship from qualified individuals nominated by ...
Mangal, who owns more than 10% of Oando's shares, petitioned Nigeria's Securities and Exchange Commission (SEC) past year, alleging financial mismanagement at the firm.
Oando said Mangal has officially notified the company that he is a substantial shareholder, owning more than 10 percent of the firm's shares.
This action is in line with the company's promise at the end of a year ago where it committed to the successful conclusion of the SEC investigation so that it could refocus its energy on managing the business optimally.
Oando Plc on Monday says it has signed a peace accord with one of the aggrieved shareholders, Alhaji Dahiru Mangal, who earlier petitioned the Securities and Exchange Commission.
However, Oando added: "Following the Peace Accord and declaration of his substantial shareholding, the Company has encouraged him to exercise his rights as a shareholder by having more oversight of the Company's affairs; the belief is that this will enable him gain a better understanding of the Company's business development plans, initiatives and operations".
A key shareholder of Nigeria's indigenous oil and gas firm, Oando Plc, has withdrawn his petition to the Securities and Exchange Commission, SEC, following a peace deal with the oil firm's chief executive officer, Wale Tinubu.
It is however not clear if the withdrawal will result in the suspension of the forensic audit ordered by the SEC in December, 2017, as effort to get further clarification from SEC was not successful.
Also commenting, Emir Muhammadu Sanusi said: "The development of the Nigerian economy is hinged on local participation; it is therefore an imperative that as a people we come together to make indigenous participation and success a reality".
"I have watched Wale Tinubu from his days in Ocean and Oil and I am extremely proud of his growth and the company he has built", he was quoted to have said.
A company source told Reuters a year ago the petitions centred around the ownership of some Oando shares bought through an investment vehicle at the time the company bought ConocoPhillips' Nigerian business for $1.65-billion in 2014.
"I call on Alhaji Mangal and Wale Tinubu to see themselves as partners focused on achieving one goal; attainable only if they have confidence and trust in one another".
Oando also stated that in addition, subject to the provisions of the SEC Code, Companies and Allied Matters Act and Oando's board appointment process, its board of directors would consider the appointment of a representative for Mangal to the board. I invested in Oando because I could see its potential.
"I am confident in the company's leadership team and trust that with the right support it will continue to grow from strength to strength, returning real value to all its shareholders including my good self". "As Nigerians we must protect our local industries and ultimately the development of this great nation and so I am excited by what this means for the company and Nigeria as a whole".