Oyo Mango is a fruit company founded in the early 1900s by two brothers. It is currently one of the largest food companies in Nigeria with a turnover of N1.96 trillion.
On Monday, the Economic and Financial Crimes Commission (EFCC) arrested one of the company's directors, Arinze Olufunmilayo, for alleged involvement in the manipulation of the company's stock price.
In December 2018, a few days before Christmas, Oyo's stock price jumped nearly 5% when it was announced that it had received federal approval to acquire 100% ownership of Oilgram International Limited ( OIL). The news sent shares on the NSE soaring, with some analysts suggesting it was the result of insider manipulation.
However, less than 24 hours after this announcement, Oyo's share price fell more than 4%. It then continued to decline until February 2019, when it hit its lowest level since the financial crisis six years ago, at around 9 naira per share.