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Court bars SEC from giving effect to decision on Oando

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Court bars SEC from giving effect to decision on Oando

A Federal High Court, sitting in Lagos, Monday, restrained the Securities and Exchange Commission from giving effect to its decision on Oando Plc.

It would be recalled that SEC had in the decision imposed a fine N91,125,000 on Oando’s Group Chief Executive Officer, Adewale Tinubu.

It also barred Tinubu and his deputy, Mr Omamofe Boyo, from being directors of public companies for five years, while directing the convening of an Extra-Ordinary General Meeting of Oando on or before July 1, 2019, to appoint new directors.

Justice Mojisola Olatoregun however barred SEC from giving effect to the decision pending the determination of a suit filed by Tinubu and Boyo, ordering the parties to maintain the status quo.

The judge’ s orders followed an ex parte application taken before her and argued by Mr Tayo Oyetibo (SAN), accompanied by Mr Yele Delano (SAN) and Motunrayo Akinyemi.

Read also: SEC sets up interim management to appoint new directors for Oando

She ordered that the interim order along with the motion on notice filed by Tinubu and Boyo should be served on SEC and Mr Mutiu Sunmonu, who was joined as second respondent in the ex parte application.

She adjourned till June 14, 2019 for further proceedings.

Tinubu and Boyo had prayed the court to “stop SEC and its servants or agents from directing, requesting any agency of government to act upon its decision contained in its letter of 31st May 2019”.

They also prayed the court to stop Sunmonu “from acting as the head of interim management of Oando Plc pending the hearing and determination of the applicants’ motion for interlocutory injunction.”

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