OANDO: Court nullifies sack of Wale Tinubu, others, fines SEC N250,000

Securities and Exchange Commission (SEC) has been told it has no authority in non-capital matters as Oando’s director, Yakubu Gumel, obtained a court order nullifying the sack of the management.

The court ordered SEC and its agents not to dabble into the affairs of Oando and the company’s management. The ruling comes more than a year after SEC sacked the oil company’s board of directors due to serious infractions.

SEC said its findings from a probe of Oando showed the firm was involved in mismanagement which covers false disclosures, market abuses, misstatements in financial statements, poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company.

Read also: Nigeria’s Securities And Exchange Commission Details How Wale Tinubu, Alake of Egbaland And Other Directors Ruined OANDO

This led to the removal of Wale Tinubu, as the chief executive officer of Oando, alongside his deputy, Mofe Boyo and other board members in May 2019. They were swiftly replaced by an interim management.

Gumel filed a case against the capital market regulator at a federal high court in Kano. Justice Lewis Allagoa ruled in favour of the director, nullifying the sack and awarding N250,000 to the complainant out of the N500,000 demanded as cost from the defendant.

Prior to the judgement by Allagoa, a different court had restrained SEC and its agents from meddling into the management affairs of Oando. The presiding judge in the recent case directed both parties to resolve their issue at the investments and security tribunal.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now