OANDO vs SEC: Court adjourns hearing to June 24 | Ripples Nigeria
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OANDO vs SEC: Court adjourns hearing to June 24



Court bars SEC from giving effect to decision on Oando

The Federal High Court sitting in Lagos has adjourned till June 24, hearing in the case between Oando Plc’s Group Chief Executive Officer, Mr Adewale Tinubu, and Deputy GCEO, Mr Omamofe Boyo, and the Securities and Exchange Commission (SEC).

According to the notice filed with the Nigerian Stock Exchange on Friday, the court directed that the respondents’ preliminary objection and the substantive application for enforcement of fundamental rights should be taken together at the next adjourned date.

“Consequently, the court adjourned to 24th of June 2019. The court ruled that all parties involved are to maintain the status quo pending the determination of the motion,” it added.

Oando had approached the court following an order by SEC that suspended its top two executives.

Read also: Shell laments loss of 11,000bpd of oil to theft in 2018

Oando said it was not given opportunity to review and respond to SEC’s forensic audit report

The apex capital market regulator announced on June 2 that it had set up an interim management team to oversee the affairs of the company and conduct an extraordinary general meeting on or before July 1, 2019, to appoint new directors who would subsequently select a management team for the company.

However, the Federal High Court sitting in Lagos granted an interim injunction on June 3 following an application by Oando’s GCEO and his deputy, restraining SEC from executing the sanctions.

In a ruling by Justice Mojisola Olatoregun, the Federal High Court barred SEC from giving effect to the decision pending the determination of a suit filed by Tinubu and Boyo.

Justice Olatoregun ordered the parties to maintain status quo and adjourned till June 14, 2019, for further proceedings.

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