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SEC moves to quash court order restraining it from sacking Oando board, management

Nigerian Securities and Exchange Commission (SEC) Tower in Abuja
Nigerian Securities and Exchange Commission (SEC) Tower in Abuja

The ongoing tussle between the Securities and Exchange Commission (SEC) and Oando Board and its management over the commission’s directives to have them resign has assumed a new dimension.

It will be recalled last Monday that Oando approached the court to restrain SEC and its agents, employees, and privies from taking any step concerning or acting on its decision contained in its letter of May 31 pending the determination of the motion for interlocutory injunction.

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A Federal High Court in Ikoyi, Lagos, granted their prayers and restrained SEC from taking any step concerning or acting on its decision contained in its letter of May 31, 2019 imposing a fine of N91,125,000.00 on Mr. Adewale Tinubu and barring him and Mr. Omamofe Boyo from being directors of public companies for a period of 5 years pending the determination of the substantive suit filed before the court

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Justice Mojisola Olatoregun granted the order sequel to an ex-parte application accompanied with an affidavit of urgency filed before the court by Dr. Olisa Agbakoba SAN, alongside two other topmost Senior Advocates of Nigeria, Messers Tayo Oyetibo and Oluyede Delano.

The court action had halted the directives of SEC to appoint an interim management for Oando, our reporter gathered.

However, in a release by the commission on Sunday, it indicated that it has filed a court process at the federal high court in response to the suit instituted by the Group Chief Executive Officer and Deputy Group Chief Executive officer of Oando Plc.

It further stated that “Failure or refusal of the Commission to act in the face of the serious issues thrown up by the investigations or to reverse its directives, would undermine the Federal Government’s agenda to build strong institutions and promote the transparency and integrity of the Nigerian capital market, especially given that, these are preconditions for attracting foreign investors to the Nigerian capital market.”

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