The Securities and Exchange Commission (SEC) has said that the ban of Oando Plc from holding annual general meeting remains in force
Recall that in 2017, the Commission received petitions from two shareholders of Oando Plc alleging corporate governance lapses, mismanagement of the company etc. The Commission said it conducted investigations into the activities of the company and observed certain infractions and violations of securities laws by some members of the Board of the company.
According to its release within the week, in order to protect public interest and the integrity of the capital market, the Commission sanctioned the company and the affected directors via its letter dated May 31, 2019.
SEC recalled that Oando Plc subsequently instituted several cases in court challenging the directives in the Commission’s letter.
The statement from SEC said the status of the cases filed by all the aggrieved parties are summarized as follows: The Commission further to the Ex-parte Order of the Federal High Court, Ikoyi Lagos made on June 3, 2019 in Suit No: FHC/L/CS/910/19 in Mr. Jubril Adewale Tinubu & Anor V Securities & Exchange Commission & Anor, suspended the Annual General Meeting of Oando Plc (a company listed on the Nigerian and Johannesburg Stock Exchanges) which was scheduled to hold at the Zinnia Hall, Eko Hotels and Suites, Plot 1415, Adetokunbo Ademola Street, Victoria Island, Lagos on Tuesday, June 11, 2019 at 10:00am.
Second, the Suit No: FHC/L/CS/910/2019, Mr. Jubril Adewale Tinubu and Mr Omomofe Boyo Vs. Securities and Exchange Commission & Anor:
As it posited the Federal High Court, Abuja Division per Honourable Justice F.O.G Ogunbanjo on 25th February 2021 struck out the action filed by Mr Jubril Adewale Tinubu and Mr Omomofe Boyo challenging the directive of the Commission in the letter of 31st May 2019 for want of jurisdiction.
Going further,it informed that the Court referred to the judgment delivered by Honourable Justice R.M Aikawa on 23rd November 2017 in Suit No: FHC/L/CS/1601/17-Oando Plc v Securities & Exchange Commission & Anor where the Court also struck out the action filed by Oando Plc for want of jurisdiction.
Even as it disclosed that Mr Jubril Adewale Tinubu and Mr Omomofe Boyo have filed a Notice of Appeal against the said judgment and same is pending at the Court of Appeal, Abuja.
Hence,the Federal High Court, Abuja Division per Honourable Justice F. O. G. Ogunbanjo on February 25, 2021 struck out the action filed by Oando Plc challenging the directive of the Commission in the letter of 31st May 2019 for want of jurisdiction.
It revealed that Oando Plc has filed a Notice of Appeal against the said judgment and same is pending at the Court of Appeal, Abuja.
The Federal High Court, Abuja Division per Honourable Justice F. O. G. Ogunbanjo on February 25, 2021 also struck out the action filed by Mr. Olufemi Adeyemo challenging the directive of the Commission in the letter of May 31, 2019 for want of jurisdiction and Mr. Olufemi Adeyemo has filed a Notice of Appeal against the said judgment and same is pending at the Court of Appeal, Abuja.
The matter is still pending at the Federal High Court, Abuja and a date is yet to be given for hearing among others.
In regards to these matters that are pending in Court and the Notice of Appeal filed by the Appellants against the judgments delivered in favor of the Commission, Mr. Olasupo Shasore SAN (acting as counsel to the Appellants) via the letter dated February 25, 2021, advised the Commission to maintain status quo pending the determination of the cases and the appeals.
