Court Now To Hear Oando Case Against SEC On July 22

A Federal Court in Lagos has fixed July 22 as a new adjourned date for the case filed against the Securities and Exchange Commission (SEC) by oil company Oando Plc to stop the capital market regulator from removing its chief executive and his deputy from office.

Last month, Oando has obtained the court approval to stop SEC from carrying out its sanction against its chief executive Wale Tinubu and his deputy Omamofe Boyo who were indicted by the investigations into the affairs of the energy firm.
The regulator in its finding, SEC said it had found evidence of financial infractions by the company and its key principal officers.
Oando has dismissed the SEC charges as unsubstantiated and called for the SEC to release the full audit on which it is basing its charges.
Oando, which also has a dual listing in Johannesburg, has evolved from a fuel retailer into a major indigenous oil producer that competes with multinationals such as Royal Dutch Shell and Exxon Mobil in Nigeria.
SEC had announced on June 2 that it had set up an interim management team to oversee the affairs of Oando 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, Justice Mojisola Olatoregun of 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 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.