Court Restrains SEC From Sacking Tinubu, Boyo From Oando

The embattled chief executive of Oando Plc Wale Tinubu and his deputy Omamofe Boyo have secured a restraining order from a Federal High Court in Lagos against the market regulator from removing the due from office.

The Securities and Exchange Commission (SEC) on Friday announced the removal of the duo from office following the release of the report of an investigation into the operations of the energy company, which indicted the key officials of infractions.
However, the two principals of the energy firm approached the High Court on Monday asking that the decision of the capital market regulator be set aside.
Justice Mojisola Olatoregun sitting in Lagos granted an interim injunction against SEC from going ahead to implement the report of its investigative panel on Oando.
The court also restrained SEC, its servants or agents from taking any step concerning the commission’s letter dated May 31 in which it barred Tinubu and Boyo from being directors of a public company for five years.
It also restrained the commission from imposing a fine of 91.13 million naira on Tinubu. It also ordered that SEC should restrain from all actions on the said letter pending hearing and determination of the applicants’ motion for an interlocutory injunction.
The court also restrained Mutiu Sunmonu from acting as the Head of Oando’s interim management team pending the hearing and determination of the motion. It also urged the parties to maintain the status quo ante pending the determination of the motion.
The court adjourned the case until June 14.
SEC on Sunday constituted an interim management team to be headed by Sunmonu for Oando Plc. In a statement, the commission said that Sunmonu would oversee the affairs of the company and conduct an Extra Ordinary General Meeting (EGM) on or before July 1, to appoint a new board of directors.