Court says Oando’s CEO can now file for judicial review of SEC’s sanction

Justice Ayokunle Faji of the Federal High Court in Lagos, has granted the Group Chief Executive Officer of Oando Plc, Mr Wale Tinubu, and his deputy, Mr Omamofe Boyo, the right to file for a judicial review of the punishments that were meted out against them by the Securities and Exchange Commission (SEC).

This follows an ex-parte application that was filed by Oladapo Shasore, the lawyer representing Oando Plc’s embattled GCEO and his Deputy.

The motion ex-parte dated 3 June 2019, sought the leave of court to enable Tinubu and Boyo to file an application for a judicial review of the decision of Nigeria’s apex capital market regulator to ban both applicants from becoming directors in any quoted company for five years. Note that an extra fine of N91,125,000 was also imposed on Tinubu.

They earlier requested an order of Certiorari to cancel SEC‘s creation of an interim management team, headed by Mr Mutiu Sunmonu (the second respondent) to supervise the activities in Oando Plc. As we reported, this plea was heeded by the court which ruled in favour of the GCEO and his Deputy on account of fundamental human rights.

They further requested an order to stop of Certiorari Tinubu from paying the N91,125,000 fine that was levied on him by SEC.

Justice Faji granted both applicants the order. He also noted that the hearing will be slated for June 21. According to him, “the motion or summons for judicial review shall be filed and served within seven days.”

Move by Tinubu: Following the court ruling, Tinubu and Boyo reportedly sent a letter to SEC on Tuesday, informing them of the declaration. The letter stated thus;

By this ruling, our clients have now been granted leave to apply by way of judicial review for an order of certiorari for the purpose of quashing the decision of SEC referred to above.

“The order of court referred to above operates as a stay and precludes you from carrying out any and all of the actions contained in your letter and press release of 31 May and 2 June 2019 respectively.

“The order of court also precludes you from carrying out any actions whatsoever arising out of SEC’s purported investigation into Oando Plc and its purported findings.

“Please note further, that any action taken contrary to this order of the court will amount to your being held in contempt of court.”

So far, the Securities and Exchange Commission has yet to reply to this letter.

Source: Nairametrics

Leave a Reply

Your email address will not be published. Required fields are marked *