The Federal High Court has adjourned the case between Oando Plc‘s Group Chief
Executive, Adewale Tinubu, Deputy Group Chief Executive, Omamofe Boyo and the Securities & Exchange Commission (SEC).
The case was adjourned by the presiding Judge C.M.A Olatoregun, who directed that the Respondents’ Preliminary Objection and the substantive application for enforcement of Fundamental Rights should be taken together at the next adjourned date.
The hearing has now been set for 24th June 2019, while Oando‘s GMD and Deputy GMD, as well as the regulator of the stock market, have been ordered to maintain the status quo pending the determination of the Motion.
What led to the court case: Oando and SEC have been at loggerheads since the regulatory body released its investigation into the activities of the management of the company. SEC accused the management of market abuses and false disclosures, demanding the resignation of Tinubu, the Board chairman, and other executives and directors of the company.
SEC followed the order by appointing interim management team who were expected to ease the process of electing new management to head the oil and gas company.
However, Oando condemned SEC’s probe and sought a court order to prevent SEC from carrying out its intention which the company said wasn’t in favour of Oando‘s shareholders. The company was granted the order.
Resignation amidst SEC’s order: The management team and Board of Directors at Oando have remained the same since the court granted the order, although Nairametrics reported the resignation of two Non-executive directors on June 7, 2019. The resignation of the Non-executive directors raised eyebrows because of their role in policy-making and planning exercises for the company.
But the management of Oando Plc and the board of directors are, however, unchanged pending the outcome of the hearing of the various applications filed by the parties.