Oando Plc has, through its lawyer Yele Delano (SAN), indicated its interest to join in the suit filed by its Group Chief Executive Officer, Wale Tinubu and his Deputy Omamofe Boyo, against the Securities and Exchange Commission (SEC).
Delano told Justice Ayokunle Faji of a Federal High Court in Lagos that his client (i.e., Oando Plc) intends to be joined in the suit.
Following the new development, Justice Faji reportedly fixed Monday, July 22, 2019, for the hearing of the substantive suit.
Nairametrics understands that Tinubu and Boyo had earlier filed a suit numbered FHC/L/CS/910/19 to challenge the SEC decision.
Why the plenty lawsuits against SEC? Oando Plc and SEC have been at loggerheads since the regulatory body released its investigation into the activities of the management of the oil company. SEC had accused the company’s top management of market abuses and false disclosures and demanded the resignation of Tinubu, the Board chairman, and other top executives and directors of the company.
SEC followed the order by attempting to appoint an 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/obtained a court injunction 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.
.Backstory: A shareholder battle ensued in Oando about two years ago after its directors Gabriel Volpi co-founder of Intel’s Plc and Northern businessman Alhaji Dahiru Mangal accused the company’s management of financial recklessness and denying them adequate representation on the board.
- They also requested that SEC suspend the company’s Annual General Meeting. Oando denied it, following which SEC launched an investigation. SEC went ahead to announce it was conducting a forensic investigation on Oando in October 2017.
- Oando then took the case to court alleging that SEC does not have the powers to investigate its affairs and went to the court requesting a restraint of SEC from the courts.
- As Oando battled with SEC, the Minister of Finance suspended the DG, Mr Mounir Gwarzo accusing him of financial impropriety when he was SEC Commissioner, an accusation Gwarzo denied.
- The Minister, Kemi Adeosun eventually resigned following a media leak about her NYSC status.
- Just this week the court ordered the reinstatement of Gwarzo as SEC DG a stark coincidence as SEC’s press release was issued a two days after.