Oando: Court adjourns hearing till June 24

The Federal High Court of Lagos has adjourned hearing between Oando Plc Group Chief Executive, its Deputy Group Chief Executive and the Securities & Exchange Commission (SEC).

At the Federal High Court on June 13 presided over by Judge C M A Olatoregun, the case between Oando Plc Group Chief Executive, Adewale Tinubu, and Deputy Group Chief Executive, Omamofe Boyo, and the Securities and Exchange Commission (SEC) came up for hearing.

The Court directed that the Respondents’ Preliminary Objection and the substantive application for enforcement of fundamental Rights should be taken together at the next adjourned date. Consequently, the Court adjourned to June 24, 2019. The Court ruled that all parties involved are to maintain the status quo pending the determination of the Motion.

The Company, in its press release dated 3rd June 2019, reported that the court had granted the following orders pending the hearing and determination of the applicant’s motion for interlocutory injunction: An order of interim injunction restraining the Securities and Exchange Commission (SEC), its servants, agents, employees and / or privies from taking any step concerning and / or acting on the decisions contained in its letter of 31^st May 2019 imposing a fine of N91,125,000 on Jubril Adewale Tinubu and barring both Jubril Adewale Tinubu and Omamofe Boyo from being Directors of public companies for a period of 5 years.

An order of interim injunction restraining Mutiu Olaniyi Adio Sunmonu from acting as the head of the Interim Management of Oando Plc; an order staying and / or suspending the execution or the enforcement of the SEC’s decisions contained in its letter dated 31st May, 2019 imposing a fine of N91,125,000 on Jubril Adewale Tinubu and barring both Jubril Adewale Tinubu and Omamofe Boyo from being Directors of public companies for a period of 5 years.

Also noted was an order restraining the SEC, its servants and its agents from directing, requesting any Agency of the Government from acting upon the SEC’ s decisions contained in its letter dated 31st May, 2019.

Pursuant to the court order, Oando’s management team and Board of Directors as at the date of this release (save for the two (2) non-executive directors departure announced on the 7th of June 2019) remain unchanged pending the outcome of the hearing of the various applications filed by the parties.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.