BABAJIDE OKEOWO
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.
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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.