The Federal High Court of Lagos with presiding Judge C. M. A. Olatoregun on Thursday heard the case between Oando Plc’s Group Chief Executive, Adewale Tinubu, and Deputy Group Chief Executive, Omamofe Boyo, and the Securities and Exchange Commission.
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 a statement dated June 3, 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 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.
• 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.
• An order restraining the SEC, its servants and its agents from directing, requesting any Agency of the Government from acting upon the SECs 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 non-Executive Directors departure announced
on the June 7, 2019, remain unchanged pending the outcome of the hearing of the
various applications filed by the parties.