BEVERLY HILLS, July 08, (THEWILL) – The Federal High Court in Lagos has restrained the Securities and Exchange Commission (SEC) from enforcing a fine of N89, 675,000 against Oando Plc and enforcing its decision to appoint an interim management team for Oando.
Justice Ayokunle Faji granted Oando’s application for leave to file a motion for a judicial review of SEC’s decision imposing the fine on it.
The judge made the order on Friday following an ex-parte motion filed by Oando through its counsel Olasupo Shasore (SAN).
SEC Acting Director-General Mary Uduk, SEC and Mutiu Sunmonu, who was appointed as Oando’s interim head, are the first to third respondents.
Justice Faji granted “an order of certiorari bringing up to the Federal High Court for the purpose of being quashed, the decision of the first respondent (SEC) contained in its letter dated 31st May 2019”.
An order of certiorari is a writ or order by which a higher court reviews a case tried in a lower court or administrative agency.
The court also granted an order for the quashing of SEC’s directive to Oando to convene an extra-ordinary general meeting on or before July 1 to appoint new directors and articulate remedial measures for alleged corporate governance lapses.
The judge granted “an order of prohibition and/or an injunction restraining and preventing the first and second respondents by themselves, agents, servants or whomsoever, howsoever from enforcing or seeking to enforce the decision contained in the letter dated 31 May 2019.”
Justice Faji gave “an order of prohibition and/or an injunction restraining and preventing the second respondent (SEC) from enforcing or seeking to enforce the decision of the first respondent contained in the press release made on Sunday, 2 June, 2019 appointing an interim management team to be headed by the third respondent to oversee the affairs of the applicant.”
Justice Faji directed Oando to ensure service on the respondents of the order and the application for judicial review within 48hours and adjourned until July 22 for hearing of the application for judicial review before the vacation judge.
SEC had on May 31 announced the conclusion of an investigation of Oando and ordered its Group Chief Executive Officer, Wale Tinubu, his deputy, Omamofe Boyo, and other affected board members to resign.
SEC subsequently set up an interim management team headed by Sunmonu to oversee Oando’s affairs and to conduct an Extraordinary General Meeting on or before July 1.