SEC Suspends Oando’s AGM

The Securities and Exchange Commission has notified the public that further to the ex-parte order of the Federal High Court, Ikoyi Lagos in Suit No: FHC/L/Cs/910/19, the Annual General Meeting (AGM) of Oando Plc scheduled to hold on Tuesday, June 11, 2019 has been suspended till further notice.

The commission, in a release, said it has directed the suspension of the Annual General Meeting of Oando Plc to allow the parties maintain status quo.

Last Monday, Oando approached the court to restrain SEC and its agents, employees and privies from taking any step concerning or acting on its decision contained in its letter of May 31 pending the determination of the motion for interlocutory injunction.

A Federal High Court in Ikoyi, Lagos, granted their prayers by restraining SEC from taking any step concerning or acting on its decision contained in its letter of May 31, 2019 imposing a fine of N91.125 million on Mr. Adewale Tinubu and barring him and Mr. Omamofe Boyo from being directors of public companies for a period of five years pending the determination of the substantive suit filed before the court.

Justice Mojisola Olatoregun granted the order sequel to an ex-parte application accompanied with an affidavit of urgency filed before the court by Dr. Olisa Agbakoba SAN, leading two other Senior Advocates of Nigeria, Messrs Tayo Oyetibo and Oluyede Delano.

That action had put a halt to the directives of SEC which appointed an interim management for Oando. However, in a release by the commission on Sunday, it indicated that it has filed a court process at the Federal High Court in response to the suit instituted by the Group Chief Executive Officer and Deputy Group Chief Executive Officer of Oando Plc.