The Federal High Court in Lagos on Monday restrained Nigeria’s Securities & Exchange Commission (SEC) from sacking chief executive of Oando Plc, Jubril Adewale Tinubu and his deputy, Omamofe Boyo, or taking over the energy giant, pending further hearings on the case.
The case was adjourned until Friday, June 14.
The Commission, on Friday announced the sacking of Oando Plc’s management over what it termed “certain infractions of securities and other relevant laws” during an investigation into the company, even as the company’s management the allegations as “unsubstantiated and invalid.”
On Sunday evening, SEC announced the appointment of an interim management team, just as it ordered that certain board members refund “improperly disbursed remuneration,” in addition to paying financial penalties.
The court further restrained SEC from barring Tinubu and Boyo from directing public companies for five years, pending further hearings on the company’s challenge to the SEC ruling.
The court also made an interim injunction barring Sunmonu from acting as head of the interim management of Oando Plc, pending the hearing and determination of the interlocutory injunction. It also restrained any government agency from acting on the SEC’s letter of May 31, 2019.
“Pursuant to the court order Oando’s management team and board of directors remain unchanged,” the company said in a statement, adding the injunction called on those involved to maintain the status quo.
Meanwhile, Oando Plc shares witnessed heavy trading on the Nigerian Stock Exchange (NSE) on Monday, opening the day at N3.80, down 9.52% from Friday’s N4.20 closing price. It however recovered significantly, closing at N3.80, after hitting a high of N4.00 per share, as traders crossed its 27.145m units in 250 deals for N103.268m.