Connect with us
nairametrics

Business News

High Court stops SEC from removing Oando’s Wale Tinubu and his deputy

The Federal High Court has restrained the Securities and Exchange Commission (SEC) from removing embattled Wale Tinubu and Omamofe Boyo as Oando Plc’s Group Chief Executive Officer and Deputy Group Chief Executive Officer, respectively.

Published

on

Oando Plc, Wale Tinubu, Oando Plc posts N13.1 billion PAT in Q3, up by 26% 

The Onado versus SEC saga has taken another twist as the Federal High Court in Lagos on Monday restrained the Securities and Exchange Commission (SEC) from removing embattled Wale Tinubu and Omamofe Boyo as Oando Plc’s Group Chief Executive Officer and Deputy Group Chief Executive Officer, respectively.

The restraining order was reportedly delivered by Justice Mojisola Olatoregun in Lagos State. Justice Olatoregun granted an interim injunction following an application for enforcement of the fundamental human rights by the embattled Oando executive officers.

Twists in the day: Earlier today, Oando Plc workers were reportedly denied access into the company’s corporate headquarters situated at Ozumba Mbadiwe street in Victoria Island, Lagos. This was due to the presence of operatives of the Nigerian Police Force (NPF) who sealed the building.

Nairametrics reported that the police’s takeover of the building was in line with the directive of the Security and Exchange Commission (SEC) who had already constituted an Interim Management Team for the company.

A staff member of Oando plc, who spoke on the condition of anonymity, said the company’s staff members were informed late last night about the interim management.

GTBank 728 x 90

The Restraining Order: Note the court also restrained SEC and its servants/agents from taking any further action concerning the commission’s initial public announcement dated May 31, in which Tinubu and Boyo were both barred from being directors of any public company for five years.

The restraining order also stops SEC from imposing a fine of N91.13 million on Tinubu. It also ordered that SEC should restrain from all actions on the said letter pending hearing and determination of the applicants’ motion for an interlocutory injunction.

What this implies: The interim management team that was already appointed to pilot the affairs of Oando Plc will not take off. The restraining order is expected to bring some calmness to the matter, even though a counter motion could most likely be filed by SEC in the coming days.

Deal book 300 x 250
GTBank 728 x 90

As we earlier reported, the back and forth could hit hard on investors confidence, even as Oando Plc‘s share price has crashed.

Samuel is an Analyst with over 5 years experience. Connect with him via his twitter handle

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Coronavirus

COVID-19: US to have enough vaccines for vulnerable Americans by end of 2020

The US said it is likely to have enough safe and effective COVID-19 vaccines to inoculate Americans by the end of 2020.

Published

on

AstraZeneca suspends COVID-19 vaccine final stage trial over safety concerns, COVID-19: J&J starts vaccine trials on humans after success on monkeys

The United States, On Wednesday, revealed that the country is likely to have enough safe and effective COVID-19 vaccines available to inoculate the most vulnerable Americans by the end of 2020.

The U.S. government is cautiously optimistic that one or two vaccines, likely from Pfizer Inc or Moderna Inc, will be available by the end of the year, and can begin to be distributed to Americans, officials said during a news conference.

This was disclosed by the US Secretary of Health and Human Services, Alex Azar, on Wednesday, October 22, 2020.

Azar said he expected that all seniors, healthcare workers, and first responders would be able to receive vaccines as soon as January, with the rest of the American public able to get vaccines by April.

Companies participating in the U.S. government’s effort to develop vaccines for COVID-19, dubbed “Operation Warp Speed”, have begun developing manufacturing capabilities even before any vaccination has been authorized by regulators.

GTBank 728 x 90

Backstory

Nairametrics had reported that in an open letter, the Chief Executive Officer of Pfizer Inc, Albert Bourla, disclosed that it could seek emergency authorization to use the COVID-19 vaccine in the US by late November, after the US Presidential election.

The coronavirus outbreak has been worsening in recent weeks as cold weather pushes Americans indoors, raising the chance of contracting the virus. Some 38 U.S. states and two territories have reported rising case counts. More than 8 million Americans have been infected with the novel coronavirus and more than 200,000 have died.

GTBank 728 x 90

What this means

This announcement rules out the assertion by US President, Donald Trump, that a COVID-19 vaccine would be ready before the Presidential election. However, this news is still a huge boost for the country, which has been one of the most hit globally from the pandemic.

Continue Reading

Business

IGP orders immediate withdrawal of police officers attached to VIPs

The IGP has ordered the immediate withdrawal of police officers attached to all VIPs across the country.

Published

on

The Inspector-General of Police (IGP), Mohammed Adamu, has ordered the immediate withdrawal of Police Officers who are attached to all Very Important Persons (VIPs) across the country. The Police Officers exempted from this directive are those attached to Government Houses; the Senate President; and the Speaker, House of Representatives.

According to media reports, the directive was contained in a police wireless message dated October 21, 2020, that was sent virtually to Zonal Assistant Inspector General of Police and State Commissioners of Police with reference number, CB:4001/DOPS/SPU/FHQ/ABU/VOL./ORDER.

The statement said, “Any commander who violates this order will bear the consequences.”

This new directive comes barely 10 days after the police authorities disbanded the Special Anti-Robbery Squad (SARS), following nationwide protests against the squad for high handedness and extrajudicial killings.

The signal, which was signed by the AIG POL, Protect, Force Headquarters, Abuja, partly read, “Any protect personnel found escorting or guarding any VIP with or without a firearm is deemed to be deployed by the Commander and the Commander will be sanctioned.”

GTBank 728 x 90

It further directed the affected personnel to report to their respective command Commissioners of Police.

It can be recalled that successive IGPs have issued similar orders in the past, which were barely implemented.

In another development, the IGP has sent emissaries to the Chairman, Police Service Commission (PSC), Musiliu Smith, in a bid to have a smooth working relationship with the retired police boss.

GTBank 728 x 90

It was gathered that two former IGs, Mike Okiro, and Suleiman Abba, visited the PSC Chairman at his office in Abuja on Wednesday, following Smith’s refusal to meet with Adamu on several occasions.

A source explained that Okiro and Abba spent over three hours trying to persuade Smith to reconcile with the IG, who has been at loggerheads with the PSC over the recruitment of constables into the Nigeria Police Force.

What this means

This appears to be part of measures aimed at kick-starting the much talked about reforms in the Nigerian Police Force. The full implementation of this order will make more police officers available to provide security to Nigerians, as a huge number of the force provides security to private individuals and companies in a country that is greatly under policed.

Jaiz bank ads
Continue Reading

Coronavirus

COVID-19 Update in Nigeria

On the 21st of October 2020, 37 new confirmed cases were recorded in Nigeria

Published

on

The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 61,667 confirmed cases.

On the 21st of October 2020, 37 new confirmed cases were recorded in Nigeria, having carried out a total daily test of 4,648 samples across the country.

To date, 61,667 cases have been confirmed, 56,880 cases have been discharged and 1,125 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 595,283 tests have been carried out as of October 21st, 2020 compared to 590,635 tests a day earlier.

COVID-19 Case Updates- 21st October 2020,

  • Total Number of Cases – 61,667
  • Total Number Discharged – 56,880
  • Total Deaths – 1,1125
  • Total Tests Carried out – 595,283

According to the NCDC, the 37 new cases were reported from 9 states – FCT (8), Lagos (7), Taraba (5), Rivers (5), Adamawa (4) Kaduna (3), Anambra (2), Osun (2), Ogun (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 20,733, followed by Abuja (5,943), Plateau (3,587), Oyo (3,421), Rivers (2,742), Edo (2,648), Kaduna (2,572), Ogun (1,987), Delta (1,812), Kano (1,741), Ondo (1,659), Enugu (1,314),  Kwara (1,050), Ebonyi (1,049), Osun (918), Katsina (904), Abia (898), Gombe (883).  Borno (745), and Bauchi (710).

GTBank 728 x 90

Imo State has recorded 607 cases, Benue (484), Nasarawa (478), Bayelsa (403),  Ekiti (329), Jigawa (325), Akwa Ibom (295), Anambra (277), Niger (274), Adamawa (248), Sokoto (162), Taraba (117), Kebbi (93), Cross River (87), Zamfara and Yobe (79), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

GTBank 728 x 90

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

 

Jaiz bank ads

Fidelity ads

 

 

 

 

 

Coronation ads
Continue Reading
Advertisement
Advertisement
Advertisement
ikeja electric
Advertisement
Advertisement
Patricia
Advertisement
FCMB ads
Advertisement
IZIKJON
Advertisement
Fidelity ads
Advertisement
first bank
Advertisement
bitad
Advertisement
Stallion ads
Advertisement
financial calculator
Advertisement
deals book
Advertisement
app
Advertisement