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