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Business News

Oando Plc expresses interest to join Wale Tinubu in suit against SEC

Oando Plc has, through its lawyer indicated interest to join in the suit filed by its Group Chief Executive Officer against SEC.

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Oando Plc, Eni, Fraud, SEC

Oando Plc has, through its lawyer Yele Delano (SAN), indicated its interest to join in the suit filed by its Group Chief Executive Officer, Wale Tinubu and his Deputy Omamofe Boyo, against the Securities and Exchange Commission (SEC).

Delano told Justice Ayokunle Faji of a Federal High Court in Lagos that his client (i.e., Oando Plc) intends to be joined in the suit.

Following the new development, Justice Faji reportedly fixed Monday, July 22, 2019, for the hearing of the substantive suit.

Oando Plc

Wale Tinubu

Nairametrics understands that Tinubu and Boyo had earlier filed a suit numbered FHC/L/CS/910/19 to challenge the SEC decision.

[READ ALSO: Oando vs SEC: Why Oando will fight tooth and nail to save Wale Tinubu]

Why the plenty lawsuits against SEC? Oando Plc and SEC have been at loggerheads since the regulatory body released its investigation into the activities of the management of the oil company. SEC had accused the company’s top management of market abuses and false disclosures and demanded the resignation of Tinubu, the Board chairman, and other top executives and directors of the company.

SEC followed the order by attempting to appoint an interim management team who were expected to ease the process of electing new management to head the oil and gas company.

However, Oando condemned SEC’s probe and sought/obtained a court injunction to prevent  SEC from carrying out its intention which the company said wasn’t in favour of Oando‘s shareholders. The company was granted the order.

[READ MORE: $9bn fine: P&ID open to settlement as court orders to seize Nigeria’s assets is awaited]

.Backstory: A shareholder battle ensued in Oando about two years ago after its directors  Gabriel Volpi co-founder of Intel’s Plc and Northern businessman Alhaji Dahiru Mangal accused the company’s management of financial recklessness and denying them adequate representation on the board.

  • They also requested that SEC suspend the company’s Annual General Meeting. Oando denied it, following which SEC launched an investigation. SEC went ahead to announce it was conducting a forensic investigation on Oando in October 2017.
  • Oando then took the case to court alleging that SEC does not have the powers to investigate its affairs and went to the court requesting a restraint of SEC from the courts.
  • As Oando battled with SEC, the Minister of Finance suspended the DG, Mr Mounir Gwarzo accusing him of financial impropriety when he was SEC Commissioner, an accusation Gwarzo denied.
  • The Minister, Kemi Adeosun eventually resigned following a media leak about her NYSC status.
  • Just this week the court ordered the reinstatement of Gwarzo as SEC DG a stark coincidence as SEC’s press release was issued a two days after.

[READ FURTHER: Oando Plc issues a response, challenges SEC’s investigation findings]

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Coronavirus

Covid-19: WHO approves China’s Sinopharm vaccine

WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.

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Covid-19: First world nations oppose waiving intellectual rights for vaccine development

The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.  The vaccine is reported to have 79% efficacy against covid.

This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.

“This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.

The WHO added that the easy storage requirements make it highly suitable for low-resource settings.

“Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.

“On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.

The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.

The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.

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The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.

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Obituaries

“Mama Taraba”, Former minister and senator, Aisha Al-Hassan is dead

Ex-Women Affairs minister, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead

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A former Minister for Women Affairs and ex-Governorship Candidate in Taraba State, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead.

According to media reports she died in a hospital on Friday in Cairo, Egypt at the age of 61.

Al-Hassan, who was a former senator of the Federal Republic of Nigeria from Taraba North Senatorial District, was the All Progressive Congress (APC) Governorship Candidate for Taraba in the 2015 general elections.

READ: Abba Kyari’s last letter to President Buhari

She later contested for the same seat on the platform of the United Democratic Party in the 2019 general elections after resigning from APC and as a minister in the administration of President Muhammadu Buhari on July 27, 2018.

The former senator was born on the 16th of September, 1959 in Jalingo, Taraba State, to Alhaji Abubakar Ibrahim, Sarkin Ayukan Muri.

READ: Chad’s President Deby dies of injuries suffered on the frontlines, as son takes over

Aisha Jummai Al-Hassan attended Muhammed Nya Primary School, Jalingo and LEA Primary School, Tudun Wada, Kaduna before proceeding to Saint Faith College (now GGSS) Kawo Kaduna where she studied between January 1973 and June 1977.

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