SEC opposes Oando's plan to join suit filed by its top executives

The Securities and Exchange Commission (SEC), has disagreed with a motion filed by Oando Plc‘s to join in the suit filed by its Group Chief Executive Officer, Wale Tinubu and his Deputy Omamofe Boyo against the regulator, seeking to drop the sanctions imposed on them.

The counsel to the capital market regulator, Anthony Idigbe (SAN), who said this on Monday, disclosed that it would pre-determine the respondent’s case. He then urged the court to refuse the application.

Oando Plc
Wale Tinubu

Recall that Nairametrics earlier reported that Oando Plc told Justice Ayokunle Faji of a Federal High Court in Lagos, through its lawyer Yele Delano (SAN), that it intends to join in the suit filed by Tinubu and Boyo against SEC.

While the applicants’ lawyer, Tayo Oyetibo (SAN) argued in favour of the request for joinder and urged the court to allow the party seeking to be joined in the suit. He said that should the court refused the application for joinder, and the party goes on to appeal, the applicants’ case might be affected.

[READ ALSO: Oando Plc to defy SEC’s order which suspended AGM till further notice]

After listening to the submissions of parties, Justice Faji fixed July 4 as the date to hear arguments on the motion for consolidation, and July 22, for the hearing of the substantive suit.

Tinubu and Boyo filed a suit challenging SEC’s sanction on them to be suspended from being directors of a company for five years. The regulator went further to set up an interim management team to manage the affairs of the company.

However, Oando sought an interim order restraining SEC from implementing the decision, which was granted by Justice Mojisola Olatoregun.

SEC went further and ordered the suspension of Oando’s Annual General Meeting (AGM). Its shareholders were enraged at the decision.

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