Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News Business

Oando court case: SEC says no AGM, as status quo remains

Abiola Odutola by Abiola Odutola
May 1, 2021
in Business, Energy
unclaimed dividend, SEC restrains fintech company, Chaka from advertising or offering for sale shares
Share on FacebookShare on TwitterShare on Linkedin

The Securities and Exchange Commission has insisted that Oando Plc’s Annual General Meeting remains suspended till the determination of its cases and the appeals.

This was disclosed by the apex capital market regulator in a statement on Friday.

According to SEC, all parties and relevant stakeholders are to maintain the status quo, which includes the suspension of the Annual General Meeting, pending the determination of the cases and the appeals.

RelatedPosts

Nigeria’s Securities and Exchange Commission warns against unregistered crowdfunding platforms

Higher crude oil prices boost Nigeria’s Oil and Gas stocks

In the statement, it stated that its attention had been drawn to media reports “on the judgments against the commission concerning its regulatory action on Oando Plc and several of its officers for severe breaches of capital market regulations, some of which are under criminal investigations.”

It stated, “The commission conducted investigations into the activities of Oando Plc and observed certain infractions and violations of securities laws by some members of the board of the company.

News continues after this ad


“To protect public interest and the integrity of the capital market, the commission sanctioned the company and the affected directors via its letter dated May 31, 2019.”

According to SEC, one judgment of the Federal High Court, Lagos has held that the Federal High Court Nigeria lacks the jurisdiction to entertain the dispute as the jurisdiction lies with the Investments & Securities Tribunal.

News continues after this ad


“Three judgments of the Federal High Court, Abuja have held that the Federal High Court Nigeria lacks the jurisdiction to entertain the dispute as the jurisdiction lies with the Investments & Securities Tribunal.

One judgment of the Federal Capital Territory, High Court Bwari Abuja has held that the Federal Capital Territory High Court Abuja has the jurisdiction to entertain the matter and granted the reliefs sought by the applicants.

One judgment of the Federal High Court, Kano has held that the Federal High Court of Nigeria has the jurisdiction to entertain the dispute and granted the reliefs against the commission.”

SEC said, “In view of the conflicting judgments of the high courts of coordinate jurisdiction, the commission hereby advises the public that in line with the law (please see Vaswani Trading Co. v. Savalakh & Co. (1972) NSCC 692 and Ojukwu v. Military Governor of Lagos State (1986) 1 NWLR (Pt 18) 621) and the pending appeals/applications for stay of the various judgments, parties and relevant stakeholders are enjoined to maintain status quo, which includes the suspension of the Annual General Meeting, pending the determination of the cases and the appeals.”

What you should know

Recall that in 2017, SEC received petitions from two shareholders of Oando alleging corporate governance lapses and mismanagement of the company, among others.

Related

Tags: Oando PlcSEC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

inq
avatrade
Stanbic bank
Mega Millions
UBN
Hot forex
Access Bank
Bankers Committee
First bank






    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • The role of manufacturing in accelerating national development
    • Leveraging digital engagement channels to help enhance tax compliance, IGR and Nigeria’s citizen experience
    • Half year 2022: Nigerian Exchange investors earn N3 trillion amid global disruptions

    Follow us on social media:

    Recent News

    The role of manufacturing in accelerating national development

    The role of manufacturing in accelerating national development

    August 9, 2022
    Tax

    Leveraging digital engagement channels to help enhance tax compliance, IGR and Nigeria’s citizen experience

    August 9, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com