Federal High Court of Lagos Grants Oando PLC’s Group Chief Executive and Deputy Group Chief Executive an Injunction Restraining the Securities & Exchange Commission from Executing Sanctions
Lagos, Nigeria – Today, Monday June 3, 2019 the Federal High Court of Lagos under presiding Judge C M A Olatoregun granted Oando PLC’s (referred to as “Oando” or the “Group”) Group Chief Executive, Adewale Tinubu, and Deputy Group Chief Executive, Omamofe Boyo, an injunction pending the hearing and determination of the applicant’s motion for interlocutory injunction as follows:
- Restraining the Securities and Exchange Commission (SEC), its servants, agents, employees and/or privies from taking any step concerning and / or acting on the decisions contained in its letter of 31st May 2019 imposing a fine of N91,125,000 on the Jubril Adewale Tinubu and barring both Jubril Adewale Tinubu and Omamofe Boyo from being Directors of public companies for a period of 5 years.
- Restraining Mutiu Olaniyi Adio Sunmonu from acting as the head of the Interim Management of Oando PLC
- An order staying and/or suspending the execution or the enforcement of the SEC’s decisions contained in its letter dated 31st May 2019 imposing a fine of N91,125,000 on Jubril Adewale Tinubu and barring both Jubril Adewale Tinubu and Omamofe Boyo from being Directors of public companies for a period of 5 years
- Restraining the SEC, its servants and its agents from directing, requesting any Agency of the Government from acting upon the SEC’s decisions contained in its letter dated 31st May 2019.
The injunction goes on further to say that all parties involved are to maintain the status quo pending the determination of the Motion on Notice.
Pursuant to the court order Oando’s management team and Board of Directors remain unchanged.